Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q3 2025 Earnings Call dated Feb. 12, 2025
Corporate Participants:
Aryan Rana — Investor Relations
Chandrakant P. Patel — Chairman and Managing Director
Ankit Patel — Chief Financial Officer
Nikhil Bhatt — Vice President, Strategy
Mandar Desai — Company Secretary
Analysts:
Arnav Sakhuja — Analyst
Unidentified Participant
Tej Patel — Analyst
Mosam Shah — Analyst
Swati Madnani — Analyst
Resha Mehta — Analyst
Presentation:
Operator
Hello. Good afternoon, ladies and gentlemen. I’m Sagar, the moderator for this conference call. Welcome to the Earnings Conference Call of IceMake Refrigeration Limited arranged by Ariana Matasco to discuss the financial results for Q3 and nine months FY ’25. At this moment, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. At that time, if you have a question, please press star and 1 on your touchstone keypad. Please note that this conference is being recorded.
I now hand the conference over to Mr Arian Rana. Thank you, and over to you, sir.
Aryan Rana — Investor Relations
Thank you. Thank you, Sagar. Good evening, everyone. Thank you for joining us today for IceMake Limited’s Q3 FY ’25 earnings conference call to discuss our financial performance for the quarter ended, 31 December 2024. We are pleased to report another stronger quarter, driven by our commitment to innovation, operational excellence and a diverse portfolio of over 50 reservation products and solutions.
Our consistent revenue growth both quarterly and annually underscores our strong market presence and expanding sales performance. Notably, our market valuation has just nearly 1,000 times, 1,000% over the past five years, reflecting investor confidence and business excellence. Our financial results for the quarter are available on our website and stock exchanges.
I would like to remind everyone that today’s discussion may include forward-looking statements, which are subject to known or unknown risks and uncertainties that could impact future performance. We encourage you to consider these in conjunction with the risk factors outlined in our disclosures.
Joining us today to discuss results and address your questions, we have our esteemed management team, Mr Pate, Chairman and Managing Director; Mr Nikhil, Vice-President, Strategy; Mr Ankit Patel, Chief Financial Officer; and Mr Mandar Desai, Company Secretary and Compliance Official. During today’s call, we will walk you through our financial performance for the Q3 FY ’25, discuss our strategic initiatives, explore market opportunities and share our future outlook. With that, I would now like to invite our Chairman and Managing Director, Mr, to take the floor. Sir, over to you. Thank you.
Chandrakant P. Patel — Chairman and Managing Director
Good evening, everyone. Financial year 2025 Q3 — Q3 quarter Financial Performance Karna,; Amni Majbur Deman or year-on-year 34% revenue growth key ahead. Revenue growth KS net profit growth, higher employee cost, finance cost of say operational cost from vertical key continuous top panel, the 8.8 GR of commercial 1.8 sales were MRI pending order book 1.6 INR167 crores.
I’m confident has INR500 crore key top-line has about INR1,000 crore key top-line to financial year 2028. For Hamara focus EBITDA margin for 9.5% to 10.5% per Hogra.;,,; Avi Financial performance,, CFO; Mr Patel; our Vice-President, Mr Nikhil, up for Strategy Business update. Thank you. Thank you.
Ankit Patel — Chief Financial Officer
Thank you, sir, and good evening to everyone. I am pleased to present our financial performance for the 3rd-quarter and nine-month period for the fiscal 2025. Our consistent quarter-on-quarter growth reflects our commitment to sustainable expansion, operational efficiency and financial discipline and some key financial highlights for quarter-on-quarter performance for Q3 FY ’25 versus Q3 FY ’24.
Revenue from operations stood at INR110.56 crores versus INR82.43 crores in previous quarter and that demonstrate 34% year-on-year growth and EBITDA in amount stood at INR6.89 crores versus INR4.431 crores in previous financial year. In terms of amount, the growth is 56% year-on-year, quarterly and net profit that is PAT stood at INR2.81 crores versus INR2 crores.
In previous quarter demonstrated 39% year-on-year growth. Earnings per share EPS stood at 1.82 versus 1.28 of previous corresponding quarter. For nine-month performance of FY ’25 and FY ’24, our total income stood at INR299.60 crores versus INR238.85 crores. That is 25% year-on-year growth. EBITDA stood at INR21.59 crores versus INR20.45 crores, that is 5% year-on-year growth and EBITDA margin of nine months stood at 7.21% versus 8.57% on nine-month basis.
Our net profit PAT stood at INR11.24 crores versus INR11.86 crores on nine-month comparative basis, that is below — less by 5% year-on-year. While we witnessed strong top-line growth. Our net profit for the nine months period remained moderate due to increased operational cost that is because of continuous panel and commercial future plant. Production pre-requisites as well as marketing activities and related manpower needs to be organized value in advance.
