Snowman Logistics records loss of Rs 0.42 cr in Q4

Snowman Logistics reported a net loss of Rs 0.42 crore in Q4 FY21 compared with net loss of Rs 1.17 crore in Q4 FY20.

Net sales during the quarter increased 5.1% year-on-year (YoY) to Rs 64.11 crore. The company reported a pre-tax profit of Rs 1.50 crore in Q4 March 2020 as against a pre-tax loss of Rs 1.34 crore in Q4 March 2020.

Snowman Logistics recorded a net profit of Rs 0.06 crore in the year ended 31 March 2021 as against net loss of Rs 15.01 crore in the year ended 31 March 2020.

Net sales declined 1.3% to Rs 237.10 crore in FY21 over FY20. The revenue drop was mainly in the transport vertical due to vehicle movement restrictions during the initial lockdown period.

EBITDA increased to Rs 68.47 crore in FY21 from Rs 64.06 crore in FY20, mainly due to margin improvements in warehousing i.e., from 38% in FY20 to 42% in FY21.

Sunil Nair, CEO, Snowman Logistics, said: "Despite the challenges posed by the pandemic, we ramped up operations to ensure that there are no service disruptions, and we continue to meet the demands of our clients.

Our e-Commerce business model has started contributing to our revenue, and we are quite optimistic about it. In addition, we have launched a tech platform to aggregate refrigerated transport fleets across the country and offer end-to-end solutions to our customers."

Prem Kishan Dass Gupta, chairman, Snowman Logistics, said, "We are now present in 16 cities and have successfully implemented a new service vertical for managing the backend for ecommerce fulfilment centres. The dedicated Amazon warehouse at Kundli, serving Delhi, is operational now in addition to Mumbai and Pune with plans to expand in more locations in the coming year.

Furthermore, we have created a new pharma vertical and have started handling distribution of COVID vaccines in some regions, with plans for Pan-India storage and distribution for which we are in advanced talks with all relevant stakeholders.

Our new projects at Siliguri & Coimbatore are under construction, along with expansion in the existing facilities of Mumbai & Krishnapatnam due to high demand."

Snowman provides pan-India, integrated, temperature-controlled warehousing, transportation and distribution services, covering all major cities and regions operating across 31 strategic locations across 15 cities.

The scrip fell 3.48% to currently trade at Rs 52.65 on the BSE.

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