Snowman Q2 revenue up 14%, profit up 10%
For H1FY2024, revenue was up 29% at Rs 255 crore while net profit increased 38% to Rs 6.3 crore
Snowman Logistics reported a 14 percent increase in revenue at Rs 126 crore for the second quarter ended September 30, 2023 on expansion in the 5PL segment.
Net profit increased 10 percent to Rs 2.9 crore, says an official release.
For the first half of financial year 2024, revenue was up 29 percent at Rs 255 crore while net profit increased 38 percent to Rs 6.3 crore.
"In the first half of this fiscal year, Snowman Logistics has achieved significant milestones and made strategic moves to enhance our position in the industry," says Sunil Nair, CEO, Snowman Logistics. "Our new facility at Guwahati has a storage capacity of 5,152 pallets over 53,964 square feet. This newly leased facility is earmarked for cold storage operations and is scheduled to become operational in Q3FY24. Our strategic alliance with Tim Horton is steadily growing and expanding. As their national partner, Snowman remains dedicated to serving them in pivotal regions, including Delhi, Punjab, Mumbai, and Bangalore. These developments emphasise our steadfast commitment to delivering high-efficiency, dependable services to our clientele.
"Q2 traditionally represents a lean season for our company. Despite this, our strategic initiatives have the potential to make it a successful quarter. Looking ahead, we have received strong commitments for volume from the ice cream, quick Service restaurants (QSR) and seafood industries for the upcoming quarters. We are actively preparing to meet the growing demands of our existing customers, focusing on organic growth and sustaining our positive trajectory."
Prem Kishan Dass Gupta, Chairman, Snowman Logistics adds: "The company continues to perform well, and we have a strong pipeline in the current quarter due to the festive season which leads to increased consumption during this period and a surge in demand. To cater to this surge, we have adequate capacities available in major metro cities as well as tier-2 and tier-3 cities, augmented by robust systems and processes to provide our customers with a strong backbone for managing their supply chain."