Key Executives
• Participants: Prem Gupta (Chairman and Managing Director), Sunil Nair (CEO), Manoj Singh, Samvid Gupta, Aditya Mongia, Pranay Khandelwal, Jainam Shah, Sikander Yadav, Sai Siddhardha Pasupuleti.
Impact of Red Sea Crisis
• Decline in rail business throughput due to:
• Increased freight rates
• Reduced bookings for low-value commodities
• Market share maintained:
• NCR: 16%
• Ludhiana: 22%
Financial Performance
• EBITDA:
• Rail: INR 9,800 per TEU
• CFS: INR 1,500
• Transportation revenue growth: 5.8%
• EBITDA margin for transportation services improved from 7.1% (FY '23) to 8.5% (FY '24).
Operational Updates
• Inland Container Depots (ICDs): Operating at 60% capacity, potential for significant volume growth.
• Jaipur Facility: Delays due to litigation; operational timeline now expected in FY '26.
• CFS Land Monetization:
• Finalized deal for 1 lakh sq. ft. warehouse in Krishnapatnam generating INR 20 crores.
• Ongoing discussions for further monetization in Krishnapatnam and Cochin.
Competitive Landscape
• CFS sector remains challenging, affecting profitability.
• Anticipated double-digit growth in rail business for FY '25-'26.
• Competitive pressures may lead to conservative pricing estimates.
Future Prospects
• Expected stabilization of double stacking coefficient around 40% in the next two quarters.
• Potential transformation of TKD into a Gati Shakti terminal.
• Ongoing expansions in seafood facilities and strategic shift away from the meat segment.
Tax and Regulatory Insights
• Current tax benefits due to ATI will continue until FY '28.
• Deferred tax increases clarified as a one-time adjustment.
Market Share Insights
• Gateway Distriparks' market share at JNPT is minimal (~5%).
• Connection to the Dedicated Freight Corridor (DFC) expected to gradually increase volumes.
Conclusion
• The call concluded with a reminder for participants to reach out for further inquiries, emphasizing the company's focus on operational efficiency and market competitiveness.

Submission Details
• Date of submission: February 21, 2024
• Transcript of Q3 FY24 earnings call held on February 14, 2024
• Submitted to: National Stock Exchange of India and BSE Limited
• Compliance: SEBI regulations
• Key participants: Chairman and Managing Directors of Snowman Logistics and Gateway Distriparks
Financial Performance Highlights
• EBITDA: INR 9,700 per TEU for rail vertical
• Margin Trends:
• Increased margins in rail due to double stacking and service mix
• Margin compression in CFS segment due to competition
• Export-Import Balance: Challenges noted with a shift towards more imports
• Future Outlook: Optimism for growth post-elections, cautious about macroeconomic factors
Operational Insights
• Double-Stack Operations: Increased to 42% from 35%-37%
• Kashipur Terminal: Currently handling 3,000-3,500 TEUs monthly, target of over 5,000 TEUs
• Jaipur Terminal: Facing delays due to land and rail approvals
• Market Share: NCR (16%-17%), Uttarakhand (27%), Ludhiana (20%)
• Volume Impact: Red Sea situation affecting volumes
Revenue and Margin Analysis
• Pallet Volume: Decline attributed to seasonal factors, but revenues increased due to higher average realizations
• EBIT Margins: Warehousing margins dropped from 22% to 18-18.5% due to a shift towards lower-margin leased warehouses
• Transportation Margins: Stable EBIT margins despite depreciation from new vehicle additions
Growth Expectations
• Trading and Distribution: Anticipated growth in Q1 due to new product additions
• Capacity Goals: Target of INR 2 lakhs by FY '25, with plans for owned and leased facilities
• CFS Profitability: Decreased significantly, targeting INR 1,500 per TEU in upcoming quarters
Market Performance
• Regional Trends: Decline in Uttarakhand and NCR, slight growth in Ludhiana
• Crew Shortages: Affecting operational efficiency on the Dedicated Freight Corridor (DFC)
Stake and Capital Expenditures
• Stake in Snowman Logistics: Increased by 4%, potential for further acquisitions
• Capex Plans: Future terminal developments estimated at INR 100-200 crores, Jaipur capex around INR 50-60 crores
Growth Projections
• Rail Volumes: Optimistic for double-digit growth despite recent declines
• CFS EBITDA: Potential slight decline expected
• Effective Tax Rate: Estimated around 17% due to MAT credits
Expansion Plans
• New Facilities: Plans for Bhubaneswar and Krishnapatnam
• 5PL Business: Ongoing discussions for new clients, no new clients added yet
• CFS Business Feedback: Positive, with plans for further investments in trailers
Conclusion
• The call concluded with an invitation for further inquiries from participants.

