Snowman Logistics, a leading integrated temperature-controlled logistics service provider in India, has reported impressive financial results for the first quarter of the fiscal year 2023-24. The company witnessed significant growth in revenue and profitability, showcasing its strong position in the cold chain logistics industry.
According to the recently released financial report, Snowman Logistics recorded a remarkable revenue increase of Rs 128.77 crore for the first quarter. This substantial growth represents a 48 per cent surge compared to the corresponding period in the previous year when the revenue stood at Rs 87.29 crore. The company’s robust performance can be attributed to its efficient operations and strategic expansion efforts.
Notably, Snowman Logistics’ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also saw a commendable rise, reaching Rs 25.42 crore during Q1 FY23-24. This figure reflects a remarkable 20 per cent increase compared to the previous year’s Rs 21.26 crore. Additionally, the Profit After Tax (PAT) rose to Rs 3.38 crore from Rs 1.89 crore in the corresponding quarter of the previous fiscal year, marking an impressive growth of 79 per cent.
These remarkable financial achievements demonstrate Snowman Logistics’ ability to effectively capitalize on its resources and capitalize on the growing demand for temperature-controlled logistics services in India. The company’s CEO, Sunil Nair, expressed his satisfaction with the performance and attributed it to the successful utilization of added capacities from the previous year, which have contributed significantly to revenue and profit growth.
Furthermore, Mr. Nair also highlighted the strong growth plans of key customers, which provide confidence in the company’s ongoing expansion investments. Snowman Logistics’ commitment to asset-light initiatives, such as SnowLink and dry warehouse leasing, has enabled the company to augment its capacity and cater to the increasing demand for reliable and efficient cold chain solutions.
As part of its commitment to value creation for shareholders, the company’s Board of Directors approved the declaration of the first interim dividend of Rs.1 per equity share for the fiscal year 2023-24. This decision reflects the management’s confidence in the company’s financial health and its ability to generate sustainable returns for its investors.
Snowman Logistics’ success can be attributed to its extensive network of 45 strategically located warehouses across 19 cities, including major markets like Mumbai, Chennai, Bengaluru, and Kolkata. The pan-India presence enables the company to effectively serve its clients’ diverse cold chain logistical needs, ensuring the safe and timely transport of temperature-sensitive goods.
