The decline in revenue was attributable to the disruption in road transport due to migration of drivers
During the quarter ended June 30, 2020, Bengaluru based Snowman Logistics Ltd recorded a Revenue of Rs 55.12 Crores against Rs 62.07 Crores in Q1 FY19-20.
The decline in revenue was attributable to the disruption in road transport due to migration of drivers, however the warehousing occupancy of the company increased due to a surge in demand for high quality temperature-controlled warehousing as a result of which the EBITDA increased to Rs 17.87 Crores from Rs 17.10 Crores in the corresponding quarter of the previous year.
As a result, EBITDA margin increased from 27% to 32.4%. PAT increased to Rs 0.78 Crores in the current quarter from a loss of Rs 8.99 Crores in the same period in the previous year.
As cold chain logistics was deemed an essential service by the Ministry of Home Affairs, all facilities of the Company remained operational throughout the lockdown period and the overall warehouse occupancy had increased in the current quarter from various segments such as healthcare products, groceries, dairy, seafood, meat, poultry and QSR products.
The Company has implemented all necessary precautions and followed the guidelines as recommended by W.H.O and other various healthcare bodies, for ensuring the safety of our employees, customers, and all other stakeholders.