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Snowman Logistics registers 48% growth in revenue in Q1 FY23-24

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EBITDA increased to Rs 25.42 crore from Rs 21.26 crore, registering a 20% growth for the same period in the previous year and PAT increased to Rs 3.38 crore from Rs 1.89 crore in the corresponding quarter of the previous year, registering a growth of 79%

Mumbai: During the quarter ended June 30, 2023, Snowman Logistics Ltd. recorded a revenue of Rs 128.77 crore as against Rs 87.29 crore for the same period in the previous year, registering a growth of 48%, the company announced in a press release.

Speaking about the performance, Sunil Nair, chief executive officer, Snowman Logistics said, “We are happy that all our addition of capacities in last year have been fully utilised and are adding to our revenue and profit,” Nair added.

EBITDA (Earnings before interest, taxes, depreciation, and amortization) increased to Rs 25.42 crore from Rs 21.26 crore, registering a 20% growth for the same period in the previous year and profit after tax (PAT) increased to Rs 3.38 crore from Rs 1.89 crore in the corresponding quarter of the previous year, registering a growth of 79%.

Encouraged by the growth, Snowman plans to boost its asset-light initiatives (SnowLink and dry warehouse leasing), to add capacity according to Nair.

Speaking about expansion and further investments, Prem Kishan Dass Gupta, chairman, Snowman Logistics, said, “We have earmarked approximately Rs. 200 crores of capex to be spent over the next 24 months, both from our internal accruals and debt. Customers are looking to move away from the unorganised sector to quality-conscious service providers who can add value to their supply chain and give them reach to pan India markets, and Snowman is well poised to capture this demand growth.”

Snowman Logistics provides integrated temperature-controlled logistics services across India. With 45 strategically located warehouses, it has a total pallet capacity of 1,36,452 across 19 cities including the key markets of Mumbai, Chennai, Bengaluru and Kolkata.

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