ICE Make Refrigeration Ltd Management Discussions

and analysis

Global Economy

In 2024, the global economy demonstrated moderate growth despite persistent challenges, with overall resilience supported by strong domestic demand in several regions. The IMF reported that global growth held steady, but trade growth slowed down from 3.8% as new trade tensions started to appear. Inflation eased gradually, and although business sentiment was cautious, financial institutions and businesses responded by re-evaluating risks and strengthening their operations.

As we move into 2025, the economic outlook points to a phase of adjustment influenced by growing policy uncertainty and rising trade tensions, especially with U.S. tariffs reaching new historic highs. These changes have led to lower global growth forecasts, with GDP expected to grow by 2.8% in 2025. Despite these challenges, this situation opens

the door for important reforms. These include stabilizing trade policies, adopting flexible and data-focused monetary approaches, and boosting international cooperation to rebuild business confidence and encourage investment.

Regionally, the U.S. economy, though revised down to a 1.8% growth forecast, continues to show underlying strength, fueled by gains in productivity, widespread adoption of new technologies, and efforts to diversify supply chains. Meanwhile, Chinas outlook has eased to 4.0% growth amid deflationary pressures, yet it remains a key force in global output due to its advances in high- tech innovation and expanding domestic market. Against this backdrop, India stands out as a bright spot, with growth projected to surpass 6% in 2025, driven by strong domestic demand, benefits

from trade diversion, ongoing structural reforms, and sustained investment. The manufacturing sector is showing resilience, especially in emerging markets like India and ASEAN countries, while technological advancements in AI, automation, and clean-tech are creating new opportunities across industries. At the same time, green sectors such as electric vehicles and renewable energy are rapidly gaining momentum, and the services sector, along with digital infrastructure and healthcare, continues to thrive worldwide, powered by innovation and strategic investment. Altogether, while 2025 presents significant challenges, it also creates an opportunity for the global economy to reset, embrace innovation, and build a more inclusive and sustainable foundation for growth ahead.

Outlook

The global economy in 2025 is navigating challenges like trade tensions and inflation but remains on a steady path with projected growth between 2.30% and 3.10%. Emerging markets are driving momentum through strong domestic demand, reforms, and digital transformation. While global trade faces short-term pressures, services and green industries continue to expand. Inflation is gradually easing, and central banks are adapting with balanced policies. Investment in innovation, infrastructure, and cooperation offers hope for a more resilient and inclusive global recovery.

(Source: https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025, https://www.imf.org/en/ Blogs/Articles/2025/04/22/the-global-economy-enters-a-new-era)

Indian Economy

India remains among the fastest-growing major economies with a real GDP growth of 6.5% in 2024-25. This expansion is driven by solid domestic demand, a thriving services sector, and a broad-based manufacturing revival. Additionally, government measures like the Production- Linked Incentive (PLI) scheme and Atmanirbhar Bharat have provided a strong policy push for domestic value addition, particularly across sectors like pharmaceuticals, engineering, and select high-tech industries.

Agriculture has offered steady support to the economy, aided by favorable monsoons, wider irrigation coverage, and improved procurement policies. The services sector continues to lead growth, driven by transportation, communication, finance, and hospitality segments. At the same time, rural demand has picked up again, supported by stable inflation, higher agricultural incomes, and targeted welfare spending.

Industrial activity remains strong, with the manufacturing index rising 5.60% and core sectors like steel, cement, and electricity growing by 7.30% in 2023-24. Exports climbed 4.80% to USD 458 Billion. However, the trade deficit widened to USD 195 Billion due to sustained energy

imports and global headwinds, including selective tariffs from the US.

Even against this backdrop, India remains well-positioned in the evolving global supply chain. Competitive tariff structures and improving logistics continue to enhance its appeal as an alternative production base. Also, the nations proactive participation in the China+1 diversification strategy has encouraged steady foreign direct investment, particularly in value-oriented manufacturing.

