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Snowman Logistics reports 11% increase in Q1 FY2019-20 revenue

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Indian Transport & Logistics News
Snowman Logistics reports 11% increase in Q1 FY2019-20 revenue

August 14, 2019: Temperature-controlled logistics service provider Snowman Logistics has reported revenue of Rs62.07 crore, a 11 percent increase in the quarter ended June 30, compared to the same period last year (Rs55.76 crore).

EBITDA (earnings before interest, tax, depreciation and amortization) increased to Rs16.25 crore from Rs13.69 crore, due to an Ind-AS (Indian Accounting Standards) adjustment of Rs3.28 crore, registering a 19 percent growth for the same period in the previous year.

“Revenues have mainly increased due to increase in transportation business.

In this quarter, there has been an increase in storage of pharmaceutical products and we have also started providing back end services to a large QSR chain.

However, the overall warehousing business was affected on account of Fani Cyclone in the company’s facilities in the eastern region, specifically in the seafood industry.

With the impact of Fani behind us, we expect seafood volumes to resume to normal levels in the coming months," said Sunil Nair, CEO, Snowman Logistics Limited.

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