The cold chain logistics company reported a net profit of ₹4.55 crore for the June quarter, up 79% from ₹2.54 crore in the corresponding period last year. Revenue rose 9% year-on-year to ₹177.68 crore from ₹162.70 crore a year ago.
During the quarter, Snowman Logistics also recorded an exceptional gain of ₹1.62 crore during the quarter, stemming from the reversal of a provision related to the implementation of the new Labour Codes after revising employee compensation structures.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 18% year-on-year to ₹28.61 crore from ₹24.34 crore. EBITDA margin expanded to 16.1% from 15% in the year-ago quarter, reflecting improved operating efficiency.
Profit before exceptional items and tax rose to ₹5.41 crore from ₹3.95 crore a year ago.
As a result, profit before tax stood at ₹7.03 crore, compared with ₹3.95 crore in the corresponding quarter last year.
Segment-wise earnings
Warehousing services remained the largest contributor with revenue of ₹70.88 crore, followed by trading and distribution at ₹71.09 crore and transportation services at ₹35.71 crore.Transportation services posted a sharp turnaround in profitability, with segment profit rising to ₹2.18 crore from ₹0.17 crore a year ago.The company said its unaudited financial results were reviewed by the audit committee and approved by the board of directors at its meeting held on August 5. The statutory auditors issued an unqualified review report on the quarterly results.
Snowman Logistics shares react to Q1
Shares of Snowman Logistics are trading 7% higher after the results announcement at ₹42.25. The stock is up 12.5% so far for the year.
As a result of today’s upmove, the stock has turned positive on a year-to-date basis, although it is still down 22% when compared to a 12-month timeframe.
