Aegis Logistics Limited · NSE:AEGISLOG
Aegis Logistics — Q1 FY2025 Earnings Presentation
54 slides from Aegis Logistics's earnings presentation, July 2024
Slide 1: Investor Presentation Q1 FY2025
Investor Presentation Q1 FY2025 AEGIS LOGISTICS LTD. July 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 Q1 Robust Q1FY25 FY24 FY24: Update Key Sustainable FY25 Events Highlights Performance Mission Profits on -Highlights Consolidated Capex Liquid Business Growth Aegis Division at Performance Pillars at glance Liquid Profit a Glance Gas Aegis Division Statement FY24: Division at Team Gl
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: Q1 FY2025 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: Q1 FY2025 5
Slide 6: Q1FY25 Highlights
Q1FY25 Highlights INVESTOR PRESENTATION: Q1 FY2025
Slide 7: Q1FY25: Performance at glance
Q1FY25: Performance at glance LIQUIDS DIVISION Normalized EBITDA PAT Recorded Highest ever Revenues and EBITDA in Q1 Rs. 250 Cr. Rs. 158 Cr. New capacity from acquisitions, volume and revenue +18% GROWTH +19% GROWTH growth, and capacity expansion GAS DIVISION Gas Division EBITDA Liquid Division EBIT
Slide 8: Q1FY25: Robust Profit Growth
Q1FY25: Robust Profit Growth Continue its growth trajectory by achieving an EBITDA of Rs. 250 crores in Q1FY25 Highest-ever Q1 EBITDA for Gas & Liquids Achieved the highest-ever Q1 PBT Achieved the highest-ever Q1 PAT DRIVEN BY Highest-ever Q1 Logistics volumes Highest-ever Q1 Liquids revenue INVEST
Slide 9: Liquids: Strong Growth
Liquids: Strong Growth Revenue EBIDTA* 143 +24% 108 Highest +38% ever Q1 Highest revenue ever Q1 115 EBITDA 79 Rs. In Cr. Rs. In Cr. Q1FY24 Q1FY25 Q1FY24 Q1FY25 INVESTOR PRESENTATION: Q1 FY2025 *Normalized EBITDA: before Forex, hedging-related expenses 9
Slide 10: LPG: Volume Performance
LPG: Volume Performance Logistics Distribution Sourcing 1013 159 226 +15% Highest 881 ever Q1 -19% -45% volume 129 124 ‘000 MT ‘000 MT ‘000 MT Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 INVESTOR PRESENTATION: Q1 FY2025 10
Slide 11: Q1FY25 - Consolidated Profit Statement
Q1FY25 - Consolidated Profit Statement Rs. in Cr. Q1FY25 Q1FY24 Y-o-Y % Revenue 1601 2101 -24% Cost of Sales 1280 1826 Others 71 63 Normalised EBITDA (Segment)* 250 212 18% Finance, Hedging & Forex-related Expenses (Net) -5 7 Depreciation 36 33 Unallocated Expenses 11 2 Profit Before Tax 208 170 22%
Slide 12: FY24 Highlights
FY24 Highlights INVESTOR PRESENTATION: Q1 FY2025
Slide 13: FY24: Performance at glance
FY24: Performance at glance LIQUIDS DIVISION Normalized EBITDA PAT Recorded Highest ever Revenues and EBITDA in FY24 Rs. 1008 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 EBI
Slide 14: FY24: Robust Profit Growth
FY24: Robust Profit Growth Normalized EBITDA crossed a new milestone of Rs. 1000 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: Q1 FY2025 14
Slide 15: Update on Expansion
Update on Expansion LIQUIDS DIVISION 1. Kandla Port – 42,000 KL Capacity commissioned in FY24 2. JNPT Port - 110,000 KL Capacity expected to commission in phases and will fully commission by later this year 3. Mangalore Port - 76,000 KL liquid storage capacity commissioned 4. Kochi Port - Acquired 1
Slide 16: Key Events
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 first st
Slide 17: Liquid Division
Business Performance Liquid Division INVESTOR PRESENTATION: Q1 FY2025 17
Slide 18: Liquids: Continued Growth
Liquids: Continued Growth Revenue EBIDTA* 549 396 418 Rs. In Cr. 272 Rs. In Cr. 270 195 234 173 208 137 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q1 FY2025 18
Slide 19: Gas Division
Business Performance Gas Division INVESTOR PRESENTATION: Q1 FY2025 19
Slide 20: Volumes Exceed 4m Tons
Volumes Exceed 4m Tons KANDLA HALDIA MUMBAI PIPAVAV Kandla registers strong growth Haldia volumes normalized 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 21: LPG Distribution Drives Volume Growth
LPG Distribution Drives Volume Growth 560 494 13% YoY ‘000 MT 165 160 115 FY20 FY21 FY22 FY23 FY24 INVESTOR PRESENTATION: Q1 FY2025 21
Slide 22: Record Gas Division EBITDA
Record Gas Division EBITDA* 612 532 500 423 390 400 362 300 *Normalized EBITDA: before Forex, hedging-related expenses 200 FY20 FY21 FY22 FY23 FY24 INVESTOR PRESENTATION: Q1 FY2025 22
Slide 23: Sustainable Business Pillars
Sustainable Business Pillars INVESTOR PRESENTATION: Q1 FY2025
Slide 24: 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 Takuma Kobayashi Rahu
Slide 25: Corporate Governance
