Who wrote this article?

Aakash Agarwal, Capitalmind's research team.

Snowman Logistics Makes A One-Time Provision, Reports Net Loss of Rs. 8.3 Crore

12 Nov 2016Aakash Agarwal1 min read

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What is "Snowman Logistics Makes A One-Time Provision, Reports Net Loss of Rs. 8.3 Crore" about?
What category is this article in?: Stocks
Who wrote this article?: Aakash Agarwal, Capitalmind's research team.
When was this article published?: Published 12 November 2016.
How long does this article take to read?: 1 min read
What topics does this article cover?: SNOWMAN

Snowman Logistics - provides temperature controlled logistics services. It offers blast freezing facilities at its temperature controlled warehouses.

Snowman made a loss of Rs. 8.32 crore against a profit of Rs. 2.86 crore during the same time last year. Revenue dropped from Rs. 55.80 crore to Rs. 47.39 crore.

Snowman has attributed this loss to make a one-time provision of Rs. 8.79 crore towards asset refurbishment on some old transport fleet, old warehouses, customer claims due to stocks losses and damages at some warehouses.

With total pallet capacity of 98,500 (against 90,000 during Q2 last year) capacity utilization was 64% in Q2FY17 as against 76% in Q2FY16. Segmental Sales was down 5% from Rs. 31.25 crore to Rs. 29.66 crore.
Fleet of refrigerated trucks stood at 293 (against 501 during Q2 last year). Segmental Sales was down 28% from Rs. 24.55 crore to Rs. 17.74 crore.

Snowman’s new facility in Cochin (Kerala) is expected to be commissioned by November 2016. Once commissioned it will have a Pallet capacity of 4,500 (4,000 Temp. Controlled+500 Ambient) and its new facility in Krishnapatnam (AP) is well on track to be commissioned by March 2017 with a Pallet capacity of 3,500 (3,000 Temp. Controlled+500 Ambient).