Snowman Logistics posts Rs 240 crore revenue for FY 2019-20

June 6, 2020: The cold chain logistics provider Snowman Logistics reported revenue during the financial year 2019-20 as Rs 240.20 crore as against to Rs 232.55 crore during the previous year. EBITDA increased to Rs 63.38 crore from Rs 62.24 crore. EBITDA of FY 20 Includes positive impact of Rs 13.58 crore due to newly adopted lease accounting (Ind As 116) and corresponding EBITDA% impact is 5.7 percent.

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 current year and PAT decreased to Rs (15.01) Crores from a profit of Rs 9.72 Crores during the previous year. The Company has reversed deferred tax assets by Rs 8.95 Crores on account of new income tax rate applicable for companies having turnover below Rs 400 Crores 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 crore.

Quarter ended on March 31
During the quarter ended March 31, 2020, Snowman Logistics recorded a revenue 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 Crores for the same period in the previous year, 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.

New warehouses this year
Prem Kishan Gupta, chairman, Snowman Logistics Ltd 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 be starting work on setting up new warehouses during the current year."

E-commerce entry
Sunil Nair, CEO, Snowman Logistics said, “The company has been constantly working on process improvements to ensure the best service levels to customers. This is reflected in the increase in customer base. Entry into the e-commerce 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.”