Snowman Logistics Q3 Results: PAT falls 42% to Rs 83 lakh

Mumbai: Temperature-controlled logistics firm Snowman Logistics on Thursday reported about a 42 per cent year-on-year drop in profit after tax (PAT) to Rs 83 lakh for the December 2021 quarter. Snowman Logistics had posted a profit of Rs 1.42 crore in Q3 FY21, the company said in a statement.

The revenue in the quarter under review, however, rose 22 per cent to Rs 73.40 crore, compared to Rs 60.18 crore in the December quarter of the previous fiscal, it added.

EBITDA (Earnings before income, taxes, depreciation and amortization) grew 11 per cent to 19.40 crore during the quarter from Rs 17.45 crore in the year-ago period.

New tech platform SnowLink for aggregation of transportation capacity in cold chain space has started delivering numbers and in addition, the company has been able to retain business and garner additional volumes during the recent COVID-19 wave by supporting its customers with solutions to manage their supply chain, said Sunil Nair, CEO, Snowman Logistics Ltd.

"In addition, we have received increased demand from our pharma and e-commerce customers," he added.

Prem Kishan Dass Gupta, Chairman, Snowman Logistics Ltd said the company's new e-commerce dedicated SnowServe facilities in Mumbai and Pune have become operational, while the Siliguri and Coimbatore units are expected to be fully utilised from next fiscal.

"The construction of our new facilities, under SnowPreserve, at Siliguri and Coimbatore were unfortunately delayed by about six months due to lack of labour as well as delays in supply of building materials because of Covid-19-related restrictions. However, both facilities are now ready and are expected to be fully utilised in the next financial year.

"Going ahead, we are focusing on expanding towards dedicated warehouses for catering to specialised cargo that require temperature control apart from growing in our regular SnowPreserve vertical for handling multi-temperature cargo," Gupta stated.

With 36 temperature-controlled warehouses, having a total pallet capacity of 1,13,512 across 16 cities, including the key markets of Mumbai, Chennai, Bengaluru and Kolkata, Snowman caters to various services, such as dairy products including butter and cheese, canned food items, poultry and meat, seafood, healthcare, and pharmaceutical products.