Tempe-controlled logistics services provider Snowman Q1 PAT at Rs 4 cr

Integrated temperature-controlled logistics services provider Snowman Logistics on Wednesday said its Profit After Tax (PAT) doubled to Rs 3.89 crore in June quarter 2023-24.

The company's PAT stood at Rs 1.89 crore during the first quarter of FY23, Snowman Logistics said in a statement.

The company also announced around Rs 200 crore capex to be spent over the next 24 months, both from its internal accruals and debt.

During the quarter, revenue grew to Rs 128.77 crore as compared to Rs 87.29 crore in the year-ago period, it said.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for June quarter increased to Rs 25.42 crore from Rs 21.26 crore.

"All our addition of capacities in last year have been fully utilised and we are adding to our revenue and profit. We are also experiencing robust growth plans by our key customers, giving us confidence in continuing our investments in expansion," Sunil Nair, CEO at Snowman Logistics, said.

The company continues to boost its asset light initiatives (SnowLink and dry warehouse leasing), to add capacity, he added.