Snowman Logistics announces Q3 FY2018 results
Bengaluru, February 13th , 2018: During the third quarter ended December 31, 2017, Snowman recorded sales of Rs.50 crores, as against Rs.45 crores during the previous quarter ended September 30, 2017. EBITDA increased to Rs. 13.11 crores from Rs. 9.6 crores, a growth of 37 percent for the same period.
When compared to last year or the quarter endedDecember 31, 2016 the sales is up by 5 percent and EBITDA is up by 19 percent.The company made a net profit of Rs.27 lacs for the quarter ended December 31,2017, as against a loss of Rs. 2.02 crores in the previous year.
During the current quarter, the company’s facility atKrishnapatnam startedoperations. The facility has a capacity of 3,600 pallets in temperaturecontrol and an additional 10,000 sq. ft. of dry warehousing space, along withrelated infrastructure that includes seven handling and loading bays, G+5racking systems, blast freezing, variable temperature chambers, technologyintegration and modern handling equipment. With the addition of the newfacility, the total capacity of Snowman Logistics has nowincreased to 1,07,200 pallets.
Commentingon the company, the Chairman, Mr. Prem Kishan Gupta, said “Theenormous growth being witnessed by the cold chain sector holds immensepotential for efficient & end-to-end logistics service providers likeSnowman. We have overcome the initial glitches, posed by implementation of GSTand the company has also turned profitable, this quarter. Further, with thelaunch of our new Snowman facility integrated in the Gateway DistriparksLogistics Park at Krishnapatnam, we continue to expand our footprint acrossIndia and expect to see benefits in the near term”.
Speaking about the quarter performance, Mr. SunilNair, Chief Executive Officer, Snowman Logistics said, “Incomparison to the previous quarter, we have started making marginal profits, asour strategic cost-optimization initiatives have started yielding positiveresults. With the after-effects of GST falling in place, the demand fororganized & integrated cold chain logistics service providers, likeSnowman, has been massively going up. Given this backdrop, Snowman hopes tocapitalize on its robust network and end-to-end solutions. Our Krishnapatnamwarehousing facility inaugurated in the current quarter, has reinforced ourcommitment to our customers, by providing efficient, cost-effectivesolutions, which will aid in enhancing their product and service quality.”