Aegis Logistics Limited · NSE:AEGISLOG
Aegis Logistics — Q4 FY2024 Earnings Presentation
51 slides from Aegis Logistics's earnings presentation, May 2024
Slide 1: Investor Presentation Q4 & FY 2024
Investor Presentation Q4 & FY 2024 AEGIS LOGISTICS LTD. May 2024
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 3: Contents
Contents Vision & Mission 4 Strategy 29 Aegis at a Glance 5 Necklace of Terminals 30 Integrated LPG Supply Chain 31 Project GATI: Gateway Access to India 32 Q4 & FY24 Highlights 6 Robust Profits Growth 7 Performance at Glance 8 Update on Expansion 9 Business Profile 33 Liquid Division 10 Gas Divisio
Slide 4: Vision Mission
Vision Mission To support India’s transition towards To store and distribute bulk liquids and a more sustainable future. gases in a safe, sustainable manner. INVESTOR PRESENTATION: Q4 & FY2024 4
Slide 5: Aegis at a Glance
Aegis at a Glance Liquid Division Gas Division Third Party Liquid Logistics (3PL) Third Party Gas Logistics (3PL) EPC Services Gas Distribution Gas Sourcing INVESTOR PRESENTATION: Q4 & FY2024 5
Slide 6: Q4 & FY24 Highlights
Q4 & FY24 Highlights INVESTOR PRESENTATION: Q4 & FY2024
Slide 7: FY24: Robust Profit Growth
FY24: Robust Profit Growth Normalized EBITDA crossed a new milestone of Rs. 1,000 Cr Highest-ever EBITDA for Gas & Liquids Highest-ever PBT Highest-ever PAT DRIVEN BY Highest-ever LPG distribution volumes Highest-ever Logistics volumes Highest-ever Liquids revenue INVESTOR PRESENTATION: Q4 & FY2024
Slide 8: FY24: Performance at glance
FY24: Performance at glance LIQUIDS DIVISION Normalized EBITDA PAT Recorded Highest ever Revenues and EBITDA in FY24 Rs. 1,008 Cr. Rs. 672 Cr. New capacity from acquisitions, volume and +32% GROWTH +25% GROWTH revenue growth, and capacity expansion GAS DIVISION Gas Division EBITDA Liquid Division EB
Slide 9: Update on Expansion
Update on Expansion LIQUIDS DIVISION 1. Kandla Port – 80,000 KL Capacity commissioned in FY24 and another 25,000 KL capacity to be operational in FY25 2. JNPT Port - 110,000 KL Capacity expected to commission in phases and will fully commission in early FY25 3. Mangalore Port - 79,000 KL operational
Slide 10: Liquids: Strong Growth
Liquids: Strong Growth Revenue EBIDTA* 193 Highest Highest Ever 153 Ever +66% +117% 116 71 Rs. In Cr. Rs. In Cr. Q4FY23 Q4FY24 Q4FY23 Q4FY24 Highest Highest Ever 396 Ever 549 +31% +46% 418 272 FY23 FY24 FY23 FY24 INVESTOR PRESENTATION: Q4 & FY2024 *Normalized EBITDA: before Forex, hedging-related ex
Slide 11: LPG: Continued Volume Growth
LPG: Continued Volume Growth Logistics Distribution Sourcing 1,107 136 237 126 220 +26% 877 Highest Q4 Volume -07% -07% Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 ‘000 MT ‘000 MT ‘000 MT 4,105 560 895 +23% 494 798 3,335 Highest FY24 +13% Volume -11% FY23 FY24 FY23 FY24 FY23 FY24 INVESTOR PRESENTATION
Slide 12: Q4FY24 - Consolidated Profit Statement
Q4FY24 - Consolidated Profit Statement Rs. in Cr. Q4FY24 Q4FY23 YoY % Revenue 1,837 2,154 -15% Cost of Sales 1,435 1,878 Others 69 60 Normalised EBITDA (Segment)* 334 217 54% Finance, Hedging & Forex-related Expenses (Net) -3 6 Depreciation 33 28 Unallocated Expenses -3 -29 Profit Before Tax 307 212
Slide 13: FY24 - Consolidated Profit Statement
