Aegis Logistics Limited · NSE:AEGISLOG
Aegis Logistics — Q2 FY2024 Earnings Presentation
50 slides from Aegis Logistics's earnings presentation, November 2023
Slide 1: Investor Presentation Q2FY 2024
Investor Presentation Q2FY 2024 AEGIS LOGISTICS LTD. November 2023
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 Business Profile 33 Vision & Mission 4 Gas Division 34 Aegis at a Glance 5 Liquids Division 42 Q2FY24 Highlights 6 Key Financial Data 45 Performance at Glance 7 Historical Consolidated Profit Statement 46 Liquid Division 8 Historical Consolidated Balance Sheet 47 Gas Division 9 Historical C
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: Q2FY2024 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: Q2FY2024 5
Slide 6: Q2FY24 Highlights
Q2FY24 Highlights INVESTOR PRESENTATION: Q2FY2024
Slide 7: Q2FY24: Performance at glance
Q2FY24: Performance at glance LIQUIDS DIVISION Normalized EBITDA PAT Record Revenues and EBITDA in Q2FY24 Rs. 231 Cr. Rs. 150 Cr. New capacity from acquisitions, 26% GROWTH 48% GROWTH volume and revenue growth, and capacity expansion GAS DIVISION Gas Division EBITDA Liquid Division EBITDA Record Vol
Slide 8: Liquids: Strong Growth
Liquids: Strong Growth Revenue EBIDTA* 117 107 80 +10% 80 100 69 +15% 70 80 60 50 60 40 40 30 20 20 10 0 0 Q2FY24 Q2FY23 Q2FY24 Q2FY23 Rs. In Cr. Rs. In Cr. 232 158 +24% 140 +27% 200 188 124 120 150 100 80 100 60 40 50 20 0 0 H1FY23 H1FY24 H1FY23 H1FY24 INVESTOR PRESENTATION: Q2FY2024 *Normalized EB
Slide 9: LPG: Continued Volume Growth
LPG: Continued Volume Growth Logistics Distribution Sourcing 1,020 131 228 1000 +23% Highest Q2 120 116 +13% Volume 200 832 800 174 100 -24% 150 80 600 ‘000 MT ‘000 MT ‘000 MT 60 100 400 40 50 200 20 0 0 0 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Q2FY23 Q2FY24 INVESTOR PRESENTATION: Q2FY2024 9
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. In Cr.) Sep-23 Mar-23 Equities & Liabilities (Rs. In Cr.) Sep-23 Mar-23 Non-Current Assets Equity Equity Share Capital 35 35 Property, Plant and Equipment 3,750 3,645 3,610 Other Equity 3,497 Capital Work in Progress 567 412 Equity Attributable to Owners 3,645
Slide 11: Q2FY24 - Consolidated Profit Statement
Q2FY24 - Consolidated Profit Statement Rs. in Cr. Q2FY24 Q2FY23 Y-o-Y % Revenue 1,235 2,151 -43% Cost of Sales 937 1,899 Others 67 67 Normalised EBITDA (Segment)* 231 184 26% Finance, Hedging & Forex-related Expenses (Net) -4 14 Depreciation 34 33 Unallocated Expenses 9 9 Profit Before Tax 192 128 5
Slide 12: H1FY24 - Consolidated Profit Statement
H1FY24 - Consolidated Profit Statement Rs. in Cr. H1FY24 H1FY23 YoY% Revenue 3,335 4,386 -24% Cost of Sales 2,762 3,922 Others 130 117 Normalised EBITDA (Segment)* 443 347 27% Finance, Hedging & Forex-related Expenses (Net) 2 20 Depreciation 67 62 Unallocated Expenses 12 6 Profit Before Tax 362 259
Slide 13: Cash Flow
Cash Flow Rs. In Cr. Sep-23 Sep-22 Profit Before Tax 362 259 Operating Profit Before Working Capital Changes 416 259 Net Cash Inflow from Operating Activities (A) 212 85 Net Cash Inflow/(Outflow) from Investing Activities (B) -150 -392 Net Cash Outflow from Financing Activities (C) 154 1,257 Net Inc
Slide 14: FY23 Highlights
FY23 Highlights INVESTOR PRESENTATION: Q2FY2024
Slide 15: FY23: Robust Profit Growth
FY23: Robust Profit Growth PROFIT BEFORE TAX EARNINGS PER SHARE LIQUIDS DIVISION Rs. 13.19 Rs. 645 Cr. New capacity from acquisitions, volume and revenue growth, and 29% GROWTH 37% GROWTH capacity expansion GAS DIVISION EBITDA PROFIT AFTER TAX Record distribution volumes and growing gas logistics vo
Slide 16: FY23: Robust Profit Growth
FY23: Robust Profit Growth Highest-ever EBITDA for Gas & Liquids Highest-ever PAT Highest-ever EPS DRIVEN BY Highest-ever LPG distribution volumes Highest-ever Logistics volumes Highest-ever Liquids revenue INVESTOR PRESENTATION: Q2FY2024 16
Slide 17: FY23: Key Events
FY23: Key Events 1. Completed Aegis-Vopak Joint Venture 2. Executed important acquisition of 550,000 KL of Liquids capacity at Kandla port 3. Kandla LPG terminal fully operational 4. Entry into JNPT port with 110,000 KL Liquids Terminal as first step 5. Connection to LPG pipelines (KGPL and JLPL) se
Slide 18: Liquid Division
Business Performance Liquid Division INVESTOR PRESENTATION: Q2FY2024 18
Slide 19: Liquids: Continued Growth
