Snowman Logistics posts Q1 results with Rs 55 crore revenue

July 29, 2020: During the quarter ended on June 30, 2020, cold chain logistics provider Snowman Logistics recorded a revenue of Rs 55.12 crore against Rs 62.07 crore in Q1 FY19-20, an EBITDA margin increase to 32.4 percent from 27 percent and a PAT increase to Rs 0.78 crore from a loss of Rs 8.99 crore in the previous year.

The decline in revenue was attributable to the disruption in road transport due to migration of drivers, however, the warehousing occupancy of the company increased due to a surge in demand for high-quality temperature-controlled warehousing as a result of which the EBITDA increased to Rs 17.87 crore from Rs 17.10 crore in the corresponding quarter of the previous year.

Increased demand for temp-controlled warehousing
As cold chain logistics was deemed an essential service by the Ministry of Home Affairs, all facilities of the company remained operational throughout the lockdown period and the overall warehouse occupancy had increased in the current quarter from various segments such as healthcare products, groceries, dairy, seafood, meat, poultry and QSR products. The company has implemented all necessary precautions and followed the guidelines as recommended by W.H.O and other various healthcare bodies, for ensuring the safety of our employees, customers, and all other stakeholders.

Prem Kishan Dass Gupta, chairman, Snowman Logistics said, “The demand for high-quality cold chain logistics infrastructure has grown exponentially in the food and pharmaceutical industry due to the circumstances surrounding Covid-19. We are continuing to expand and add cold storage capacities in both new & existing locations to cater to this growing demand.”