As of March 31, 2025, the Indian Rupee had depreciated 3.70% against the US dollar, shaped by global monetary dynamics and capital flow shifts. Still, foreign institutional investment turned net positive, with inflows of USD 6.1 Billion in March 2025. This development reflects the renewed investor confidence. Moreover, digital infrastructure continues to transform the financial ecosystem, with record UPI volumes marking an improvement in financial inclusion and transaction efficiency.

Outlook

Indias economic growth continues to show resilience, holding steady at 6.50% despite persistent global headwinds. This momentum is largely supported by strong domestic demand. Inflation remains broadly in check, though underlying core inflation highlights the need for continued caution in monetary policy. While global trade remains subdued, a narrowing trade deficit has offered some relief.

Challenges such as foreign investor outflows persist, but solid domestic investment continues to provide a stable foundation for the economy. The Reserve Bank of Indias measured and proactive approach has played a key role

Global Cold Chain Market

The global cold chain market continues to grow at a strong pace, driven by increasing demand for temperature- sensitive products across multiple industries. According to The Business Research Company, the market is projected to expand from USD 405.02 Billion in 2024 to USD 454.48 Billion in 2025, clocking in a compound annual growth rate (CAGR) of 12.20%. This growth is being fueled by several factors, including robust economic activity in emerging markets, a rising global population, higher food exports, and increasing demand from end-use industries.

Beyond the broader market, specific segments within the cold chain are also witnessing rapid expansion. The cold chain monitoring segment is expected to grow from USD 6.30 Billion in 2024 to USD 7.28 Billion in 2025, registering a CAGR of 15.50%. This trend is being fueled by the need for tighter controls and greater transparency in the transport of perishable goods. Likewise, the cold chain packaging segment is anticipated to increase from USD 31.69 Billion in 2024 to USD 36.02 Billion in 2025, with a CAGR of 13.60%, reflecting the growing emphasis on preserving product quality through the logistics cycle.

Technological progress and business expansion strategies are helping drive this growth further. The adoption of loT-based systems and smart warehousing is enhancing the reliability and operational efficiency of cold chain operations. At the same time, more companies are turning to third-party logistics providers and extending their reach into emerging economies to capitalize on growth opportunities. Additionally, the United States is expected to witness the most significant market gain, with an increase of USD 54.97 Billion, underscoring its pivotal role in the global cold chain landscape.

(Source: https://www.thebusinessresearchcompany.com/ report/cold-chain-global-market-report?utm_source=,https:// www.thebusinessresearchcompany.com/report/cold-chain- market?utm_source=)

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in maintaining liquidity and keeping inflation expectations anchored.

Looking ahead, India is well-positioned to sustain its growth trajectory. However, external uncertainties, financial market fluctuations, and ongoing disruptions in global trade remain as potential risks. Furthermore, continued policy support and the strength of domestic fundamentals will be essential to maintain the current pace of economic expansion.

(Source: https://www.pib.gov.in/PressReleasePage. aspx?PRID=2113316)

Indian Cold Chain Market

The Indian cold chain market is poised for significant growth in 2025, driven by increasing demand for temperature-sensitive products and advancements in cold chain infrastructure.

The Indian cold chain market reached a value of f 2,287.5 Billion in 2024. Looking ahead, the market is projected to expand at a CAGR of 10.86% from 2025 to 2033, reaching approximately f 6,061.7 Billion by 2033. This growth is attributed to factors such as the expansion of organized food retail, increased demand for processed foods, and the rising need for efficient storage and transportation of perishable goods.

Key drivers of this market include the growth of organized food retail, which provides consumers with a wider variety of fresh and temperature-sensitive products, necessitating robust cold chain logistics. Additionally, the processed food sector is expanding, with government initiatives like the establishment of mega food parks supporting this trend. Farmers are also shifting toward the cultivation of fruits and vegetables, which require refrigeration, further boosting the demand for cold storage facilities. Furthermore, the healthcare sectors increasing reliance on cold chain logistics for vaccines, biopharmaceuticals, and clinical trial materials is contributing to market growth.