FY24 - Consolidated Profit Statement Rs. in Cr. FY24 FY23 YoY% Revenue 7,046 8,627 -18% Cost of Sales 5,769 7,581 Others 269 242 Normalised EBITDA (Segment)* 1,008 804 25% Finance, Hedging & Forex-related Expenses (Net) -3 45 Depreciation 133 124 Unallocated Expenses 17 -9 Profit Before Tax 861 645
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. In Cr.) FY24 FY23 Equities & Liabilities (Rs. In Cr.) FY24 FY23 Non-Current Assets Equity Property, Plant and Equipment 4,123 3,645 Equity Share Capital 35 35 Capital Work in Progress 697 412 Other Equity 3,859 3,497 Other Intangible Assets 1 1 Equity Attributa
Slide 15: Consolidated Cash Flow
Consolidated Cash Flow Rs. In Cr. FY24 FY23 Profit Before Tax 861 645 Operating Profit Before Working Capital Changes 955 682 Net Cash Inflow from Operating Activities (A) 656 358 Net Cash Inflow/(Outflow) from Investing Activities (B) -712 -931 Net Cash Outflow from Financing Activities (C) 256 1,3
Slide 16: FY24 Operational Highlights
FY24 Operational Highlights INVESTOR PRESENTATION: Q4 & FY2024
Slide 17: FY24: Key Events
FY24: Key Events 1. Completed Aegis-Vopak Joint Venture 2. Executed three acquisitions of a total 110,000 KL of Liquids capacity at Kandla, Kochi and Mangalore Ports 3. Kandla LPG Bottling Plant fully operational 4. Foothold into second port of Mumbai JNPT port with 110,000 KL Liquids Terminal as fi
Slide 18: Liquid Division
Business Performance Liquid Division INVESTOR PRESENTATION: Q4 & FY2024 18
Slide 19: Liquids: Continued Growth
Liquids: Continued Growth Revenue EBIDTA* 549 396 500 350 418 400 300 Rs. In Cr. 272 Rs. In Cr. 250 300 270 195 200 234 173 208 200 150 137 100 100 50 0 0 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q4 & FY2024 1
Slide 20: Gas Division
Business Performance Gas Division INVESTOR PRESENTATION: Q4 & FY2024 20
Slide 21: Volumes Exceed 4m Tons
Volumes Exceed 4m Tons KANDLA HALDIA MUMBAI PIPAVAV Kandla registers strong growth Haldia volumes normalised Mumbai continues to operate at full The rail gantry at Pipavav continues to in volumes capacity with IOC, HPCL and BPCL all perform well, delivering considerable bringing in imports cost savi
Slide 22: LPG Distribution Drives Volume Growth
LPG Distribution Drives Volume Growth 560 500 494 13% YoY 400 300 ‘000 MT 200 165 160 115 100 0 FY20 FY21 FY22 FY23 FY24 INVESTOR PRESENTATION: Q4 & FY2024 22
Slide 23: Record Gas Division EBITDA
Record Gas Division EBITDA* 612 600 550 532 500 450 423 400 390 362 350 300 250 200 FY20 FY21 FY22 FY23 FY24 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q4 & FY2024 23
Slide 24: Sustainable Business Pillars
Sustainable Business Pillars INVESTOR PRESENTATION: Q4 & FY2024
Slide 25: Aegis Team
Aegis Team MANAGEMENT TEAM EXPERIENCED & ENGAGED BOARD Raj K. Chandaria Deepak Dalvi Raj K. Chandaria Chairman & Managing Director Jt. President & AVTL Director R.K. Singh Sudhir Malhotra Andy Watt Chief Executive Officer Chief Operating Officer, AVTL Tasneem Ali Murad Moledina Kenichiro Sakamoto Ra
Slide 26: Corporate Governance
Corporate Governance Separate Chairman and CEO 6 out 8 Directors are Independent 7out of 8 Directors are Non-Executive Board members have relevant industry experience (oil & gas, chemicals, ports, branding) Subsidiary Boards have experienced board members from JV partners, Vopak, and Itochu INVESTOR
