Snowman Logistics registers 48% growth in revenue

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

During the quarter that ended 30 June 2023, Snowman Logistics recorded revenue of Rs 128.77 crores as against Rs 87.29 crores for the same period in the previous year, registering a growth of 48%. EBITDA increased to INR 25.42 crores from Rs 21.26 crores, registering a 20% growth for the same period in the previous year and PAT increased to Rs 3.38 crores from Rs 1.89 crore in the corresponding quarter of the previous year, registering a growth of 79%.

Pursuant to the approval by the Board of Directors in their meeting held on 1 August 2023, the company has declared the first interim dividend of Rs1 per equity share for FY 2023-24.

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 utilized and are adding to our revenue and profit. We are also experiencing robust growth plans by our key customers, giving us confidence in continuing our investments in expansion. We continue to boost our asset-light initiatives (SnowLink and dry warehouse leasing), to add capacity.”

Prem Kishan Dass Gupta, chairman, Snowman Logistics, said, "Snowman is on the cusp of high growth as we expand in three focus areas where we see demand growing very fast - our modern cold storage warehouses, asset-light dry warehousing management services, and 5PL distribution. 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 unorganized 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."

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