Snowman Logistics announces Q3 2019- 2020 results

During the quarter ended December 31, 2019, Snowman Logistics Ltd recorded a revenue of INR. 58.76 Crores as against INR. 59.34 Crores for the same period in the previous year. EBITDA decreased to INR. 13.45 Crores from INR. 14.40 Crores for the same period in the previous year. PAT decreased to INR (3.45) Crores from Profit of INR 2.36 Crores in the corresponding quarter of the previous year.

The comparative financials and impact of Ind AS 116 for the present quarter have been given as per the table below.

Particulars Quarter ended December 31, 2019, comparable basis Changes due to Ind AS 116 increase/ (decrease) Quarter Year ended December 31, 2019, as reported
Operating expenses 30.39 -3.41 27.28
Finance cost 1.87 3.06 4.93
Depreciation and amortization 10.08 2.43 12.51
Impact on Earlier Accounting Standard(Ind AS 17) Increase/(Decrease) New Accounting Standard (Ind AS 116)
EBITDA 10.04 3.41 13.45
PBT -1.21 -2.08 -3.29

Speaking about the quarter performance, Mr. Sunil Nair, CEO, Snowman Logistics Limited said,the seafood production has been low this quarter as well. We see some improvement in the coming quarters. The seafood crisis is a rare phenomenon. We last faced a similar situation in 2012. We are happy that we could partner with Amazon to manage back end (end to end) operations for their Fruits, Vegetables and perishables’ supplies in Mumbai. Similarly, we partnered with Swiggy in managing a full range of supplies to their kitchen in Bangalore and Delhi NCR. We see a huge opportunity in these partnerships to scale it to the national level.”

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