ICE Make Refrigeration Ltd

ICE Make Refrig. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

ICE Make Refrigeration Ltd

₹ 531 10.72%
15 May - close price
icemakeindia.com NSE: ICEMAKE
About

Established in 1993, Ice Make Refrigeration Ltd. is engaged in the business of providing customized cooling solutions like Cold Rooms, Freezers, Commercial and Industrial Refrigeration Systems, Chilling Plants, etc. [1][2]

Key Points

Business Segments
The company has 50+ products divided into following segments:
Cold Room: The Co. manufactures customized products like Cold Room, Solar Cold Room, Cold Room Puf Panel, Cold Room Door, Condensing Unit, etc.
Commercial Refrigeration: The Co. offers services and products for commercial refrigeration like Ice Cream Mix Plant, Turnkey Dairy Solution, Bulk Milk Chiller, Pasteurizing Tank, Ageing Vat, Ice Candy Production Machine, Ice Cream Hardener, etc
Industrial Refrigeration: The Co. offers industrial refrigeration equipment like Water Chilling Plant, Brine Chilling Plant, Oil Chilling Plant, Air Chiller and Ice Building Tank.
Transport Refrigeration: The Co. offers transport refrigeration products and services like Refrigerated Container, Refrigerated Van, Insulated Container, Bunk House, etc.
Ammonia Refrigeration: The Co. recently started Ammonia refrigeration products and services like Turnkey Projects for Cold Stores, Water Chillers for Dairy, Glycol Chillers for milk deep chilling for dairy & for Beverage & Brewery Plants, Water Chillers for Pharma, etc. [1]

Website NSE
  • Market Cap ₹ 838 Cr.
  • Current Price ₹ 531
  • High / Low ₹ 747 / 320
  • Stock P/E 39.9
  • Book Value ₹ 58.5
  • Dividend Yield 0.34 %
  • ROCE 36.5 %
  • ROE 28.0 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 26.2%
  • Company's working capital requirements have reduced from 62.6 days to 44.0 days

Cons

  • Stock is trading at 9.08 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
32.56 52.08 31.62 46.23 47.35 74.97 63.30 65.27 63.52 110.60 77.25 75.72 81.56
30.41 47.22 31.47 43.35 44.60 66.29 58.20 57.96 56.52 98.69 69.01 68.25 77.28
Operating Profit 2.15 4.86 0.15 2.88 2.75 8.68 5.10 7.31 7.00 11.91 8.24 7.47 4.28
OPM % 6.60% 9.33% 0.47% 6.23% 5.81% 11.58% 8.06% 11.20% 11.02% 10.77% 10.67% 9.87% 5.25%
0.15 0.64 0.19 0.18 0.23 0.42 0.16 0.32 0.33 0.73 0.24 0.21 0.20
Interest 0.54 0.30 0.25 0.39 0.49 0.45 0.29 0.17 0.57 0.12 0.22 0.68 0.60
Depreciation 0.89 0.93 0.80 0.69 0.70 0.84 0.76 0.79 0.85 0.91 0.82 0.85 0.90
Profit before tax 0.87 4.27 -0.71 1.98 1.79 7.81 4.21 6.67 5.91 11.61 7.44 6.15 2.98
Tax % 42.53% 29.04% 25.35% 24.75% 26.26% 25.74% 25.42% 27.59% 24.70% 25.75% 25.13% 25.37% 25.50%
0.50 3.04 -0.53 1.49 1.33 5.81 3.14 4.83 4.45 8.63 5.58 4.59 2.22
EPS in Rs 0.32 1.94 -0.34 0.95 0.85 3.70 1.99 3.06 2.82 5.47 3.54 2.91 1.41
Raw PDF
Upcoming result date: 29 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
18 27 50 72 88 101 129 136 131 200 303 345
16 25 47 65 78 89 115 122 121 186 271 313
Operating Profit 2 2 4 7 10 12 14 14 11 14 31 32
OPM % 9% 9% 8% 10% 11% 12% 11% 10% 8% 7% 10% 9%
0 0 0 0 0 1 0 1 1 1 2 1
Interest 1 1 1 2 1 2 1 2 2 2 1 2
Depreciation 1 1 1 2 2 1 2 4 4 3 3 3
Profit before tax 0 1 1 4 7 10 11 9 6 11 28 28
Tax % 33% 34% 34% 34% 32% 32% 29% 26% 31% 26% 26%
0 1 1 3 5 7 8 7 4 8 21 21
EPS in Rs 1.59 4.26 6.46 3.67 6.98 4.23 5.00 4.26 2.86 5.16 13.34 13.33
Dividend Payout % 0% 0% 0% 0% 0% 24% 24% 0% 42% 23% 13%
Compounded Sales Growth
10 Years: %
5 Years: 25%
3 Years: 31%
TTM: 29%
Compounded Profit Growth
10 Years: %
5 Years: 26%
3 Years: 47%
TTM: 15%
Stock Price CAGR
10 Years: %
5 Years: 48%
3 Years: 97%
1 Year: 58%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 17%
Last Year: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 1 1 1 7 7 16 16 16 16 16 16 16
Reserves 1 3 6 3 8 29 35 40 44 50 69 77
8 7 13 14 15 8 2 14 8 9 3 25
4 7 13 14 24 26 29 33 40 49 70 67
Total Liabilities 14 17 33 39 55 79 81 102 107 123 158 184
6 6 9 9 9 10 20 26 26 29 30 46
CWIP 0 0 0 0 0 1 0 0 1 0 0 1
Investments 0 0 0 0 2 3 3 3 3 3 8 3
8 11 24 30 44 64 58 73 76 90 120 134
Total Assets 14 17 33 39 55 79 81 102 107 123 158 184

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0 0 5 1 8 -0 7 -0 12 9 22
0 0 -2 -2 -4 -4 -10 -7 -4 -5 -13
0 0 1 -0 -0 14 -9 6 -9 -3 -8
Net Cash Flow 0 0 3 -1 3 10 -12 -1 -0 0 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 66 54 61 69 65 76 58 74 76 63 66
Inventory Days 104 112 96 75 105 122 107 134 141 111 79
Days Payable 78 87 90 70 107 94 84 88 101 79 83
Cash Conversion Cycle 91 79 67 73 63 104 82 120 115 94 62
Working Capital Days 51 47 53 57 41 71 61 83 81 62 44
ROCE % 16% 24% 31% 28% 23% 18% 12% 18% 36%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.96% 74.82% 74.86% 74.89% 74.63% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49% 74.49%
0.00% 0.00% 0.00% 0.00% 0.00% 0.05% 0.05% 0.05% 0.05% 0.05% 0.02% 0.00%
25.04% 25.18% 25.14% 25.13% 25.50% 25.46% 25.46% 25.46% 25.46% 25.46% 25.49% 25.51%
No. of Shareholders 3,4313,9904,4014,3383,9075,5968,46210,04211,56614,48119,28522,668

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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