Revenue from operation has just started as our MD sir has already informed till-date, we have achieved INR9 crores sales in continuous panel plant and more than 1.5 sales for commercial freezer plant. We are optimistic about contributions of our new plants in coming quarters and further, we are aiming to achieve EBITDA margin as our suggested targeted range 9.5% to 10.5% for full-year FY ’25. Thank you.
Now I invite Mr Nishil for updates on business. Thank you.
Nikhil Bhatt — Vice President, Strategy
Thank you,. Ladies and gentlemen, strong revenue growth highlights our growing market leadership and the sustained demand for our diverse set of refrigeration products and solutions. Our strategic focus on innovation, product diversification and sales channels expansion has been instrumental in driving our consistent performance.
Despite inflationary pressures, subdued business environment and global uncertainties, the refrigeration sector has demonstrated remarkable adaptability. By leveraging technology and innovation, the company continues to thrive playing a crucial role in our industry segment growth. At, we have successfully navigated these challenges, achieving impressive top-line growth.
This has been driven by a strong domestic economy and rising consumption trends, stable raw-material prices and increased demand across our key verticals, coldroom, commercial refrigeration, ammonia refrigeration, and industrial refrigeration. To sustain this growth momentum, we are focusing on expanding our market reach by strengthening our presence in emerging and high-growth sectors, innovation and product development, introducing cutting-edge energy-efficient and refrigeration solutions, capacity enhancements, scaling up production to meet the growing demand, leveraging government incentives, utilizing policies that support infrastructure development, credit and sustainable manufacturing.
With this strategic initiative, we are confident in exceeding our revenue milestone in the upcoming fiscal years and paving the way for further expansion. Looking ahead, we remain optimistic about our sector’s potential to drive economic progress, generate employment and establish India as a global manufacturing and innovation hub.
Coming to the growth and opportunity in e-commerce or say quick commerce business, last year we have received INR11.5 crores of business from the leading brand which is operating as a quick commerce business. In the current financial, it reached up to the INR45 crores of the business we have generated till January.
So we are optimistic for the e-commerce business. And as our MD sir says that we are confident to achieve this INR500 crores of milestone in current financial year. Thank you for your continued support. And now we look-forward for your questions.
Questions and Answers:
Operator
Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press R&1 on their touchstone phone. If you wish to remove yourself from the question queue, you may press R&2. All participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press N1 to ask a question.Our first question comes from the line of Arnav Sakhoja from Ammet. Please go-ahead.
Arnav Sakhuja
Hi, thanks for taking my question. I just wanted to know, could you please give an update on the current capex plan. I think earlier we were considering investing around INR100 crores in the continuous puff panel. So what is the status on that? Can you just repeat your question? I think about?
Yeah, sure. Could you please give an update on your capex plan? So I think in the last call, you had mentioned that we will be considering around INR100 crore capex on a continuous panel factory. So what is the status on that? See, so-far we have invested INR100 crores of, as you rightly said, and the capex. And going-forward, we are having a capex plan of about INR150 crore-plus. But as of now, first of our first target is the goal is to stabilize these two product business and then we will review in the next financial year, let’s say April or May and we decide further to expand the other plant?
Okay. Sure. And would this capex Or could it be funded by internal accruals or through debt or through some other macro? New for new capex you are talking about? Yeah, the new one.
Ankit Patel
Okay. Currently we have not finalized what will be the mode of new capex sources, but it is still very open. We are also looking for the cash-flow generation of our — just to finalize capex of continuous panel and commercial. How the cash-flow and business support is according to after two to three months or maybe after the current financial year end, we will review it and maybe within two to three months, we will take-up a call how we should go for second phase of capex.
Arnav Sakhuja
Okay. Thanks for taking my question.
Operator
Thank you. Thank you. Next question comes from the line of Zaki, an Individual Investor. Please go-ahead. Go-ahead.
Unidentified Participant
And congratulations on the
Operator
To interact., sir, you’re sounding muffered. If you’re using speaker phone, may we request to use handset, please.
Unidentified Participant
Is it okay now?
Operator
Much better, sir. Please go-ahead.
Unidentified Participant
Yeah. Sir, my question for,, [Foreign Speech] continuous panel car plant stabilizer I or EA [Foreign Speech] 80%, 85% capacity at or question number 2,000 for products commercial innovative products for retail. How has that taken because I think that has happened in the past three to four months. Thank you.,
Chandrakant P. Patel
My was [Foreign Speech]
Operator
Yes sir, please go-ahead. I had to mute the line for Zaki sir. There is an echo from his line
Chandrakant P. Patel
[Foreign Speech]
Unidentified Participant
Thank you. Thank you, sir. And best wishes for the year, sir. Thank you.
Chandrakant P. Patel
Thank you.
