AEGIS
LOGISTICS LIMITED
INVESTOR
PRESENTATION 2018
&
RESULTS OF Q4 FY 2017-18
"The vision of AEGIS
LOGISTICS is to be India’s leading provider of logistics services to oil, gas,
and chemical industry. It aspires to be the industry leader in these business
segments with focus on superior customer service, quality, safety, and
environmental standards.
AEGIS wants to be the “Leading
LPG Sourcing Player in India” through vertical Integration strategy
AEGIS LOGISTICS is headed
by Raj Chandaria as CMD, and Anish Chandaria as Vice chairman and MD.
It has 2 divisions :
Liquid
division: Third Party Liquid Logistics and O&M services; It
gets revenues like – Fees, handling charges, service charges and O&M fees
GAS
DIVISION : Third Party Gas logistics, Auto Gas retailing, Packed LPG Cylinders
for commercial segment; Industrial gas distribution; Marine Products
distribution and Gas sourcing. It gets revenues like – Fees, Retail margin,
Handling and other service charges.
It has a partnership with ITOCHU
in 60:40 ratio - for Gas sourcing and shipping to India.
Thereafter, Gas Logistics
and Distribution is done by AEGIS.
There is a great
Demand-Supply Gap for LPG in India.
Consumption has grown from 7 mln MT in FY 2001 to 21.5 mln MT in FY 2017 , a
growth of 207%.
Imports have also grown
from 8.5 lakh MT to 11 mln MT during same period,@ CAGR of 17%. So, all
incremental demand for LPG is met through imports.
This Increasing LPG
Imports require new Terminal capacity. AEGIS is creating that ever growing Terminaling capacity for the LPG
Market.
Its JV with Itochu is
highly effective for efficient and cost effective shipping.
AEGIs’ static LPG Capacity
has increased from 25,400 MT in FY2016 to 28,100 in FY 2017 and 63,300 in FY 2018.
These capacities are at Mumbai, Pipavav and Haldia. Haldia is the latest.
Throughput capacity in MT
has gone up from 7.5 lakh to 1.3 mln to 5 mln in 2017-18. Haldia is the latest
and growing fastest.
There is pipeline connecting
Durgapur and Paradip passing through Haldia.
AEGIS has signed a 20 years
MOU with a Large PSU as ANCHOR CUSTOMER At the current market throughput rates.
All project costs are
financed through Internal accruals. Project was completed in Q3 FY 18.
AEGIS is debottlenecking
LPG Terminals at Mumbai with internal accruals.
This too was completed in
Q3 FY 17-18. Here also a LPG pipe line from Uran-shakripur passes through
Mumbai.
A Brownfield expansion at
Pipavav was also completed in Q3 FY 17-18.The LPG handled here is expected to
grow through existing and new customer relationships.
AEGIS has an expanding
Auto Gas retailing Network of 108 Auto Gas stations across 7 states. This is
B2C.
BULK distribution of Gas is
done through road tankers to Industries.(B2B).
Commercial LPG
distribution is done in packed cylinders through 109 distributors in 45 cities
in 8 states.
Its capacity expansion
adds to existing and new customer relationships to sustain Business.
Liquid Traffic is handled
at Mumbai, Kochi, Haldia, Kandla and Mangalore Ports mostly. And the traffic is
growing in healthy manner.
AEGIS is expanding Green
field Liquid terminal at Kandla and Mangalore. Kandla is completed in FY 18
while Mangalore will be completed in H1 FY 19.
Another Brownfield Liquid
terminal expansion at Haldia is likely to be completed by H1 FY 18-19 with
internal accruals.
Total capacity post
expansion at Kandla and Haldia will be 6,89,000 KL.
AEGIS has become the
leading provider of logistics and supply chain services to India’s Oil, Gas and
Chemical Industry, with strategic port locations, storage terminals, rail
connectivity and pipe lines.
AEGIS has built up Excellent
infrastructure for its Liquids division and Gas division.
Its Goal is Integrated
supply chain management. with Terminals around the coastline of India and use
VLGC, pipelines, Railways and Roadways for connecting to customers inland.