Liquids: Continued Growth Revenue EBIDTA* 450 300 418 272 400 250 350 195 300 200 270 173 Rs. in Cr. Rs. in Cr. 250 234 150 137 208 200 183 104 150 100 100 50 50 0 0 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q2
Slide 20: Gas Division
Business Performance Gas Division INVESTOR PRESENTATION: Q2FY2024 20
Slide 21: Volumes Exceed 3m Tons
Volumes Exceed 3m 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 600 494 500 209% 400 YoY ‘000 MT 300 200 165 160 114 115 100 0 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 22
Slide 23: Record Gas Division EBITDA
Record Gas Division EBITDA* 600 532 500 423 390 400 362 Rs. in Cr. 309 300 200 100 *Normalised EBITDA Before Forex, Hedging Related Expenses 0 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 23
Slide 24: Sustainable Business Pillars
Sustainable Business Pillars INVESTOR PRESENTATION: Q2FY2024
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 An
Slide 26: Corporate Governance
Corporate Governance Separate Chairman and CEO 6 out 9 Directors are Independent 8 out of 9 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 INVESTO
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: Q2FY2024 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: Q2FY2024 28
Slide 29: Strategy
Strategy INVESTOR PRESENTATION: Q2FY2024
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 ✔ ✔ K and la Pipavav ✔ ✔ Hald ia Pipavav Mumbai ✔ ✔ Mumbai Mangalore ✔ Under constr
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: Q2FY2024
Slide 34: Gas Division Profile
Profile Gas Division INVESTOR PRESENTATION: Q2FY2024 34
Slide 35: 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: Q2FY2024 35
Slide 36: 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: Q2FY2024 36
Slide 37: 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 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 17 - - - - - - - - - - - - - - - - - - - - - - - - - 10
Slide 38: 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: Q2FY2024
Slide 39: LPG Terminalling Capacity
LPG Terminalling Capacity Static Throughput 140 12,000 120 115 10,000 9,600 100 8,000 80 ‘000 MT ‘000 MT 6,000 60 4,000 40 2,000 20 0 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 39
Slide 40: 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: Q2FY2024 40
Slide 41: 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 42: Liquids Division Profile
Profile Liquids Division INVESTOR PRESENTATION: Q2FY2024 42
Slide 43: Growing Liquids Footprint
Growing Liquids Footprint 1. New capacity expansion at Haldia commissioned 2. New 110,000 KL liquids terminal expansion at JNPT (expected commissioning mid-2024) 3. Additional Liquids capacity at Mangalore, Kochi, and JNPT under construction 4. M&A opportunities INVESTOR PRESENTATION: Q2FY2024 43
Slide 44: Terminal Capabilities & Capacities
Terminal Capabilities & Capacities Provides import, export, storage, and logistics services, handling Class A, B, and C products, chemicals, POL products and vegetable oils 75 Mumbai 273 Tanks includes MS, SS, Epoxy Coated, IFR Kochi 71 Haldia Heated and cooled tanks 174 Pipavav 890 Kandla 120 Conne
Slide 45: Key Financial Data
Key Financial Data INVESTOR PRESENTATION: Q2FY2024
Slide 46: Historical Consolidated Profit Statement
Historical Consolidated Profit Statement Rs. in Cr. FY23 FY22 YoY% Revenue 8,627 4,631 86% Cost of Sales 7,581 3,882 Others 242 163 Normalised EBITDA (Segment)* 804 586 37% Finance, Hedging & Forex-related Expenses (Net) 45 -3 Depreciation 124 78 Unallocated Expenses -9 39 Profit Before Tax 645 472
Slide 47: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Assets (Rs. In Cr.) FY23 FY22 Equities & Liabilities (Rs. In Cr.) FY23 FY22 Non-Current Assets Equity Property, Plant and Equipment Equity Share Capital 35 35 3,645 2,374 Other Equity 3,497 2,145 Capital Work in Progress 412 253 Equity Attributable to Owners 3,5
Slide 48: Historical Cash Flow
Historical Cash Flow Rs. In Cr. FY23 FY22 Profit Before Tax 645 472 Operating Profit Before Working Capital Changes 682 545 Net Cash Inflow from Operating Activities (A) 358 263 Net Cash Inflow/(Outflow) from Investing Activities (B) -931 -162 Net Cash Outflow from Financing Activities (C) 1,311 -30
Slide 49: Dividend Growth
Dividend Growth 7.00 6.00 5.75 5.00 Rs. per Share 4.00 3.00 2.00 1.00 0.00 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 49
Slide 50: 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: Q2FY2024 50