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Snowman Logistics posts positive Q1 results as EBITDA up 32.4%
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Wednesday, 05 August, 2020, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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During the quarter ended June 30, 2020, Snowman Logistics Ltd recorded revenue of Rs 55.12 crore against Rs 62.07 crore in Q1FY19-20. 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. As a result, EBITDA margin increased from 27% to 32.4%. PAT increased to Rs 0.78 crore in the current quarter from a loss of Rs 8.99 crore in the same period in the previous year.
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 WHO and other various healthcare bodies, for ensuring the safety of employees, customers, and all other stakeholders.
Speaking about the quarter performance, Sunil Nair, CEO, Snowman Logistics Ltd, said, “At Snowman, our commitment to our partners is unwavering. Despite the lockdown we ensured that there are no service disruptions and we continue to meet the demands of our clients.The lockdown has witnessed an increase in temperature-controlled warehouse demand, especially for food, pharmaceuticals and other essentials from our partners. We would always go extra mile with our customers to ensure we serve them in business and in serving communities during such challenging times. Today, we are well positioned to cater to such demands at all our facilities across India.”
Commenting on the results, Prem Kishan Dass Gupta, chairman, Snowman Logistics Ltd, 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, and our customers trust the quality of services provided by Snowman as a leader in this industry. We are continuing to expand and add cold storage capacities in both new & existing locations to cater to this growing demand.”
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