It has strong and reputed
Industry Partners such as Bharat Petroleum, HP, Shell, Reliance, Essar steel,
SHV Gas, Tata steel, Indian Oil, Mahindra, Hindustan LUnilever, Bajaj
Electrical, volvoline, MRPL, SPL, PIAGGIO and so on.
CRITERION FY 17 FY
18 DIFF
REVENUE 3,939 4,791 +22%
EBIDTA 247 306 +24%
PAT 136 214 +57%
The company has
recommended a Dividend of 75% or Rs.0.75 per FV of rs.1 share.
CRITERION Q4 FY 18 Q4
FY 17 YOY
NET SALES 1252 1268 -1%
NET PROFIT 55 30 83%
PRICE GROWTH IS AT 29% IN
ONE YEAR. But, this is likely to change if the expansions result in sales
expansion and profit expansion as is expected by the company in future.
PE Ratio at 42%. Seems,
AEGIS deserves this. It has been at this and higher levels all along.
Volume of transactions is
good and ensures easy BUY-ability and Sale-ability.
AEGIS LOGISTICS
|
Mar '18
|
Dec '17
|
Sep '17
|
Jun '17
|
Mar '17
|
YOY
|
QOQ
|
Net
Sales
|
1,251.92
|
1,442.08
|
1,240.93
|
856.03
|
1,267.78
|
-1.25
|
-13.19
|
Traded Goods
|
1,107.57
|
1,350.63
|
1,144.42
|
755.1
|
1,174.01
|
-5.66
|
-18
|
Increase in Stocks
|
23.57
|
-24.17
|
-7.07
|
4.47
|
-2.29
|
-1129.26
|
-197.52
|
Employees Cost
|
15.7
|
10.58
|
9.11
|
11.67
|
12.51
|
25.5
|
48.39
|
Depreciation
|
13.31
|
9
|
6.28
|
5.72
|
5.95
|
123.7
|
47.89
|
Other Expenses
|
35.23
|
33.3
|
26.62
|
28.22
|
31.62
|
11.42
|
5.8
|
P/B Other Inc., Int., Excpt. Items
& Tax
|
56.54
|
62.74
|
61.57
|
50.85
|
45.98
|
22.97
|
-9.88
|
Other Income
|
4
|
1.35
|
1.39
|
1.61
|
1.43
|
179.72
|
196.3
|
P/B Int., Excpt. Items & Tax
|
60.54
|
64.09
|
62.96
|
52.46
|
47.41
|
27.69
|
-5.54
|
Interest
|
3.57
|
4.86
|
3.44
|
3.36
|
4.09
|
-12.71
|
-26.54
|
P B T
|
56.97
|
59.23
|
59.52
|
49.1
|
43.32
|
31.51
|
-3.82
|
Tax
|
2.39
|
2.79
|
3.56
|
2.27
|
13.14
|
-81.81
|
-14.34
|
Net Profit
|
54.58
|
56.44
|
55.96
|
46.83
|
32.18
|
69.61
|
-3.3
|
Minority Interest
|
--
|
-2.9
|
-3.9
|
-2.87
|
-2.4
|
||
Net
P/L After M.I & Associates
|
54.58
|
53.54
|
52.06
|
43.96
|
29.78
|
83.28
|
1.94
|
Equity
|
33.4
|
33.4
|
33.4
|
33.4
|
33.4
|
0
|
0
|
Basic EPS
|
1.62
|
1.6
|
1.56
|
1.31
|
0.89
|
82.02
|
1.25
|
Diluted EPS
|
1.62
|
1.6
|
1.56
|
1.31
|
0.89
|
82.02
|
1.25
|
MP
|
273
|
||||||
PE
|
42.13
|
||||||
VOLUME
|
107595
|
||||||
PRICE TREND
|
|||||||
31.05.18
|
1 week
|
2 week
|
1 month
|
3 month
|
6 month
|
9 month
|
1 year
|
Price
|
270.4
|
266.8
|
288.05
|
252.3
|
232.35
|
189.25
|
211.2
|
Gain / Loss
|
1.02%
|
2.38%
|
-5.17%
|
8.26%
|
17.56%
|
44.33%
|
29.33%
|
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