Slide 27: Diverse Business Relationships
Diverse Business Relationships The brand names mentioned are the property of their respective owners and are used here for identification purpose only INVESTOR PRESENTATION: Q4 & FY2024 27
Slide 28: Key Joint Venture Partners
Key Joint Venture Partners Global knowledge of gas sourcing Additional management bandwidth and shipping Technical expertise on new products Experienced board members on Subsidiary Boards Global customer relationships INVESTOR PRESENTATION: Q4 & FY2024 28
Slide 29: Strategy
Strategy INVESTOR PRESENTATION: Q4 & FY2024
Slide 30: Necklace of Terminals
Necklace of Terminals Build, own, and operate India’s leading network of tank terminals and distribution facilities, incorporating the highest safety and environmental standards. Liquid Terminals Gas Terminals Kandla ✔ ✔ Kandla Pipavav ✔ ✔ Haldia Pipavav Mumbai ✔ ✔ Mumbai Mangalore ✔ Under construct
Slide 31: Integrated LPG Supply Chain
Integrated LPG Supply Chain Our integrated logistics services include sourcing, storing, moving, and distributing products. LPG Strategic Storage Pipelines & Rail Autogas, Commercial & Sourcing Port Location Terminals Connectivity Industrial Distribution LPG Sourcing JV with Key gateway ports: Mumba
Slide 32: Project GATI: Gateway Access to India
Project GATI: Gateway Access to India Capital Investment programme of INR 4,500 Cr under “Joint Business Plan” with JV partner Royal Vopak, to be implemented from 2023-2027 01 02 03 04 05 Greenfield Brownfield Mergers & New Big Ticket Expansion Expansion Acquisitions Energy Projects INVESTOR PRESENT
Slide 33: Business Profile
Business Profile INVESTOR PRESENTATION: Q4 & FY2024
Slide 34: Gas Division Profile
Profile Gas Division INVESTOR PRESENTATION: Q4 & FY2024 34
Slide 35: LPG Terminalling Capacity
LPG Terminalling Capacity Static Throughput 119 9,600 9000 100 8000 7000 80 ‘000 MT 6000 ‘000 MT 60 5000 4000 40 3000 2000 20 1000 0 0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY18 FY19 FY20 FY21 FY22 FY23 FY24 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q4 & FY2024 3
Slide 36: LPG Throughput Capacity by Port
LPG Throughput Capacity by Port 1,500 Mumbai 4,000 1,600 Pipavav Haldia Kandla 2,500 ‘000 MT INVESTOR PRESENTATION: Q4 & FY2024 36
Slide 37: LPG Distribution System
LPG Distribution System We have a national network of LPG terminals and cylinder filling plants serving these segments. Autogas Commercial Domestic Industrial 142 stations over 10 states Expansion into a national Tier 1, 2 & 3 urban cities with Serving industrial clusters with dispensing autogas, pe
Slide 38: The Story of LPG
THE STORY OF LPG
Slide 39: Growing energy demand in India
Growing energy demand in India India provides one of the best Fast Energy Consumption growth rate Government Initiatives LPG examples of a country which has successfully increased use of India Vs Global Boost LPG Access 1.5% of total clean cooking methods. 5.60% 1.10% 90M LPG connections in 2021 3X
Slide 40: LPG: The Clean, Secure, and Affordable Energy
LPG: The Clean, Secure, and Affordable Energy Sustainable Solution Energy Security ü (almost) Net-Zero emissions ü Abundant availability, easy storage and safe storage for longer without any degradation ü Improved Quality of Living: clean burning LPG is Cleaner, More sustainable and a better cooking