In terms of market segmentation, cold chain storage currently holds the largest share, surpassing cold chain transportation. Product-wise, the market is divided into fruits and vegetables, meat and fish, dairy products, and healthcare products. The private sector dominates the market, and there is a significant presence of both organized and unorganized players. Additionally, states like Uttar Pradesh, West Bengal, Punjab, Gujarat, and Maharashtra are significant contributors to the market.

(Source: https://www.imarcgroup.com/indian-cold-chain- market?utm_source=)

Drivers of Growth in the Indian Cold Chain Market

Rising Demand for Processed and Perishable Foods

Indias growing middle class, rapid urbanization, and evolving dietary habits are fueling a significant rise in the consumption of processed, ready-to-eat, and perishable foods like fruits, vegetables, dairy, meat, and seafood. As modern retail chains and supermarkets grow their presence across the country, the demand for dependable cold storage and transportation rises alongside them. This infrastructure plays a vital role in cutting down post-harvest losses and preserving the quality of these products. Therefore, the cold chain sector is essential not only to supporting Indias food processing industry but also to reducing food wastage, estimated at 20% to 30% for perishables, and to maintaining safety throughout the journey from farm to table.

Expansion of the Pharmaceutical Sector

Indias pharmaceutical and vaccine sectors are growing rapidly, driven by rising global demand for vaccines, biologics, and specialty medicines. Many of these products are highly sensitive to temperature changes, requiring precise cold chain management at every stage, from manufacturing to storage and final distribution. The pandemic highlighted just how critical cold chain infrastructure is at every stage of delivery, prompting investments in specialized storage facilities, monitoring systems, and logistics. The sectors growth is driving innovation in cold chain technology and creating new opportunities for service providers across the value chain.

Growth of E-commerce and Food Delivery

The rapid growth of e-commerce and online food delivery services has played a key role in accelerating cold chain development across India. As more consumers turn to digital platforms for daily essentials, leading players in the sector increasingly depend on reliable cold storage and temperature-controlled logistics to preserve the quality and safety of perishable products.

The rising popularity of quick commerce, with delivery windows as short as 10 to 30 minutes, has further increased the pressure on last-mile cold chain infrastructure, particularly in urban and semi-urban areas. To keep pace with these demands, companies are investing in microwarehouses, refrigerated vehicles, and real-time tracking systems, all aimed at ensuring products reach consumers quickly and in optimal condition.

Export Opportunities

Indias growing role as an exporter of fresh produce, seafood, and pharmaceuticals has created a stronger need for reliable and advanced cold chain infrastructure. To tap into high-value markets like the US, EU, Middle East, and Southeast Asia, exporters must meet strict international standards for quality and safety. This has led to increased investment in temperature-controlled storage, pre-cooling facilities, and refrigerated transport. These facilities help extend shelf life, maintain product quality, and ensure consistency throughout the supply chain. In turn, the modernization of cold chain networks has become closely tied to Indias export performance and its broader goal of positioning itself as a global hub for agri-food and pharmaceutical products.

ice make at a glance

Ice Make Refrigeration Limited (referred to as Ice Make or the Company) is a Leading Indian manufacturer of refrigeration equipment, known for delivering innovative, sustainable, and customized cooling solutions for over three decades. Since its founding in 1993, the Company has steadily grown, earning the trust of customers across a wide range of industries. In 2017, Ice Make took a major step forward by becoming a Public Limited Company, strengthening its presence and commitment to long-term growth. Today, it operates under three established brand names: Ice Make, Bharat, and TransFreez, each tailored to serve the specific needs of its diverse client base. The Company is headquartered in Ahmedabad, Gujarat, with its manufacturing plant located in DantaLi (Gandhinagar, Gujarat), Vamaj (Mehsana, Gujarat), BavLa (Ahmedabad, Gujarat), Chennai (Tamil Nadu) and KoLkata (West Bengal). This setup supports efficient operations and enables Ice Make to serve customers across India with speed and consistency.