Operator
The next question comes from the line of Dananjay Kumar Yadav. Please go-ahead.
Unidentified Participant
Hello,
Operator
Hello.
Unidentified Participant
Sir, am I audible [Foreign Speech]
Ankit Patel
[Foreign Speech]
Unidentified Participant
Okay. Thank you, sir. No question from us.
Ankit Patel
Thank you.
Operator
Thank you. Before we take the next question, a reminder to all the participants, if you wish to register for a question, please press star and one on your touchstone phone. The next question comes from Tej Patel from Niveshai. Please go-ahead.
Tej Patel
Thank you so much for the opportunity and congratulations for your new capex. Sir, EHO, no crore up for your commercial number, right?
Ankit Patel
[Foreign Speech]
Tej Patel
[Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Okay. And commercial?
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. Got it. Sir, [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Okay, got it. Got it. Sir [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. Sir [Foreign Speech] let’s say, or close to 1% was purely because of this new capex or fixed-cost.
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. Got it. Got it. [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Okay, okay. Got it. Got it. Sir [Foreign Speech] Is it my understanding right? [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. Interesting. And sir [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. [Foreign Speech] Is my understanding correct?
Ankit Patel
[Foreign Speech]
Tej Patel
Got it. Also, in terms of export, we apply for certificate milk gather for exporting into the US market. [Foreign Speech]
Ankit Patel
Actually, your certification is at the final stage [Foreign Speech] or it is likely that we may receive the certification shortly, I think by end of this current financial year. So it will help to export our product to the US market..
Tej Patel
[Foreign Speech] Got it. Got it. [Foreign Speech]
Ankit Patel
[Foreign Speech]
Tej Patel
Okay.
Ankit Patel
Yes, yes.
Tej Patel
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Ankit Patel
[Foreign Speech] By end-of-the Q1 of next financial, I think it would be ready for the safety.
Tej Patel
[Foreign Speech]
Chandrakant P. Patel
No, that is in-process. [Foreign Speech]
Tej Patel
Got it, got it. Okay. Got it, sir. Okay. Thank you so much, sir and all the best for the future.
Ankit Patel
Thank you.
Chandrakant P. Patel
Thank you.
Operator
Thank you. Next question comes from the line of Shain Desilwa, Individual Investor. Please go-ahead.
Unidentified Participant
Thank you for the opportunity. So sir, [Foreign Speech] Right.
Ankit Patel
[Foreign Speech]
Unidentified Participant
Okay, okay. And sir, [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Unidentified Participant
Okay. Thank you, sir. [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Unidentified Participant
Understood. [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Unidentified Participant
Okay. Thank you. That was all my question.
Chandrakant P. Patel
Thank you. Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Partha Sarati Ramaswami, an investor. Please go-ahead.
Unidentified Participant
Good evening, sir. [Foreign Speech]
Chandrakant P. Patel
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Unidentified Participant
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Chandrakant P. Patel
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Unidentified Participant
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Chandrakant P. Patel
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Unidentified Participant
That’s it. Thank you, sir. Thank you for it., sir, keep on — sir, I’m a very long investor. I’m with the company, [Foreign Speech] Thank you so much. Thank you.
Chandrakant P. Patel
Thank you for your appreciating work. Thank you very much.
Operator
Thank. The next question comes from the line of Deepti Jain from Revas. Please go-ahead. Your line is unmuted. Please proceed with your question.
Unidentified Participant
Hello,
Ankit Patel
Hello.
Unidentified Participant
Yeah, can you hear me now?
Chandrakant P. Patel
[Foreign Speech]
Unidentified Participant
Yeah, sir, [Foreign Speech]
Ankit Patel
[Foreign Speech]
Unidentified Participant
Okay, [Foreign Speech]
Ankit Patel
[Foreign Speech]
Unidentified Participant
So that’s nice. Thank you. Thank you, sir.
Operator
Thank you. Thank you. The next question comes from the line of Pej Patel from USI. Please go-ahead.
Tej Patel
Eah, thank you so much for the opportunity again.[Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Tej Patel
Got it, got it. Okay, sir. Thank you. Thank you. That’s all from my side. Thank you so much.
Chandrakant P. Patel
Thank you
Operator
Thank you. Participants, you may press star N1 to ask a question. The next question comes from the line of Shah from Wealth Guardian. Please go-ahead.
Mosam Shah
Hello.
Chandrakant P. Patel
Hello.
Mosam Shah
Thank you for the — hello. Thank you for the opportunity.[Foreign Speech]
Ankit Patel
[Foreign Speech]
Mosam Shah
[Foreign Speech]
Ankit Patel
[Foreign Speech]
Mosam Shah
Okay, thank you.
Operator
Thank you. Participants, you press star N1 to ask a question you. Our next follow-up question comes from Kesh Patel from. Please go-ahead.
