In This Article:
Release Date: May 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Ice Make Refrigeration Ltd (NSE:ICEMAKE) reported a strong revenue growth of 64% quarter-on-quarter and 27% year-on-year for Q4 FY25.
-
The company has a robust order book of approximately INR 1,714 crores, providing high revenue visibility for the upcoming fiscal year.
-
The cold room vertical remains the largest revenue contributor, accounting for 50.17% of total revenue, driven by demand from industries such as dairy, pharma, and food processing.
-
The company is focusing on expanding market share in cold chain and quick commerce solutions, operationalizing new facilities, and strengthening exports.
-
Ice Make Refrigeration Ltd (NSE:ICEMAKE) aims to achieve a revenue target of INR 1,000 crores by FY28, supported by a diversified portfolio and strong customer relationships.
Negative Points
-
The EBITDA margin for Q4 FY25 was 12.08%, down from 14.9% in the previous year, primarily due to increased operational costs from new facilities.
-
Profit after tax for Q4 FY25 decreased to INR 11.66 crores from INR 14.27 crores in Q4 FY24.
-
The company faced delays in the operation of new plants, impacting revenue and profit margins.
-
Net profit for the full year FY25 was INR 22.9 crores, down from INR 26.14 crores in FY24, due to increased expenses and interest burdens.
-
The company anticipates higher interest costs due to increased working capital requirements and new plant operations.
Q & A Highlights
Q: How much revenue can we expect from the new segments, specifically the US panel and commercial season in the Federation? A: The continuous panel is expected to contribute around INR 200 crore to the top line, and the commercial season may add around INR 130 crore. We anticipate this revenue to materialize in FY26. (Respondent: Unidentified_3)
Q: What are the margins in the ammonia segment? A: The gross margin for the ammonia segment is around 10% to 14%. However, achieving better EBITDA margins depends on the utilization of installed capacity and infrastructure. (Respondent: Unidentified_3)
Q: Are there any plans for CapEx in the cold room segment? A: Yes, we plan to modernize and semi-automate existing facilities, focusing on machinery and manpower to improve quality. We have allocated a CapEx of around INR 2 crore for this purpose. (Respondent: Unidentified_1)
Q: What is the expected contribution from the new business segments in the upcoming financial year? A: We expect the new business segments, including continuous panels and commercial freezers, to contribute around INR 175 crore in FY26. (Respondent: Unidentified_2)