Ice Makes product range spans five major segments: Cold Rooms, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration. Each of these segments plays a unique role in addressing the complex cooling needs of several industries. These include Dairy and Ice Cream, Food Processing, PharmaceuticaLs, E-commerce, Hospitality, Agriculture, Logistics, and

Healthcare, industries where reliability and precision in temperature controL are essentiaL.

BuiLding on this foundation, the Company has aLso responded to emerging trends such as the shift toward onLine grocery and food deLivery. A significant exampLe is its customized refrigeration soLution for Dark Stores, a format designed to support rapid delivery models, where maintaining product freshness depends on consistently controlled environments.

As part of its broader growth strategy, Ice Make recently expanded its manufacturing capacity with the addition of two specialised units: one for continuous PUF panels and another for commercial Chest Freezers & Visi CooLers. This move strengthens the Companys abiLity to meet increasing demand and opens up opportunities in adjacent markets such as pre-engineered buiLdings (PEBs), insulation infrastructure, and modern retail refrigeration.

These investments are aligned with Ice Makes Long-term objectives. By increasing output and improving operationaL efficiency, the Company is actively working toward its goal of reaching f 1,000 Crores in revenue by 2028.

Sustainability Initiatives

The Companys sustainable business model integrates green energy use and environmentally responsible practices, which include:

iMGreen Plant: Features Rainwater Harvesting: iMGreen Management ISO 14001 Certification:

a 50-kW solar power Employs a roof- Process: Promotes Ensures adherence

system that reduces based system using a sustainable daily to environmental

electricity use by up to percolation well. practices. management standards.

30%.

Cold Rooms and Storage

Year of Commencement	2002
Purpose	Keeping perishable products chilled or frozen to prevent their degradation
Materials Used	Insulated panels featuring a core made of insulation material such as polyurethane or polystyrene, with two outer layers of stainless steel, aluminum, metal sheets, or composite plastic for structural support and protection
Industry Applications	Hospitality, dairy, horticulture, medicare, pharmaceuticals, frozen products, and specialty applications
Features	Offer temperature control, insulation, air circulation, lighting, shelving, storage options, safety features, and energy efficiency, and are available in various sizes and capacities. These features ensure efficient and effective storage solutions for perishable goods
Temperature Range	15C to -40C
Types of Cold Rooms and Storage	Modular Cold Rooms
	Highly customizable Easy to install
	Cater to large and small industrial needs across verticals like food processing, agro, and pharmaceuticals
	Combi Cold Rooms
	Separate internal temperature zones/rooms
	Ideal for hotels, convenience stores, and restaurants with diverse storage needs
	Space-saving, energy efficient, and cost-effective
	Walk-In Cold Rooms
	Built with heavy-duty materials to withstand constant use
	Larger than standard refrigerators
	Include energy efficient insulated panels and lights
	Custom-Built Cold Rooms
	Designed to comply with industry regulations and standards, ensuring that products are stored in a safe and hygienic environment
4 .	Built to meet the specific needs of a business, such as size, layout, and temperature requirements

Solar Cold Room

Year of Commencement	2018
Purpose	Suitable for use round the year, even during periods without sunlight
	Operable using an alternative power source, such as electric or DG power, when sunlight is unavailable
	Equipped with plug-and-play feature for easy portability and relocation without installation expenses
	Movable at any preferred location
Features	Boast a production capacity exceeding 2 MT
	Feature a thermal energy battery that offers up to 30 hours of backup
	Include an IoT-enabled predictive maintenance system
	Incorporate a thermal energy storage system for backup during night time or cloudy weather

Temperature Range 4 U C and higher

In 2024-25, the cold room vertical generated a revenue of 24,107.86 lakhs, marking a significant increase from 17,410.28 lakhs in 2023-24. This resulted in the cold room vertical contributing 51% to the total revenue for 2024-25.