Tej Patel
Again, thank you so much, sir. [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Operator
Sorry to interrupt, sir. Sir, the line for Mr Tej Patel has been dropped. That’s the reason we were able to hear the engaged stone. Okay. So I had to mute his line because there is an engaged stone. So we’ll move on to the next question, sir. We have our next question coming from the line of Ms Swathi Madnani from Madhwani Wealth Solutions LLP. Please go-ahead.
Swati Madnani
Hello, sir. Am I audible?
Ankit Patel
Hello, Gary
Swati Madnani
Okay. Sir, [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Swati Madnani
[Foreign Speech]
Chandrakant P. Patel
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Operator
Any other questions?
Swati Madnani
No, no, that’s it. Thank you.
Operator
Thank you. Ladies and gentlemen, the next question comes from the line of Resha Mehta from Green H Wealth. Please go-ahead.
Resha Mehta
Thank you. Actually even lead joined here. So I’m not sure [Foreign Speech] [Foreign Speech]
Ankit Patel
[Foreign Speech]
Resha Mehta
Okay. And sir, [Foreign Speech]
Ankit Patel
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Resha Mehta
Right. [Foreign Speech] right [Foreign Speech]
Ankit Patel
[Foreign Speech]
Resha Mehta
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Ankit Patel
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Resha Mehta
Quarterly.
Ankit Patel
[Foreign Speech]
Resha Mehta
Right. And depreciation,
Ankit Patel
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Resha Mehta
INR7 crores.
Ankit Patel
Yes. [Foreign Speech]
Resha Mehta
Right, right, right.
Ankit Patel
[Foreign Speech]
Resha Mehta
Right, right. So I say. [Foreign Speech]
Ankit Patel
[Foreign Speech]
Resha Mehta
Right, right. [Foreign Speech]
Ankit Patel
Next financial year. [Foreign Speech]
Resha Mehta
Okay, okay. [Foreign Speech]
Ankit Patel
[Foreign Speech]
Resha Mehta
Understood, understood. So sir, [Foreign Speech]
Ankit Patel
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Resha Mehta
Right. But at the PAT level, [Foreign Speech] Correct. [Foreign Speech]
Ankit Patel
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Resha Mehta
Right, [Foreign Speech]
Ankit Patel
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Resha Mehta
Understood. Very clear. [Foreign Speech] Thank you all the best.
Ankit Patel
Okay. Thank you.
Operator
Thank you. Next question is from Mosam Shah from Wellguardian. Please go-ahead.
Mosam Shah
Hello. Thank you for the opportunity again. Sir [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Mosam Shah
Okay. Okay. Thank you.
Operator
Thank you. Next question is from Vijay from — who is an Individual investor. Please go-ahead.
Unidentified Participant
Yeah, thank you for giving me the opportunity. Sir, I would like to know what are the short-term borrowing numbers at the moment?
Ankit Patel
[Foreign Speech]
Unidentified Participant
Okay. So previously, it was actually INR2, INR3 crores, INR5 crores. Now it has increased to probably INR235 crores.
Ankit Patel
No, no, it was not INR2 crores previously also. [Foreign Speech]
Unidentified Participant
Okay. Okay. Okay. And are we still getting any advance from customers?
Ankit Patel
[Foreign Speech]
Unidentified Participant
So the entire product-line is of the same basis like 5% to 10% on the delivery and the rest is on the advanced you mean to say
Ankit Patel
[Foreign Speech]
Unidentified Participant
Okay, okay. And
Operator
Thank you. Next question is from Tej Patel from Niveshay. Please go-ahead.
Tej Patel
Yeah, sorry, thank you for the opportunity again. My sorry, sir. [Foreign Speech]
Chandrakant P. Patel
[Foreign Speech]
Tej Patel
Okay, got it. Got it. And sir, question on, the previous participant move, let’s say next year [Foreign Speech]
Ankit Patel
[Foreign Speech]
Operator
Thank you very much. We’ll take that as the last question. I would now like to hand the conference over to Mr Mandar Desai for closing comments.
Mandar Desai
I expect Refrigeration continues its strong growth trajectory driven by strategic execution, innovation and market expansion. While navigating cost pressures, we remain focused on profitability and long-term value-creation with a robust demand outlook, we are confident in achieving our growth targets and further strengthening our industry leadership.
On behalf of Board of Directors and management team, I extend our heartful gratitude to our shareholders, employees and partners for their unawavering support. We remain committed to delivering sustained value and look-forward to continued strong performance in the coming quarters. If you have any questions or require further information, please free — please feel free-to reach-out to us or our Investor Relation advisor. We are here to assist you. Thank you thank you.
Operator
Thank you very much. On behalf of Refrigeration Limited, that concludes this conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines