HomeInvestingEarningsSnowman Logistics Net Profit Rises 79% To Rs 3.38 Crore in Q1

Snowman Logistics Net Profit Rises 79% To Rs 3.38 Crore in Q1

Snowman Logistics Limited, a leading cold chain and logistics company, has announced its financial results for the quarter ended June 30, 2023. The company recorded a substantial increase in revenue and profit, reflecting strong business performance and growth prospects.

According to the financial report, Snowman Logistics posted a total revenue of INR 128.77 Crores during the second quarter of 2023, compared to INR 87.29 Crores for the same period last year, representing an impressive growth rate of 48%. Moreover, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw a rise from INR 21.26 Crores in the previous year’s corresponding quarter to INR 25.42 Crores, indicating a 20% increase. Additionally, the Profit After Tax (PAT) surged to INR 3.38 Crores from INR 1.89 Crore in the same quarter of the previous year, boasting a remarkable growth of 79%.

In light of these strong financial results, the Board of Directors held a meeting on August 1, 2023, and approved the declaration of a first interim dividend of Rs.1 per equity share for the fiscal year 2023-24.

Elated by the company’s performance, Mr. Sunil Nair, CEO of Snowman Logistics Limited, expressed his satisfaction, stating, “We are happy that all our capacity additions from the last year have been fully utilized, contributing to our revenue and profit growth. The robust growth plans of our key customers give us confidence in continuing our investments in expansion. We are committed to enhancing our asset light initiatives, including SnowLink and dry warehouse leasing, to further increase our capacity.”

Mr. Prem Kishan Dass Gupta, Chairman of Snowman Logistics Limited, emphasized the company’s optimistic outlook and growth strategy. He stated, “Snowman is on the cusp of high growth as we expand in three focus areas where we see demand growing very fast – our modern cold storage warehouses, asset light dry warehousing management services, and 5PL distribution. We have allocated approximately Rs. 200 crores of capex for the next 24 months, which will be financed through internal accruals and debt. As customers seek quality-conscious service providers for their supply chain needs and access to pan India markets, Snowman is well-positioned to capture this demand growth.”

With the positive financial performance and expansion plans, Snowman Logistics Limited is poised for continued success in the market. The company’s focus on providing quality cold chain and logistics services to meet the increasing demand from customers further strengthens its position as a reliable and efficient player in the industry.

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