Commercial Refrigeration Products

Year of Commencement	1993
Purpose	Ensuring products remain cold and fresh through standardized temperature and controlled storage systems
Features	Provide faster cooling through direct expansion. These products feature a tank made of AISI 304 stainless steel and a digital temperature controller, designed to occupy less space
Materials Used	Insulating materials like polyurethane foam (PUF) integrated with a refrigeration system
Industry Applications	Hospitality, dairy, medicare, pharmaceuticals, frozen products, and specialty applications
Types	Refrigerators
	Reach-in refrigerators
	Merchandising refrigerators
	Freezer
	Reach-in freezers
	Merchandising freezers
	Additionally, various custom-made refrigeration systems cater to specific purposes, such as large-scale milk chillers for storing milk in bulk, commercial freezers for ice cream storage, and refrigeration units for ice-cream mixing plants

Industrial Refrigeration

Year of Commencement	2003
Purpose	Storing extensive inventory quantities under controlled temperature conditions
Features	Use ice water to cool the product efficiently with minimal risk and reduced power consumption
Materials Used for Building	Insulating materials such as coolants, coils, compressors, chambers, and conductors
Industry Applications	Process industry, plastics, chemicals, pharmaceuticals, dairy, beverages, and mineral water
Types	Chilling plant
	Ice Building Tank (IBT)
Storage	Ice-building tanks can hold 5,000-1,00,000 liters of water, while water- chilling plants typically range in capacity from 2 to 200 TR

In 2024-25, the industrial refrigeration vertical generated f 1,665.15 lakhs in revenue, showing an increase from f 1,478.85 lakhs in 2023-24. This accounted for 3% of the total revenue during the period.

Transport Refrigeration

Year of Commencement 2012

Purpose	Maintain temperatures as required: between 2C to 8C for chilled applications and at -25C for frozen applications
Features	Require minimal maintenance, offer lower operating costs, and save substantial power
Materials Used for Building	Insulating materials and refrigeration systems, among others
Industry Applications	Dairy, frozen products, pharmaceuticals, ice-cream, and bakery industry, among others
Types	Refrigerator containers Eutectic mobile containers Dry insulated containers MS corrugated refrigerated containers
Temperature Range	15C to -25C

In 2024-25, this segment generated f 3,562.51 lakhs, highlighting growth from f 3,355.58 lakhs in 2023-24 and contributing 8% to the Companys total revenue.

Ammonia Refrigeration

Year of Commencement	2018
Purpose	Exclusively and extensively used in industries such as food and dairy beverages, breweries, and ice-cream production
Features	Cost-efficient, with lower power consumption and high turnover
Temperature Range	10 C to -22 C
Industry Applications	Hospitality, dairy, ice cream, horticulture, medicare, pharmaceuticals, frozen products, and specialty applications

In 2024-25, the ammonia refrigeration and projects generated a revenue of f 7,961.98 lakhs, marking increase from f 7,189.16 lakhs generated in 2023-24. This resulted in the ammonia refrigeration and projects contributing 17% to the total revenue for 2024-25.

Continuous PUF Panel

Year of Commencement	2025
Purpose	Sandwich panels are high-quality products produced with profiled prepainted color steel sheet, stainless steel sheet, aluminum sheet with PU/ PIR/Rockwool core material as the insulation material
Features	Weather tight, thermally efficient, structural, internal liner, light weight
Thickness Range	30 mm to 150 mm
Industry Applications	Cold room/storage, prefab accommodation, pre-engineered building, industrial enclosure & control rooms, aircraft hangars, and clean rooms, among others

In 2024-25, the continuous PUF panel generated a revenue of f 1,373.75 lakhs, contributing 3% to the total revenue for 2024-25.

