Shares of this logistics company under the ‘micro-cap’ category zoomed 8.50 percent in Wednesday’s trading session after its Parent company bought an additional stake of 0.26 percent.
With a market capitalization of Rs 920.65 crores, the stocks of Snowman Logistics Limited, an associate company of Gateway Distriparks Limited, closed at Rs 55.10, gaining approximately 8.50 percent as compared to the previous close of Rs 50.84.
In a recent exchange filing, the company intimated that Gateway Distriparks Limited, a major shareholder from the Promoter group of Snowman Logistics, bought an additional stake of 0.26 percent, i.e., 4.36 lakh equity shares. The shares were bought on the 12th and 13th of November 2023.
Pre-acquisition, Gateway Distriparks held a 43 percent stake, and, post-acquisition, the holding went up to 43.26 percent.
During the recent quarters, the company’s financial performance has declined marginally with the operating revenues going down slightly from Rs 128.77 crores during Q1FY23-24 to Rs 124.02 crores during Q2FY23-24, and, the after-tax profit numbers, due to increased depreciation and interest obligations, moving down from Rs 3.38 crores to Rs 2.93 crores.
Moreover, the company has successfully been able to increase its basic return ratios such as the return on equity (RoE) as well as the return on capital employed (RoCE). The former increased from 0.40 percent during FY21-22 to 3.18 percent during FY22-23, and, the latter, during the same period, rose from 4.30 percent to 8.18 percent.
The latest shareholding pattern data of the company, as per the September 2023 quarter, portrays the Promoters holding a 43 percent stake, and the Foreign Institutional Investors (FIIs), recently increasing their stake, currently hold a 2.32 percent stake.
Snowman Logistics Limited is a company based in India that is engaged in the business of providing integrated cold chain solutions. The company operates in four business segments, i.e., warehousing, transportation, consignment, and trading & distribution.
Written by Amit Madnani
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