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Snowman Logistics’ Q4 FY17 PAT at INR 3.62 cr.

 

During the quarter ended March 31, 2017, Snowman Logistics Ltd recorded sales of Rs 44.57 crore as against Rs 47.61 crore for the same period in the previous quarter. While EBITDA decreased to Rs 6.12 crore from Rs 11.24 crore, PAT increased to Rs 3.62 crore from a loss of Rs 2.01 crore in the previous quarter.

 

EBIDTA fell by 46 per cent due to a fall in revenue and increase in cost. While about Rs 6 crore is attributed to lower occupancy, there was a one-time hit of about Rs 8 crore which included additional provisioning, repair and maintenance to improve service levels, and stock losses. The PAT was up due to a tax write back.

 

On an annual basis, sales during 2016-17 was Rs 189.24 crore as against Rs 224.86 crore during the previous years. This fall of 16 per cent was mainly due to downsizing of the transportation vertical and discontinuation of the FS division, which also happens to be the main reason for the one-time hit the company took in the financial year.

 

EBITDA decreased to Rs 36.36 crore from Rs 48.65 crore while PAT for the year was a loss of Rs 4.93 crore as against a profit of Rs 20.54 crore during 2015-16.

 

The company had adopted IND-AS for the financial year commencing April 1, 2016 and, accordingly, the results for the year were prepared in compliance with IND-AS.

 

The company commenced operations at its 5,100-pallet warehouse in Cochin, taking the total installed warehouse capacity to 103,600 pallets, said a release.

 

Commented the Chairman, Mr Prem Kishan Gupta, on the results: "The year 2016-17 was a challenging one for the company. The company undertook several initiatives to consolidate its position as a market leader, including major changes in the leadership team with the induction of several experienced senior managers that includes the CEO, VP - Operations, VP - Sales and GM - Transport. There was a shift in the business model where we moved from leasing vehicles to owning vehicles for our warehousing customers. Further, we are focusing on improving processes and systems that will add tremendous value for our customers. We are confident that the impact of these changes will be reflected in the performance of the company in the coming year."

 

Source: Exim News Service - Bangalore, May 18

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