Commercial Refrigeration

Chest Freezers

Year of Commencement	2025
Purpose	Designed to keep food frozen for extended periods, often much longer than a refrigerator\u2019s freezer
Features	Bulk storage, energy efficiency, consistent temperature, and cooling retention
Temperature Range	3 C to -25 C
Industry Applications	Hospitality, dairy, ice cream, horticulture, medicare, pharmaceuticals, frozen products, and specialty applications

Visi Coolers

Year of Commencement	2025
Purpose	Blend functionality with aesthetics, making them essential for the food and beverage industry
Features	Clear visibility, uniform cooling, temperature control, energy efficiency, durability and reliability, among others
Temperature Range	2C to 8C
Industry Applications	Beverages and milk products storage

In 2024-25, the commercial freezers generated a revenue of 951.72 lakhs, resulting in the contribution of 2% to the total revenue for 2024-25.

(Note: Continuous PUF Panel and Commercial Freezers verticals became fully functional from January 2025.)

Consolidated Financial Performance ( in lakhs)

Consolidated Financials	2024-25	2023-24
Total Revenue	48,041.99	37,900.14
EBITDA	4,344.32	4,138.77
EBITDA Margin (%)	9.04	10.92
PAT	2,290.40	2,613.51
PAT Margin (%)	4.77	6.90
Net Worth	12,370.51	10,407.92
Long-Term Debt	4,782.27	2,355.75
Cash and Cash Equivalent	3779	507.96

Key Financial Ratios (Consolidated)

Ratio	Numerator	Denominator	As of March	As of March	Variance	Explanation in case of variance is more
			31, 2025	31, 2024		than 25%
Current Ratio	Current Assets	Current Liabilities	1.17	1.72	(32)%	The ratio has decreased due to increase in current liabilities.
Debt-Equity Ratio	Total Debt	Shareholders Equity	1.97	1.01	96%	The ratio has increased due to increase in total debt of the Company.
Debt Service Coverage Ratio	Earnings Available for Debt Services	Debt Service	5.32	11.36	(53)%	The ratio has decreased due to increase in total debt of the Company.
Return on Equity Ratio	Net Profit After Taxes Less Preference Dividend (If Any)	Average Shareholders\u2019 Equity	20.07	28.21	(29)%	The ratio has decreased due to decrease in earnings.
Inventory Turnover Ratio	Cost of Goods Sold or Sales	Average Inventory	4.30	5.03	(15)%
Trade Receivables Turnover Ratio	Net Credit Sales*	Average Trade Receivables	6.03	7.31	(17)%
Trade Payables Turnover Ratio	Net Credit Purchase*	Average Trade Payables	4.64	5.78	(20)%
Net Capital Turnover Ratio	Net Sales	Average Working Capital	14.97	6.43	133%	The ratio has improved due to increase in net sales.
Net Profit Ratio	Net Profit After Taxes	Net Sales	4.78	6.91	(31)%	The ratio has decreased due to decrease in net profit after tax.
Return on Capital Employed	Earning Before Interest and Taxes	Capital Employed	20.45	29.21	(30)%	The ratio has decreased due to decrease in earnings before interest and tax.
Return on Investment	Income from Investments	Cost of Investment	Since the return on investment is negligible, the ratio is not provided.

Risk Management

Ice Make encounters various risks, which can be managed effectively by implementing customized mitigation strategies through careful planning. By adopting a proactive approach to risk management, the Company minimizes the impact of these risks and maintains its competitive advantage in the refrigeration equipment market.

