Snowman Logistics to start warehouse expansion

The company reports revenue of Rs 240.20 crore for FY 20

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Snowman logistics
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Snowman Logistics recorded revenue in the last quarter (March 31 2020) of Rs 60.98 crore as against Rs 59.80 crore for the same period in the previous year. EBITDA decreased to Rs 15.39 crore from Rs 16.67 crore for the same period in the previous year, Profit Before Tax (PBT) decreased to Rs 1.34 crore from Rs 5.45 crore in the corresponding quarter of the previous year and PAT decreased to Rs 1.17 crore from Rs 5.42 crore in the corresponding quarter of the previous year.

On an annual basis, revenue during 2019-20 was Rs 240.20 crore as against Rs 232.55 crore during the previous year. EBITDA increased to Rs 63.38 crore from Rs 62.24 crore. EBITDA of financial year 20 Includes a positive impact of Rs 13.58 crore due to newly adopted Lease Accounting (Ind As 116) and the corresponding EBITDA% impact is 5.7%.

PBT decreased to Rs 6.31 crore from a profit of Rs 10.86 crore during the previous year. PBT was negatively impacted by Rs 8.49 crore on account of Ind AS 116 adoption in the current year, and PAT decreased to Rs 15.01 crore from a profit of Rs 9.72 crore during the previous year. The company has reversed deferred tax assets by Rs 8.95 crore on account of the new income tax rate applicable for companies having turnover below Rs 400 crore due to which the tax expense was recognized to such extent. The total impact on PAT due to One Time Deferred tax reversal (Rs 8.95 crore) and Ind AS 116 adoption (Rs 8.49 crore) is Rs 17.44.

Snowman Logistics to set up new warehouses

Commenting on the results, Prem Kishan Gupta, chairman, Snowman Logistics, said, “We are satisfied with the results posted by the company in a year in which it had to face a series of cyclones which impacted the seafood industry. After a brief phase of consolidation, the company is back on its expansion mode and will start working on setting up new warehouses during the current year.”

Speaking about the results, Sunil Nair, chief executive officer, Snowman Logistics said, “The company has constantly been working on process improvements to ensure the best service levels to customers. This is reflected in the increase in customer base. Entry into the eCommerce space by tying up with one of the leading players in this business shows that the company is well poised to handle the changing business environment.”

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