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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 11:49 | 20 Oct 69.95 -0.50
(-0.71%)
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ICE Make Refrigeration Ltd. (ICEMAKE) - Chairman Speech

Company chairman speech

Dear Stakeholders

I am privileged to reflect on another year of delivery on our commitments as wecontinue to create more value for our stakeholders and customers over the long term. Ipresent to you Ice Make's Annual Report for financial year 2018-19.

Economic update

The journey of Indian economy has been promising as it continued to maintain 6.5%+growth rate in 2018-19. The advent of economic reforms like GST implementationimprovement in ease of doing business opening up further foreign direct investments thepush for infrastructure development and a stable and decisive policy environment has notonly enhanced the economic growth but also provided a conducive and promising businessenvironment. India's growth has surpassed many emerging and developing economies andcontinued to be identified amongst the fastest growing economy in the world for the secondyear in a row. The country is expected to continue this growth trend on the back ofGovernment's selection for its second term. There would be newer reforms for public debtreduction and stabilising the economic growth going ahead.

Performance

In 2018-19 we reported revenues of 129.57 crores as against 101.68 crores in the previous year an increase of 27.44%. Our EBIDTA strengthened by8.93% from 13.01 crores in 2017-18 to 14.17 crores in2018-19. We also reported healthy EBIDTA margins of 10.94%. Our PAT increased 18.11% from 6.63 crores in 2017-18 to 7.83 crores in 2018-19. The strong performancecan be attributed to our consistent focus on delivering on strategies and creating astrong foundation for future value creation.

Backward Integration

During the year we commissioned our in-house manufacturing facility of condenser coilsand evaporator coils at Dantali Gujarat. This would largely reduce our dependency fromexternal sourcing. With an installed capacity of 45000 units we will achieve strongoperational and cost efficiencies in the form of reduced procurement time and inventorycarrying cost.

Ammonia Refrigeration

We recently launched ammonia refrigeration that is exclusively and extensively used infood and beverage dairy ice cream brewery and pharma sectors. Ammonia is a costeffective environment-friendly and efficient alternative to Chlorofl uorocarbons (CFCs)and hydrochlorofl uorocarbons (HCFCs). Further they achieve the same cooling effect whileusing less power leading to lower long-term operation costs. We are proud to state that weachieved and commercialised ammonia refrigeration in 1 year as compared to the industrystandards of 5 years which have strengthened our revenue prospects going ahead.

Staying relevant to the future

The Indian refrigeration industry has a huge potential and we have aligned ourstrategies to explore these opportunities. We are largely focussed on catering the needsof food processing hospitality and dairy since the per capita consumption in thesesegments is much less in India. Also with the improvement in rural connectivity andelectricity for all we are reaching out to the interiors of the country. Some of theimportant initiatives that we look forward exploring include:

(A) Enhancing customer base: We plan to strengthen our sales network in thedomestic market by engaging with the Companies in the dairy ice-cream food processingagriculture pharmaceuticals cold chains logistics hospital hospitality and retailindustries which have specific applications for our products. We will further lookforward towards enhancing our footprint across southern and eastern regions of thecountry.

(B) Promoting Localisation model: We are also exploring opportunities to make ourproducts available across regions through franchise-based model (OEM).

(C) Innovation: We will continue to invest in R&D and offer unique andinnovative solutions to our customers which will strengthen our market share and marginsgoing ahead.

(D) Exports: With our integrated capacities in place we shall be focussing onexpanding our export pie from 3% to 5%.

Appreciation

In closing I would like to extend my gratitude to my fellow Board Members ourExecutive Management Team and all Ice Make Employees. Thank you for the determinationshown in executing the Company's strategies. I would also like to acknowledge ourstakeholders for their trust and support. Moving ahead we remain confident in themanagement team's ability and commitment to take Ice Make to the next level of growth.

Best Wishes

Chandrakant P. Patel

Chairman & Managing Director

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