MUMBAI, 7th OCTOBER 2023 (GPN)- ICE Make Refrigeration Limited (NSE: ICEMAKE), a leading provider of innovative cooling solutions and a manufacturer of a diverse range of over 50 refrigeration equipment, proudly announces a significant milestone with its market capitalization crossing the INR 1000 CR mark for the first time. Share price of the company hit a 52-week high of Rs. 648 per share on 6 October 2023 – gain of over 160% in a year’s time and staggering 650% in the last two years.

The company, initially listed on the SME platform of the National Stock Exchange in December 2017 and subsequently on the main board in 2020, has recently revealed its ambitious growth plans during its 14th Annual General Meeting held in Ahmedabad.

Mr. Chandrakant P. Patel, Chairman and Managing Director of ICE Make Refrigeration Limited, expressed his enthusiasm, noting, “Throughout our remarkable 33-year journey, ICE Make has consistently achieved noteworthy milestones. Notably, during our maiden IPO valued at INR 23.71 CR, the company garnered an extraordinary SMEIPO subscription exceeding 261 times, translating to a remarkable value of over 6100 Crores. It is truly heartening to witness the tangible outcomes stemming from the company’s unwavering vision, effective strategic execution, and the dedicated efforts of our workforce. These factors have collectively contributed to our significant achievement, crossing the INR 1000 CR market capitalization threshold within our segment.

ICE Make has firmly established itself as an innovative brand with a steadily expanding market presence. Our strong Compound Annual Growth Rate (CAGR) of nearly 50% over the past two years is indicative of our steadfast dedication to providing state-of-the-art solutions. Even in the face of global economic challenges marked by inflationary pressures, the company achieved a notable milestone with its annual net profit surging into double digits for the first time. Furthermore, our consolidated revenue has crossed the significant threshold of Rs 300 cr in FY2023.

Mr. Patel further elaborated on the company’s ambitious growth plan, stating, “We have embarked on our most ambitious growth plan to date. By implementing a Rs. 200 crore Capex plan over the next three years, we aim to substantially augment our production capacity, enabling us to surpass our long-term revenue target of Rs. 1500 crore. Our immediate goal is to exceed the turnover target of Rs. 500 crore by FY 2024-25, and we aspire to achieve a revenue of Rs. 1000 crore by FY 2027-28.”

ICE Make anticipates substantial contributions to its revenue from various segments, including dehydration, ammonia-related products, and continuous panel solutions in the coming years. The company remains committed to the pursuit of automation, with a particular focus on the commercial sector, as a pivotal element of its future endeavors. Furthermore, ICE Make is actively exploring opportunities for geographical expansion, which may include establishing new production units or warehouses.

Mr. Patel extended his gratitude to all of ICE Make’s stakeholders, including investors and supportive shareholders, for their continued support. He emphasized ICE Make’s unwavering dedication to innovation, excellence, and sustainable growth as the cornerstones of its mission. 

About ICE Make Refrigeration Limited:

ICE Make Refrigeration Limited is a leading provider of Innovative Cooling & Refrigeration Solutions in India. With over 33 years of experience, the company offers a robust portfolio of more than 50 refrigeration and cooling solutions products across various industries, including Dairy, Ice-cream, Food Processing, Horticulture, Agriculture, Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality, and Retail.

The company has its manufacturing facilities in Gujarat, Tamil Nadu and West Bengal.

For more information, please visit www.icemakeindia.com.