Slide 41: LPG Advantage
LPG Advantage LPG stands out as a versatile and clean fuel, offering high energy efficiency and lower emissions compared to traditional fuels Higher Energy; Lower CO2 Indian Application Govt. Policy & Impact WHO Advisory ü LPG has the highest energy contents ü LPG Accessibility in Rural ü WHO indica
Slide 42: Strategic Future of LPG Usage in India
Strategic Future of LPG Usage in India Promoting Industrial Use Of LPG Can Serve India’s Economic And Environmental Goals. LPG Production, Storage Infrastructure & Strategic expansion Environmental & and Supply Cost Efficiency opportunities Health Benefits ü 60% of LPG is produced from ü Infrastruct
Slide 43: Consumption of LPG in India
Consumption of LPG in India 35,000 31,000 30,000 25,000 20,000 ‘000 MT 15,000 10,000 5,000 0 2000– 2022– 2001 2023 Source: PPAC/IOC and Management Estimates INVESTOR PRESENTATION: Q4 & FY2024 43
Slide 44: Production & Imports of LPG in India
Production & Imports of LPG in India 20,000 18,500 18,000 16,000 14,000 12,800 12,000 10,000 ‘000 MT 8,000 6,000 4,000 2,000 0 2000– 2022– 2001 2023 Production Import s Source: PPAC/IOC and Management Estimates INVESTOR PRESENTATION: Q4 & FY2024 44
Slide 45: Need for Terminal Capacity
Need for Terminal Capacity Domestic Supply Base Case Demand High Growth Scenario 60 50 Million Metric Tons 40 31 30 Imports: Imports: 25 38 Imports: 20 18.5 (est) 10 12.8 0 34 20 18 28 35 13 14 23 33 16 24 19 26 29 30 15 27 32 25 11 21 31 12 22 17 0- 2- 7- 0- 0- 3- 4- 5- 8- 1- 6- 1- 4- 1- 9- 2- 7- 2
Slide 46: Pipavav & Kandla Connected to Kandla-Gorakhpur
Pipavav & Kandla Connected to Kandla-Gorakhpur IHB consortium building Kandla-Gorakhpur LPG Pipeline 2800 km long 8.25 million tons capacity Pipavav allocation is 1.5 million tons Phase 1 commission in H2 of 2024 Pump house and manifold located inside Pipavav terminal INVESTOR PRESENTATION: Q4 & FY2
Slide 47: Liquids Division Profile
Profile Liquids Division INVESTOR PRESENTATION: Q4 & FY2024 47
Slide 48: Growing Liquids Footprint
Growing Liquids Footprint 1. New capacity expansion at Haldia, Kandla, Kochi and Mangalore commissioned 2. New 110,000 KL liquids terminal expansion at JNPT (expected commissioning mid-2024) 3. Additional Liquids capacity at Mangalore, Kandla, Kochi, and JNPT under construction 4. M&A opportunities
Slide 49: Terminal Capabilities & Capacities
Terminal Capabilities & Capacities 154 Provides import, export, storage, and logistics services, 273 handling Class A, B, and C products, chemicals, POL products and vegetable oils 87 Tanks includes MS, SS, Epoxy Coated, IFR 225 Heated and cooled tanks 970 120 Mumbai Connected to Jetty via MS and SS
Slide 50: Dividend Growth
Dividend Growth 7.00 6.5 6.00 5.00 Rs. per Share 4.00 3.00 2.00 1.00 0.00 FY19 FY20 FY21 FY22 FY23 FY24 INVESTOR PRESENTATION: Q4 & FY2024 50
Slide 51: Thank You
Thank You Aegis Logistics Limited Orient Capital Orient Capital CIN: L63090GJ1956PLC001032 Ms. Payal Dave Mr. Irfan Raeen Mr. Murad Moledina, CFO +91 9819916314 +91 9773778669 murad@aegisindia.com Payal.Dave@linkintime.co.in irfan.raeen@linkintime.co.in INVESTOR PRESENTATION: Q4 & FY2024 51