Submission Details
• Date of submission: November 13, 2023
• Transcript of Q2 FY24 earnings call held on November 7, 2023
• Submitted to: National Stock Exchange of India and BSE Limited
• Compliance: SEBI regulations
Key Executives and Discussion
• Participants: Executives from Snowman Logistics and Gateway Distriparks Limited
• Focus: Financial performance and operational strategies
Financial Performance
• Revenue Growth: 10% increase in transportation revenue
• Profit Margins: Decline attributed to seasonal slowdowns and costs of 50 new trucks
• 5PL Services: Strategies for growth include expanding product offerings and client locations
Operational Strategies
• Asset-Light Strategy: Focus on leasing specialized vehicles rather than owning a large fleet
• Service Enhancements: Introduction of trailers for improved service from ports to warehouses
• Future Projections: Anticipated 12% year-on-year volume growth for the second half of the year
Terminal and Infrastructure Updates
• Kashipur Terminal: Performing well; expected slight dip in imports due to seasonal maintenance
• Jaipur Terminal: Expected operational start in Q1 FY '25, with a payback period of 4-5 years
• New Terminal Locations: Exploring two new sites and ordering three high-speed rakes
Financial Metrics
• Rail EBITDA per TEU: Stable at Rs. 9,000
• CFS EBITDA: Slight decline to Rs. 1,800
• Pricing: 10% increase in average revenue per TEU, fully passed to customers
Warehousing Segment
• Temperature-Controlled Storage: Year-on-year price increase of 5-6%
• ROCE: Currently around 9-10%, potential to reach 15-18% with capacity increases
Market Insights
• Export Volumes: Recent upticks, particularly in the auto sector
• Competition: Stable market share at 17%, with some loss in Ludhiana
• Double Stacking: Decrease from 43% to 36% due to export imbalances
Future Plans and Investments
• CAPEX: Rs. 300 crores planned over the next two years for new locations and equipment
• Dividend Policy: Continuation of dividend payments with plans for increases
Conclusion
• The call provided insights into Snowman Logistics' performance, challenges, and strategic plans for growth in the logistics sector, with a focus on operational efficiency and market adaptation. Future business plans will be shared in subsequent calls.

Submission Details
• Date of submission: August 8, 2023
• Compliance with SEBI regulations
• Participants: Key executives from Gateway Distriparks Limited and Snowman Logistics
Performance Highlights
• Gateway Distriparks:
• Revenue: +8%
• EBITDA: +10.6%
• PAT: +9%
• Challenges: Train derailments and cyclone impacts
• Snowman Logistics:
• Significant growth with full-capacity operations
• Expansion plans in chilled, frozen, and dry warehouse services
Key Discussions
• Volume Impact:
• Double stacking restrictions reduced volumes from 40-44% to 35%
• Improved export-import balance
• Tax Rate:
• Current rate around 32% due to MAT payments
• Expected benefits from tax credits until FY26-27
Updates on Operations
• Double Stacking:
• Restrictions lifted; max speed of 75 km/h
• Rail volumes performing well, especially in exports
• Terminal Developments:
• Faridabad terminal to achieve double stacking by September-October 2023
• Jaipur terminal expected operational by Q4
• Future Investments:
• Rs. 100 crores investment per terminal for greenfield projects
• Planned Rs. 300 crores CAPEX over two years for new terminals and upgrades
Snowman Logistics Segment
• Margins:
• Affected by lower-margin businesses but expected to stabilize
• Transportation margins improved; warehousing margins around 15%
• 5PL Business:
• Growth potential with low capital deployment
• Anticipated addition of Rs. 50 crores in current year
Market Share and CAPEX
• Market Share:
• 17% in Gurgaon and Faridabad, 30% in Sahnewal, 34% to 38% in Uttarakhand
• CAPEX Expenditure:
• Rs. 10 crores in Q1 FY24; total expected CAPEX of Rs. 300 crores
Dedicated Freight Corridor (DFC) Updates
• 70% construction complete; JNPT connection expected by end of next year
• Anticipated 5-10% volume shift from Mundra and Pipavav to JNPT
• 90% of land issues resolved; pricing structure to remain the same
Financial Metrics
• Tax Rate: Projected to remain at 17% MAT until FY27
• Interest Costs: Approximately Rs. 10 crores per quarter
• Depreciation: Rs. 23 crores for the current year
• EBITDA per TEU: Rs. 9,100 for rail and Rs. 2,100 for CFS

