Wednesday, Jul 24 2024 | Time 00:02 Hrs(IST)
Business Economy

ICEMAKE’s consolidated net profit jumps 65.24 pc to Rs 14.24 cr in Q4FY24

Hyderabad, May 30 (UNI) Ice Make Refrigeration Limited (ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment in India, on Thursday reported a remarkable 65.24 percent increase in the consolidated net profit to Rs 14.27 crore for the quarter ended March 31, 2024 as compared to Rs 8.63 crore in the corresponding period of the previous fiscal year.
This growth was primarily driven by strong sales,the company said in a release here.
The company's quarterly consolidated revenue for Q4FY24 surged by 22.61 per cent to Rs 140.14 crore as against Rs 114.28 crore in the same period last fiscal year.
Board of Directors recommended Rs. 2 per shares dividend for FY2024
For the fiscal year 2024, the company achieved robust growth with total income of Rs 379 crore, registering a 20.95 per cent year-on-year increase from Rs 313.32 crore in the same period of fiscal 2023.
This growth was driven by a strong product mix, market demand, and geographical expansion.
Efficient cost management strategies and an increased proportion of high-margin products resulted in an EBITDA of Rs 41.39 crore during fiscal 2024.
The COGS (Cost of Goods Sold) as a percentage of revenue slightly decreased to 68.59 per cent compared to 70.34 per cent in the previous fiscal year.
Driven by strong sales volume, Ice Make maintained strong profitability with an EBITDA margin of 10.92 per cent during the full 12 months of fiscal 2024.
The company posted a net profit of Rs 26.14 crore in the same period as against Rs 20.80 crore in FY23.
Commenting on the strong financial performance, Mr. Chandrakant Patel, the Chairman and Managing Director of Ice Make Refrigeration Limited, said: “The significant growth in revenue and profitability highlights the success of our strategic initiatives and our ability to deliver value to our stakeholders. We will continue to focus on expanding our product portfolio and enhancing our market presence as we embark on the Rs 500 crore revenue milestone in the current fiscal 2025."
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