Ice Make Refrigeration Limited (Ice Make), leading supplier of innovative cooling solutions and manufacturer of refrigeration equipments, unveiled its plans to enter into new emerging and fast growing segments like online Food Chains, Airport Flight Kitchens, Cash & Carry Vans to leverage its capabilities and basket of innovative products. It is also foraying into overseas markets in a bid to grow faster. The Company has upgraded its manufacturing facility located in Ahmedabad and Chennai to cater to these new segments.
Addressing ICE Make's 10th Annual General Meeting (AGM) in Ahmedabad Mr Chandrakant Patel, Chairman, and Managing Director told the shareholders about the concrete steps it is taking to strengthen marketing and sales addressing to these new segments and overseas markets. Its core team has identified several countries having good potential for growth like Nepal, Sri Lanka, Kenya, Uganda, and Ravanda of East Africa.
Mr Patel said, "Ice Make has a strong roadmap for the future growth including Company's strong focus on key business verticals like Ammonia Refrigeration, Reefer Van, Food Segment, Exports and South India operations that will help the Company grow faster this financial year as well. In our Ammonia Refrigeration vertical we have bid for over Rs. 60 Crores of Projects and hoping to collect orders of about Rs. 20 Crores. Ice Make also has an Order book in hand for 3000MT Potatoes and Apples Cold Storage facility."
What is more, this year it is working on a plan to commence fabrication of vessels for storing and holding ammonia so as to cut down further on delivery period and offer best in class 100% Radiographed Receivers and Surge Drums to increase the efficiency.
The company is also working on R&D for launching new in-house products like Dry Containers in transport refrigeration segment and strategic talks are on with India's big players in Refer vehicle business for our pan India expansions. We are also negotiating with various Airport Flight Kitchens for food serving and tapping new segment like Cash Van and Carry Van with reputed companies.
Moreover, we believe India's online retail market will grow multi-fold in the next 5-10 years. The Company is consciously making huge efforts in joining hands with new brands and leading online food companies which will help not only widen our competitive edge in the market but also build long term road for growth for our refrigeration and cold storage products" Mr Patel added.
"The domestic economic environment has been challenging. However our experienced team having seen many such cycles in the past has been quick to respond with the plans and strategies, which have proved to be fruitful in tackling the current economic environment. Interestingly our basket of products and services are placed in such a manner that they are largely insulated from weakness in the overall market. Cooling and refrigeration systems have become necessities of the modern life style and thanks to under penetration we have been able to grow at decent pace even in difficult environment" he said.
"We are driven by innovation and over the last 26 plus years the team has worked wonderfully in defining our growth. Our growth over the last five years has been healthy at 26.5 % in terms of revenue, 35% in terms of EBIDTA. Out profits have grown even faster at 64% CAGR in the period mentioned. Our efforts to grow prudently now bring us to a critical juncture when we become eligible to migrate to main board of NSE in Dec.2019 and we are happy and confident about this move as early as possible."
Mr Patel further added, "In order to be a globally competitive business ICE Make is also strongly focussing on employee empowerment. We have a strong team of about 500 committed employees many of whom place the Company's interest above their own. We are consistently upgrading our human resources through various training programmes to enhance skills and nurture talents. Ice Make offered an ESOP Plan in 2018 to its employees and has received 100% acceptance from them. The vesting period for this initiative starts after March 2020."
We are happy to be a key player in a cooling and refrigeration industry space that has become investment friendly and driving significant growth for all stakeholders. As India's population is increasing at a rapid pace and the consumption is growing multi-fold, the need for new applications of refrigeration & cooling solutions is arising all the time. Ice Make as a key player in the industry is in the forefront in catering to the cooling requirements of various industries.
The company serves large number of varied clients and customers by producing innovative cooling & refrigeration solutions to industries like Dairy, Ice-Cream, Food Processing, Horticulture, Agriculture, Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality and Retail among others.
We have a basket of 50+ refrigeration and cooling solutions products manufactured under five business verticals like Cold Rooms, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration and Ammonia Refrigeration." He said.