Ice Make Refrigeration Limited has submitted to the Exchange, the financial results for the period ended March 31, 2025.
ICEMAKE · price
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Ice Make Refrigeration reported strong top-line growth for FY25, with consolidated revenue from operations rising about 27% to Rs. 479.52 crore from Rs. 378.38 crore in FY24. Despite this, profit after tax slipped to Rs. 22.90 crore from Rs. 26.14 crore, a decline of roughly 12%, as finance costs nearly doubled to Rs. 4.12 crore and depreciation rose sharply on heavy capital expenditure. Standalone numbers moved in the same direction: revenue up ~28% to Rs. 471.79 crore while PAT fell to Rs. 23.22 crore from Rs. 26.62 crore. EPS stood at Rs. 14.65 (consolidated) versus Rs. 16.64 last year. The board has recommended a final dividend of Rs. 2.25 (22.5%) per share, subject to shareholder approval. The statutory auditor issued an unmodified opinion but flagged that both subsidiaries have negative net worth and are dependent on parental financial support to continue as a going concern.
Strong revenue growth is positive, but shrinking margins, rising debt and finance costs, and the auditor's red flag on subsidiary health may temper investor enthusiasm. Shareholders get a healthy 22.5% dividend, but watch for margin recovery and deleveraging in coming quarters.