Friday, Feb 23 2024 | Time 16:48 Hrs(IST)
Business Economy

Ice Make Refrigeration Q3 FY24 net profit down

Hyderabad, Feb 12 (UNI) Ice Make Refrigeration Limited (ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 refrigeration equipment in India, on Monday reported that its consolidated net profit in Q3 FY24 declined to Rs 2.01 crore from Rs 4.43 crore in the corresponding period the previous fiscal year despite the impressive revenue growth.
The decline in quarterly consolidated net profit for Q3 FY24 is primarily due to a change in sales mix, some big projects, and a low margin of vertical contribution in the top line, the company said in a release here.
The company’s consolidated revenue increased by 23.50 percent to Rs 82.52 crore during the quarter, as against Rs 66.81 crore in the same period last fiscal year.
During the first nine months of fiscal 2024, Ice Make achieved robust growth, with total income reaching Rs 238.86 crore, marking a 20 percent year-on-year increase from Rs 199.04 crore in the same period of fiscal 2023.
Efficient cost management strategies resulted in an EBITDA of Rs 20.46 crore during the first nine months of fiscal 2024. However, raw material consumption as a percentage of revenue slightly increased to 74.03 percent, compared to 68.79 percent in the corresponding quarter last year.
Despite increased costs, Ice Make maintained strong profitability with an EBITDA margin of 8.57 percent during the first nine months of fiscal 2024.
The company posted a net profit of Rs 11.87 crore in the same period, compared to Rs 12.17 crore in FY23.
Commenting on the results, Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, stated, "The company has achieved impressive growth in our topline, driven by the strong performance of the domestic economy and consumption. Stable raw material prices and increased overall demand for cold room, ammonia, transport, industrial, and commercial refrigeration verticals have contributed significantly to our growth this quarter.
With a robust demand for cooling and cold chain storage solutions, both domestically and internationally, Ice Make is well-positioned to seize these opportunities. We remain optimistic about ending this fiscal year on a strong note," he added.
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