Snowman logistics gains 3.4% as promoter Gateway Distriparks ups stake

Gateway Distriparks, which is the promoter for Snowman logistics, bought 11 lakh shares or 0.66% shareholding in the logistics company.

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Shares of Snowman Logistics gained 3.4 percent on August 24 after promoter Gateway Distriparks acquired an additional stake in the company, as per NSE bulk deal data.

Gateway Distriparks, which is the promoter for Snowman logistics, bought 11 lakh shares or 0.66% shareholding in the logistics company, at an average price of Rs 53.36 per share.

As of June 2023, Gateway held 41.75% stake in the company. Previously, in June 2023 Gateway bought an additional 14 lakh shares in the logistics company through open market transactions at an average price of Rs 43.32 per share.

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In Q1FY24 Snowman Logistics had reported a 48 percent year-on-year revenue growth to Rs 128.77 crore. Net profit grew by 79 percent to Rs 3.38 crore for the same period and earnings before interest, taxes, depreciation and amortization (EBIDTA) also grew by 20 percent year-on-year to Rs 25.42 crore. On August 2, shares of Snowman Logistics, hit a 52-week high of Rs 52.90, after reporting healthy Q1 results.

Snowman Logistics is a leading integrated “temperature controlled” logistics company offering warehousing and distribution services. It has warehouse facilities in Mumbai, Bangalore and Chennai.

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