Strong fundamentals and robust business model contributed increase in revenue said company
During the quarter ended March 31, 2020, Snowman Logistics Ltd recorded a revenue of INR. 60.98 Crores as against INR. 59.80 Crores for the same period in the previous year. EBITDA decreased to INR. 15.39 Crores from INR. 16.67 Crores for the same period in the previous year, PBT decreased to INR. (1.34) Crores from INR. 5.45 Crores in the corresponding quarter of the previous year and PAT decreased to INR (1.17) Crores from INR 5.42 Crores in the corresponding quarter of the previous year.
On an annual basis, revenue during 2019-20 was INR. 240.20 Crores as against to INR. 232.55 Crores during the previous year. EBITDA increased to INR. 63.38 Crores from INR. 62.24 Crores. EBITDA of FY 20 Includes positive impact of INR.13.58 Crores due to newly adopted Lease Accounting (Ind as 116) and corresponding EBITDA per cent impact is 5.7 per cent.
PBT decreased to INR. (6.31) Crores from a profit of INR. 10.86 Crores during the previous year. PBT was negatively impacted by INR. 8.49 Crores on account of Ind AS 116 adoption in current year and PAT decreased to INR. (15.01) Crores from a profit of INR. 9.72 Crores during the previous year. The Company has reversed deferred tax assets by INR. 8.95 Crores on account of new income tax rate applicable for companies having turnover below INR. 400 Crores due to which the tax expense was recognized to such extent. The total impact on PAT due to One Time Deferred tax reversal (INR. 8.95 Crores) and Ind AS 116 adoption (INR. 8.49 Crores) is INR. 17.44 Crores.
Commenting on the results, Prem Kishan Gupta, Chairman, Snowman Logistics Ltd said, “We are satisfied with the results posted by the Company in a year in which it had to face a series of cyclones which impacted the seafood industry. After brief phase of consolidation, the Company is back on its expansion mode and will be starting work on setting up new warehouses during the current year.
Speaking about the results, Sunil Nair, CEO, Snowman Logistics said, “The Company has been constantly working on process improvements to ensure the best service levels to customers. This is reflected in the increase in customer base. Entry into the E-Commerce space by tying up with one of the leading players in this business shows that the company is well poised to handle the changing business environment.”