Corporate Governance Separate Chairman and CEO 4 out of 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 INVES
Slide 26: 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: Q1 FY2025 26
Slide 27: 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: Q1 FY2025 27
Slide 28: Strategy
Strategy INVESTOR PRESENTATION: Q1 FY2025
Slide 29: 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 construction JNPT Kochi
Slide 30: Integrated LPG Supply Chain
Integrated LPG Supply Chain Our integrated logistics services include sourcing, storing, moving, and distributing products. LPG Strategic Port Storage Pipelines & Rail Autogas, Commercial & Sourcing Location Terminals Connectivity Industrial Distribution LPG Sourcing JV with Key gateway ports: Mumba
Slide 31: 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 Projects Expansion Expansion Acquisitions Energy INVESTOR PRESENT
Slide 32: Business Profile
Business Profile INVESTOR PRESENTATION: Q1 FY2025
Slide 33: Gas Division Profile
Profile Gas Division INVESTOR PRESENTATION: Q1 FY2025 33
Slide 34: LPG Terminalling Capacity
LPG Terminalling Capacity Static Throughput 119 9600 ‘000 MT ‘000 MT FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY18 FY19 FY20 FY21 FY22 FY23 FY24 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q1 FY2025 34
Slide 35: LPG Throughput Capacity by Port
LPG Throughput Capacity by Port 1500 Mumbai 4000 1600 Pipavav Haldia Kandla 2500 ‘000 MT INVESTOR PRESENTATION: Q1 FY2025 35
Slide 36: 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 37: The Story of LPG
THE STORY OF G Gas iorage \s m Liguid Storage “ \ <
Slide 38: Growing energy demand in India
Growing energy demand in India India provides one of the best Fast Energy Consumption growth rate Government Initiatives examples of a country which has LPG Boost LPG Access successfully increased use of clean India Vs Global 1.5% of total cooking methods. Increase in access over 5.60% 1.10% Growth
Slide 39: LPG: The Clean, Secure, and Affordable Energy
LPG: The Clean, Secure, and Affordable Energy Sustainable Solution Energy Security ✓ (almost) Net-Zero emissions ✓ Abundant availability, easy storage and safe storage for longer without any degradation ✓ Improved Quality of Living: clean burning LPG is Cleaner, More sustainable and a better ✓ Decen
Slide 40: 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 ✓ LPG has the highest energy contents on a ✓ LPG Accessibility in Rural househo
Slide 41: 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 and Infrastructure & Strategic expansion opportunities Environmental & Supply Cost Efficiency Health Benefits ✓ 60% of LPG is produced from ✓ Infrastruct
Slide 42: 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: Q1 FY2025 42
Slide 43: 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 ‘000 MT 10,000 8,000 6,000 4,000 2,000 0 2000– 2022– 2001 2023 Production Imports Source: PPAC/IOC and Management Estimates INVESTOR PRESENTATION: Q1 FY2025 43
Slide 44: 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: 25 Imports: 38 Imports: 18.5 20 (est) 10 12.8 0 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
Slide 45: 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: Q1 FY202
Slide 46: Liquids Division Profile
Profile Liquids Division INVESTOR PRESENTATION: Q1 FY2025 46
Slide 47: 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 48: 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 Mumbai 120 Connected to Jetty via MS and SS
Slide 49: Key Financial Data
Key Financial Data INVESTOR PRESENTATION: Q1 FY2025
Slide 50: FY24 - Consolidated Profit Statement
FY24 - Consolidated Profit Statement Rs. in Cr. FY24 FY23 YoY% Revenue 7046 8627 -18% Cost of Sales 5769 7581 Others 269 242 Normalised EBITDA (Segment)* 1008 804 25% Finance, Hedging & Forex-related Expenses (Net) -3 45 Depreciation 133 124 Unallocated Expenses 17 -9 Profit Before Tax 861 645 34% T
Slide 51: Consolidated Balance Sheet
Consolidated Balance Sheet Equities & Liabilities (Rs. In Cr.) FY24 FY23 Assets (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 Equity Attributable to Owners 3,894 3,532 Ot
Slide 52: 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
Slide 53: Dividend Growth
Dividend Growth 9.00 8.00 6.5 7.00 6.00 Rs. per Share 5.00 4.00 3.00 2.00 1.00 0.00 FY19 FY20 FY21 FY22 FY23 FY24 INVESTOR PRESENTATION: Q1 FY2025 *Declared 1st Interim Dividend for FY 2024-25 of Rs. 1.25 per share 53
Slide 54: 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: Q1 FY2025 54