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Snowman Logistics

BSE: 538635|NSE: SNOWMAN|ISIN: INE734N01019|SECTOR: Transport & Logistics
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Mar 16
Chairman's Speech (Snowman Logistics) Year : Mar '17

Dear Shareholders,

It is my pleasure to address you through the Annual Report of the company, for the financial year ending on 31st March 2017. Our company has had a year filled with challenges and opportunities, having still ongoing initiatives to maintain our position as the market leader. Our biggest strength has been that of the people, my hardworking colleagues and team members. We further supported this team with the induction of several experienced leaders and senior managers with the focus of bettering our infrastructure, our systems and our processes. I would also like to take this opportunity to introduce Mr. Sunil Nair, who has joined the Company as CEO & Whole Time Director on 1st December, 2016 and is leading the team on this journey.

We have continued on our discovery towards finding the optimal business model which can be best supported by our infrastructure and our team. As a result, I am pleased to say that the Company has maintained cash flow positive, continued to repay its loans, while at the same time turning from a loss making to a profitable company towards the end of the year. I am confident that the impact of these changes will be reflected in the performance of the Company in the coming year.

In FY 2016-17, the Revenue of the Company was Rs.189.24 crores as against Rs. 227.64 crores in the previous year. EBITDA decreased to Rs. 36.36 crores from Rs. 50.73 crores while PAT for the year was a loss of Rs. 4.93 crores as against a profit of Rs. 20.61 crores during 2015-16. The company adopted IND-AS for the financial year commencing from April 1, 2016 and accordingly the results for the year were prepared in compliance with IND-AS.

Our Company''s vision is to continue the expansion plan to increase its footprint across India by expanding into new locations. An additional capacity of 5,100 pallets was added at Kochi during the year, taking the total installed capacity to 103,600 pallets. Construction work for building new facilities is under way at Krishnapatnam and Sricity and these facilities are expected to become operational in 2017-18.

The outlook for the industry continues to look very encouraging, and the introduction of GST augurs well for the Company. Under the new tax regime, customers stand to benefit while dealing with organized service providers who can offer automated back-end support. Further, the improvement in the macro economic scenario is bound to improve the business prospects of our customers & the industry.

Note of Thanks

I wish to thank all our stakeholders - shareholders, investors, bankers, customers, vendors and employees for their continued support

Regards,

Prem Kishan Dass Gupta Chairman

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