Ice make Refrigeration – Picks & shovels for cold storage infrastructure

Q1FY24 Concall Highlights

• Top line grows by 22.20% to Rs 79.31 Crore, Net profit up by 73.02% to Rs 5.36 Crore
• Orderbook 125 Cr (last year order 45 Cr), 65 large order from West Bengal govt.
• Vertical Revenue split- Commercial:21%  Cold room: 47% , Industrial 4%, Refrigerant 12%,  Ammonia 15%, 
• Verticals Gross Margins- Commercial 30-34% , Cold Rooms 28-32%, Industrials 28-31%,  Transport 15-19%, Ammonia 10-12%
• Capex- Online July 2024, revenue potential 200Cr/shift (400Cr for 2 shift)
• Competitors 13-14 players, Market to grow by 14% enough room for all players to grow
• ROCE/ROE: will be maintained 25-30%
• Fixed asset turn:8-9X
• Tamil Naidu Capex: Revenue potential 40 Cr max.

FY25: Revenue target 500 Cr (25%CAGR , 60% higher than FY23)

D: Holding, no buy/sell recommendation