Mumbai-listed cold chain operator Snowman Logistics Ltd posted a ₹1.17-crore loss in the January to March quarter from a net profit of ₹5.42 crore a year ago.
The company’s revenue from operations for the fourth quarter rose marginally to ₹60.98 crore from ₹59.80 crore a year earlier.
For the full year FY20, Snowman Logistics reported a loss of ₹15.01 crore from a net profit of ₹9.72 crore a year ago.
For the full year, the firm’s revenues jumped to ₹240.20 crore from ₹232.55 crore a year earlier, it said in a filing with the stock exchange.
Snowman said its net profit was hit by a one-time deferred tax reversal of ₹8.95 crore and another ₹8.49 crore on account of Ind-AS 116 adoption in the current year.
Prem Kishan Gupta, Chairman, Snowman Logistics, said that the seafood industry faced a series of cyclones during the year impacting the company’s financials.
“After a brief phase of consolidation, the company is back in expansion mode and will be starting work on setting up new warehouses during the current year,” Gupta said.
Gateway Distriparks Ltd (GDL), the parent company of Snowman Logistics, said it has initiated arbitration proceedings against Adani Logistics Ltd for “repudiation of agreement” to buy its 40.25 per cent stake in Snowman.
Adani Logistics had agreed to buy the stake from Mumbai-listed Gateway Distriparks at ₹44 per share in a deal worth ₹295.91 crore.
The deal was announced in December last year after which Adani Logistics acquired a 26 per cent stake in the cold chain company in March through a mandatory open offer to public shareholders.
“The condition for completion of transaction by 31 March 2020 was not met by Adani, therefore the agreement could not be completed before 31 March 2020. Accordingly, GDL has notified Adani and the Company (Snowman) that the agreement is not in force due to repudiation of agreement by Adani and GDL has initiated arbitration proceedings against Adani pursuant to the provisions of the share purchase agreement,” Snowman said.
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