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ICE Make Refrigeration Ltd.

BSE: 535034 Sector: Engineering
NSE: ICEMAKE ISIN Code: INE520Y01019
BSE 05:30 | 01 Jan ICE Make Refrigeration Ltd
NSE 11:13 | 07 Dec 59.95 0.65
(1.10%)
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ICE Make Refrigeration Ltd. (ICEMAKE) - Chairman Speech

Company chairman speech

Dear Stakeholders

We at Ice Make Refrigeration Limited cherish your association with us and remaincommitted to creating value to you sustainably. The theme of annual report 'Creating Valueby Building Trust' is a tribute to the trusted relationships we have fostered over theyears and to the inclusive growth path we tread on.

At a macro-economic level due to global and local factors the year remained muted formost part barring Q3 FY 2019-20 and early part of Q4 FY 2019-20 which unfortunately thenended on a sombre note following the events relating to the Covid-19 pandemic outbreak.During this period interest rate regime was turning

expansionary aiding liquidity and driving global financial markets. Key policyinterventions by the Government announced including FDI policy reforms and cuts announcedin corporate tax rate started helping market sentiments. As per the Government guidelineswe had partly resumed operations in our facilities with all the necessary precautions andutmost care from April 22 2020 to make our workplace safer.

The Indian refrigeration industry has a huge potential and we have aligned ourstrategies to explore these opportunities. Our focus area includes Ammonia RefrigerationExports Online Food Chain Business

Refer Van and Turnkey Solutions. We will continue to improve production efficienciesand quality of the products increase awareness amongthe customers about the products weoffer at cost effective price.

Thus enabling us in good stead on various performance metrics.

During the FY 2019-20 we registered revenues of f 136.62 Crores as against f 129.57Crores in the previous year. While EBIDTA was reported at f 14.67 Crores in 2019-20against f 14.17 Crores in 2018-19 and PAT was registered at f 7.17 Crores in 201920against f 7.83 Crores in 2018-19. The muted performance can be attributed to Covid-19 asMarch tends to be the peak season for the business. However we have maintained strongbusiness fundamentals and corporate philosophy by focusing on delivering strategies andbuilding trust with stakeholders. Our aim is to not only survive but sustain and continueto improve performance customerdelight employee welfare and value creation. As per ourcommitment to our stakeholders we have again proposed 12% dividend for the FY 2019-20.

We have taken several steps like coil in-house manufacturing redesign of chillers anduse of C5 technology to fulfil the aspiration of Atmanirbhar Bharat Vision. Furthermorewe have already reduced dependency on imports for raw material and will not be impacted bythe restrictions imposed by the Government of India in recent time. Our coil manufacturingunit is functional and is producing more than required for internal captive consumptionwhich will support us to supply additional number of coil in the market too. This willfurther aid in reducing the procurement time and inventory carrying cost as well as attainstrong operational and cost efficiencies.

Last year we launched Ammonia Refrigeration vertical which provides turnkey solutionand sales of which has almost doubled within ayear's time. Also in FY 201920 we forayedinto fast emerging online food business which has started showing results as it hasreceived its first few orders from leading brands. We are strongly focussing onstrengthening this further by providing solutions to their specific requirements.

We have been able to successfully innovate and transform ourselves over the last twodecades to remain a leading-edge player in a competitive and technology- driven industry.We will consistently invest in R&D to cater to rapidly evolving customers requirementby offering unique and innovative solutions. Thus further strengthening our position inthe market as well as margins. In order to propel the Company to the next phase of growthand transform into a company with a broader positioning we embarked on a journey tomigrate from NSE's Emerge to mainboard platform.

Greater the adversity bigger the opportunity. Given the nature of this pandemicopportunities are immense.

We are better prepared than ever to leverage our strengths and go the distance for ourclients and for the communities that we are part of.

I am thankful to all of you - ourvalued stakeholders who have unflinchingly supportedthe Company and its Management. Your trust support and inspiration have greatly helped usin building a value-accreting organisation. A special thanks to our staff and employeeswho have admirably and calmly risen to the challenge thrown up by Covid-19.1 am confidentof the future of the Company which is built on strong values capabilities trust and abrand and is a part of an exciting industry in the growing Indian landscape. I extend mybest wishes for all of you and your families during this very challenging time faced byour country and rest of the world.

Best Wishes

Chandrakant P. Patel

Chairman & Managing Director

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