Snowman Logistics Q4 FY23 Earnings Conference Call Summary
Company Performance
• Date of Call: May 29, 2023
• CEO: Sunil Nair
• Key Achievements:
• Surpassed pre-COVID performance.
• Established fifth-party logistics (5PL) services.
• Inaugurated a new warehouse in Tamil Nadu.
Financial Highlights
• Revenue: Rs. 1,162 million for Q4, up from Rs. 780 million YoY.
• EBITDA Growth: 42% increase.
• Profit After Tax (PAT): Rs. 51 million.
Operational Insights
• Pallet Handling:
• 1.3 million billed, 1.5 million handled (80% temperature-controlled).
• For Q4: 400,000 handled, 340,000 billed.
• Margins:
• Trading and distribution segment gross margin: 8%, net margins: 2.5% to 3%.
Strategic Plans
• Transportation Fleet Expansion:
• Adding 50 owned trucks and 100 leased trucks.
• Targeting a blended EBITDA margin of 10%.
• Warehousing Capacity:
• Expected growth of 10% to 12%.
• 80-20 split between cold storage and dry warehouses.
• Average Realization: Increased by 7% to Rs. 1,500, with a target of at least 5% growth next year.
Sector Focus
• Healthcare and Pharma: No new clients added due to cost issues.
• Agriculture: Kept low-yield to focus on higher-margin sectors (QSR, dairy, seafood).
Financial Management
• Cash Management: Cash invested in debt mutual funds for returns while preparing for expansion.
• Unallocable Expenses: Primarily corporate overheads, including IT infrastructure.
Competitive Landscape
• Sysco Corp Strategy: No immediate acquisition plans; focus on expanding existing services and client relationships.
• Scalability: Significant opportunity to streamline supply chain in FMCG sector, though transition expected to be complex and slow.
Expansion Plans
• New Warehouses: Construction of three new facilities in Kolkata, Bhubaneswar, and Lucknow, with 13,500 pallet positions.
• Operational Timeline: New facilities expected to be operational by Q4 FY24, contributing to FY25 revenue.
Conclusion
• Management expressed gratitude to participants, highlighting confidence in operational excellence and market opportunities.

Snowman Logistics Q3 FY23 Earnings Conference Call Summary
Submission Details
• Date of submission: January 31, 2023
• Earnings call date: January 24, 2023
• Compliance with SEBI regulations
Key Executives Present
• Chairman: Prem Kishan Dass Gupta
• Discussion on company performance in a challenging global environment
Financial Performance
• Over 15% profit growth after tax
• Decline in export throughput noted
• Plans for capacity expansion and custom-built facilities for multinationals
Management Insights
• Net Debt to EBITDA Ratio: Expected to remain around 1
• Volume Drops: Primarily due to decreased exports; optimism for Kashipur operations
• Dedicated Freight Corridor (DFC): Dadri to Rewari operational by end of 2023; flat rail volumes observed
Market Dynamics
• Stable market share in NCR and Ludhiana
• Competitive pricing trends monitored
• Increased competition in Ludhiana due to Tata Steel's investment
Container Handling and Revenue Projections
• Collaboration with shipping lines to reduce costs due to railway discount withdrawal
• Projected annual revenue of INR 12 crore from new chemical handling warehouse
Trading and Distribution Business
• Expected sustainable margins around 5%
• Anticipated 40-50% year-on-year growth
Capacity and Volume Discussions
• Plans to add three rakes per year for network expansion
• Kashipur projected to contribute 36,000 TEUs annually once fully operational
EBITDA and Margins
• Potential temporary dilution in EBITDA per TEU due to operational costs
• Target to reach INR 10,000 per TEU in 3-5 years
Capital Expenditures
• Planned capex of INR 90 crore for Jaipur ICD project
• Total estimated spend of INR 75 crore for FY '24, excluding new terminals
Focus Areas
• Emphasis on EXIM business
• Domestic operations considered for long-term strategy