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

₹ 522 0.50%
25 Apr - 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 ₹ 824 Cr.
  • Current Price ₹ 522
  • High / Low ₹ 747 / 317
  • Stock P/E 40.2
  • Book Value ₹ 55.8
  • Dividend Yield 0.34 %
  • ROCE 36.9 %
  • ROE 29.1 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 25.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.5%
  • Company's working capital requirements have reduced from 64.3 days to 43.8 days

Cons

  • Stock is trading at 9.35 times its book value
  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
33.36 53.80 32.44 47.90 48.86 76.90 64.85 67.12 66.68 113.56 79.14 76.89 82.43
31.48 48.79 32.45 44.96 45.93 68.28 59.54 59.78 59.37 101.41 70.96 69.31 78.13
Operating Profit 1.88 5.01 -0.01 2.94 2.93 8.62 5.31 7.34 7.31 12.15 8.18 7.58 4.30
OPM % 5.64% 9.31% -0.03% 6.14% 6.00% 11.21% 8.19% 10.94% 10.96% 10.70% 10.34% 9.86% 5.22%
0.30 0.64 0.12 0.09 0.14 0.35 0.06 0.19 0.14 0.73 0.17 0.13 0.10
Interest 0.62 0.32 0.27 0.41 0.51 0.54 0.31 0.18 0.57 0.19 0.23 0.70 0.66
Depreciation 1.09 1.13 0.95 0.84 0.85 0.99 0.91 0.94 1.00 1.06 0.97 1.01 1.03
Profit before tax 0.47 4.20 -1.11 1.78 1.71 7.44 4.15 6.41 5.88 11.63 7.15 6.00 2.71
Tax % 65.96% 29.05% 26.13% 24.16% 25.73% 25.67% 25.30% 27.61% 24.66% 25.80% 25.17% 25.17% 25.46%
0.15 2.98 -0.83 1.34 1.27 5.53 3.10 4.64 4.43 8.63 5.36 4.49 2.02
EPS in Rs 0.10 1.90 -0.53 0.85 0.81 3.52 1.96 2.94 2.81 5.47 3.40 2.85 1.28
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
88 103 132 138 135 206 312 352
78 90 118 124 124 192 280 320
Operating Profit 10 13 14 13 10 14 32 32
OPM % 11% 12% 10% 10% 8% 7% 10% 9%
0 0 0 0 1 1 1 1
Interest 1 2 1 2 2 2 1 2
Depreciation 2 2 2 5 4 4 4 4
Profit before tax 7 10 11 7 5 10 28 27
Tax % 32% 32% 29% 27% 32% 25% 26%
5 7 7 5 4 7 21 21
EPS in Rs 6.95 4.23 4.77 3.22 2.30 4.66 13.18 13.00
Dividend Payout % 0% 24% 25% 37% 52% 26% 14%
Compounded Sales Growth
10 Years: %
5 Years: 25%
3 Years: 31%
TTM: 28%
Compounded Profit Growth
10 Years: %
5 Years: 26%
3 Years: 60%
TTM: 16%
Stock Price CAGR
10 Years: %
5 Years: 44%
3 Years: 91%
1 Year: 52%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 17%
Last Year: 29%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 7 16 16 16 16 16 16 16
Reserves 8 29 34 38 41 46 65 72
15 10 3 17 10 11 5 27
25 27 29 34 42 52 73 70
Total Liabilities 55 81 83 105 108 125 159 185
11 13 23 31 30 32 32 50
CWIP 0 1 0 0 1 0 0 1
Investments 0 0 0 0 0 0 5 0
44 68 60 74 77 93 122 134
Total Assets 55 81 83 105 108 125 159 185

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
8 -2 8 0 12 8 24
-4 -4 -12 -7 -3 -5 -14
-0 16 -10 5 -9 -3 -9
Net Cash Flow 3 11 -13 -1 -0 0 1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 66 78 60 69 68 60 63
Inventory Days 114 135 121 156 161 123 86
Days Payable 109 96 85 92 103 83 84
Cash Conversion Cycle 71 116 96 132 125 100 64
Working Capital Days 45 79 70 88 85 64 44
ROCE % 27% 22% 15% 11% 17% 37%

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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Documents

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DRHP

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