Snowman Logistics registers 48% growth in revenue

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

Pursuant to the approval of the Board of Directors in their meeting held on August 1, 2023, the Company has declared the first interim dividend of Rs. 1 per equity share for FY 2023–24. Speaking about the performance, Sunil Nair, CEO, Snowman Logistics, said, “We are happy that all our capacity additions in the last year have been fully utilised and are adding to our revenue and profit. We are also experiencing robust growth plans from 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 crore 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 unorganised 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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