Risks	Impact	Mitigation
Economic Risk	Changes in the social, geopolitical, legal or competitive global business landscape could affect Ice Make\u2019s regular operations and adversely impact its financial stability.	Ice Make closely monitors global economic trends, maintains robust legal compliance measures, fosters strategic partnerships, and continuously adapts to competitive dynamics.
Supply Chain	Ice Make depends on suppliers for essential raw materials, components, and parts required for manufacturing its products. Any break in the supply chain can severely affect the Company\u2019s production and delivery schedules, leading to revenue losses and customer dissatisfaction.	The Company maintains relationships with multiple suppliers for critical materials, implements contingency plans for alternative sourcing, conducts regular assessments of supplier reliability, and optimizes inventory levels to buffer against any adverse effects.
Quality Control Issues	The Company\u2019s reputation and customer satisfaction are closely tied to the quality of its products. However, there is a potential risk that issues with quality control could affect the Company\u2019s standing by leading to product defects and recalls.	Ice Make implements rigorous quality control processes, conducts regular inspections and audits, invests in advanced manufacturing technologies, trains staff extensively, and addresses any quality issues arising from time to time to maintain product integrity and customer satisfaction.
Currency Exchange Risk	Ice Make\u2019s international operations expose the Company to currency risks due to receivables in foreign currencies, while its functional currency remains the Indian Rupee.	Ice Make employs strategies such as hedging through financial instruments like forward contracts, diversifying its customer base across regions, pricing contracts in local currencies where possible, and closely monitoring exchange rate fluctuations.
Cybersecurity Risk	Cybersecurity risks on Ice Make could lead to potential data breaches, unauthorized access to sensitive information, disruption of operations, financial losses, damage to reputation, and regulatory penalties.	Ice Make implements robust cybersecurity measures such as regular security audits, employee training on data protection practices, implementing encryption and access controls, maintaining backups, employing intrusion detection systems, and collaborating with cybersecurity experts to stay updated on emerging threats.
Competition	The competitive challenges in the refrigeration equipment market from both domestic and international players can potentially impact the Company\u2019s operations and market position.	The Company focuses on enhancing product innovation and differentiation, improving operational efficiency, maintaining competitive pricing strategies, strengthening customer relationships through superior service, and continuously monitoring market trends to adapt quickly to changing dynamics.
Technological Redundancy	The Company may face challenges in staying competitive due to rapid technological evolution. Reliance on outdated systems could adversely impact its market position, making it essential to remain agile and responsive to innovation.	Ice Make invests in ongoing research and development to stay ahead of technological advancements, regularly updates its product offerings, fosters partnerships with technology providers, conducts market research to understand customer preferences, and trains employees to adapt to new technologies efficiently.

Quality Control

Ice Make maintains a dedicated team of experts responsible for ensuring stringent quality assurance and control processes. This team possesses extensive technical expertise and the skills essential for their roles.

Internal Control System

Ice Make has implemented an internal control system that is considered sufficient, effective, and efficient in mitigating fraudulent activities and irregularities in its operations. The Companys internal and statutory auditors conduct periodic evaluations to assess the effectiveness of these controls, which are reviewed by the Audit Committee. Based on the auditors findings, the Audit Committee advises the Management on necessary corrective actions and adjustments that align with the Companys organizational requirements.

Human Resources

Ice Make employs a diverse workforce comprising skilled, semiskilled, and unskilled laborers. The Company prioritizes establishing connections with all employees at the grassroots level to optimize their performance. Recognizing the significance of employee empowerment, Ice Make has made it a cornerstone of its global strategy,

aiming to fortify its position on the international stage. To realize this vision, the Company consistently invests in its human resources through various training programs aimed at enhancing skills and nurturing talent.

As of March 31, 2025, Ice Make had a total of 1,249 employees, out of which 432 are on payroll and 817 are contractual employees, who demonstrate a strong dedication to achieving the Companys objectives. Additionally, its wholly owned subsidiary, Bharat Refrigerations Private Limited, employed 35 Company personnel and 30 contract workers during the same period & its subsidiary, IceBest Private Limited, employed 10 Company personnel and 8 contract workers during the same period. Despite encountering economic downturns in the past, Ice Makes seasoned team adeptly addressed challenges by implementing effective strategies, enabling the Company to successfully navigate the prevailing economic climate.

Cautionary Statement

The Management Discussion and Analysis report may include forwardlooking statements detailing the Companys objectives, projections, estimates, and expectations, subject to relevant securities laws and regulations. Its important to note that actual results might substantially vary from both the expressed and implied statements. Several factors, such as economic conditions influencing demand/ supply and pricing dynamics in domestic and international markets where the Company operates, changes in government regulations, tax laws, and other statutes, as well as unforeseen elements, could significantly impact the Companys operations.