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Snowman Logistics highlights profitable quarter

 

For the quarter ended March 31, 2018, Snowman Logistics Ltd recorded revenue of Rs 51.82 crore as against Rs 44.57 crore for the same period in the previous year, registering 16 per cent growth. While EBITDA increased to Rs 12.55 crore from Rs 6.13 crore, registering 105 per cent growth for the same period in the previous year, PBT increased to Rs 3.15 crore from a loss of Rs 7.19 crore in the corresponding quarter of the previous year, registering a positive growth of 144 per cent.

 

On an annual basis, sales during 2017-18 amounted to Rs 194 crore as against Rs 189 crore during the previous year. PBIT increased to Rs 8.30 crore from Rs 1.42 crore registering a growth of 685 per cent, while PBT for the year was a loss of Rs 3.56 crore as against a loss of Rs 15.48 crore during FY17, informed a release.

 

Commenting on the results, the Chairman, Mr Prem Kishan Gupta, said, "During the year 2017-18, the company further consolidated its position as market leader with the addition of a new warehouse at Krishnapatnam. The initiatives undertaken in the previous year to strengthen the business model bore results in the current year with the company posting profits at PAT level during the second half. The robust growth plans projected by key customers has necessitated a need for more cold storage and distribution capacity which the company plans to address by further expanding in the coming years."

 

Said Mr Sunil Nair, CEO, Snowman Logistics, "I am thankful to my customers and team who have stood by us during the challenging time last year. We have overcome the challenges faced during the previous year arisen from demonetisation and the implementation of GST. We were one of the first ones who successfully implemented GST and E-way Bill process. And now we are back on the growth path. The coming year is expected to be exciting with strong growth numbers projected resultant a strong consumption. We have moved a step ahead by offering our clients integrated operations with services such as Customs clearance, empty container procurement and port pick-up and delivery at the same location. Our focus on cost optimisation and improving utilisation continues. With the addition of the Krishnapatnam warehouse, our total pallet capacity has gone up to 1,06,964 pallets, thus further strengthening the company’s position as a market leader in the industry."

 

Source : Exim News Service - Bengaluru, May 16

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