Aegis Logistics Ltd. — Investor Presentation 2020

Oct 29, 2020

Aegis Logistics Limited

“Positioned for growth” Investor Presentation October 2020

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Safe Harbour

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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 securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

2

We are leading provider of logistics and supply chain services to India’s oil, gas and chemical industry

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Strategic port locations

Storage terminals

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Rail connectivity Pipelines
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3

Vision and Corporate Strategy

Why we exist

To provide integrated logistics services to the Indian oil, gas and chemicals industry by storing, moving and distributing products to our customers

How

By building an unrivalled national network of port-based oil and gas storage terminals, inland depots and retail outlets

Our current divisions

• Liquefied Petroleum Gas (LPG)

• Liquid Terminals (petroleum, petrochemicals and chemicals)

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4

Unique Infrastructure

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Liquids
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LPG
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• Terminals at key ports- Mumbai, Kochi, Haldia, Pipavav, Kandla & Mangalore

• Jetty Pipelines

• Multiple tank sizes

• Refrigerated Gas Terminal in Mumbai and Haldia

• Pressurized Gas Terminal in Pipavav

• New Refrigerated Gas Terminal in Kandla under-construction

• Coated, Stainless Steel and Heated tanks

• Road and Pipeline connectivity

• Pipeline, Rail and Road connectivity

• Network of 120 Autogas stations in 10 states

• Network of 179 LPG distributors across 57 cities in 11 states

• LPG Sourcing JV with Itochu in Singapore

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Integrated Supply Chain Management services

5

Strong Performance Continues

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Rs. In Cr
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Revenue Normalized EBITDA Normalized PBT^
-1% +2%
3,773 245 243 188 193
1,287
H1 FY20 H1 FY21 H1 FY20 H1 FY21 H1 FY20 H1 FY21
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

• ^ - Normalized PBT – Before Expenses as per Employee Stock Purchase Plan

6

Strong Performance for Liquid Division Continues

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Rs. In Cr

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56.40
13%
YoY
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Revenue

22.9 13% YoY 39.45 Normalized EBITDA 12.3 20% YoY*

Normalized EBITDA*

• Normalized EBITDA – Before Forex, Hedging Related Expenses

7

Haldia Port – Expansion of Liquid Capacity

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West Bengal
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Liquid Division
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Capacity

• 12,000 KL

Project Cost

• Rs 10 crs

Financing

• Internal Accruals

Project Completion Date

▪ FY21

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Liquid Capacity at Haldia
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132
‘000 KL
12
120
Existing Expansion Total
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Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

8

Kochi Port – Expansion of Liquid Capacity

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Liquid Division
Capacity
20,000 KL
Project Cost Kochi
Rs 15 crs
Kerala
Financing
Liquid Capacity at Kochi
▪ Internal Accruals
‘000 KL 71
20
51
Project Completion Date
FY21
Existing Expansion Total
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• 20,000 KL

▪ Rs 15 crs

• Internal Accruals

▪ FY21

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

9

Mangalore Port – Expansion of Liquid Capacity

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Liquid Division
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Capacity

• 50,000 KL

Project Cost

▪ Rs 35 crs

Financing

▪ Internal Accruals

Project Completion Date

▪ FY21

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Mangalore Karnataka
Liquid Capacity at Mangalore
‘000 KL 75
50
25
Existing Expansion Total
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Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

10

Kandla Port – New LPG Project

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Gas Division
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Static Capacity

• 45,000 MT – 2 Fully Refrigerated Tanks of 22,500 MT each

Throughput Capacity

▪ 4,000,000 MT at full utilization

On-Schedule

Pipeline grid at Kandla Port

• JLPL Pipeline and proposed KGPL line

Project Completion Date

▪ FY21

Project Cost

▪ Rs 350 crs

Financing Options

▪ Internal Accruals & Debt

11

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Pipavav Port - Brownfield Capacity Expansion for LPG

✓

Static Capacity

▪ Existing: 18,300 MT

• Additional: 3,800 MT

✓

Railway Gantry for LPG

• Agreement with Port reached

• To be commissioned by Q3FY21

✓ Throughput Capacity at full utilization

▪ Existing: ~14,00,000 MT

▪ Additional: ~2,00,000 MT

✓

Project Cost

▪ Rs 75 crs

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Pipavav
Gujarat
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Means of Finance

✓

▪ Internal Accruals

✓ Project Completion Date

▪ FY21

Throughput volumes for LPG handled in Pipavav expected to grow through

existing and new customer relationships

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

12

Current Business Break-up

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Liquid Division
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▪ Business

• Third Party Liquid Logistics (3PL)

• O&M Services

H1 FY21 EBITDA Rs. 243 Cr

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Gas Division
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▪ Business

• Third Party Gas Logistics (3PL)

• Auto Gas Retailing and Packed LPG Cylinders for Commercial segment

• Industrial Gas Distribution

• Marine Products Distribution (Bunkering)

• Gas Sourcing

▪ Revenue Model

• Fee based Revenue Model

• Handling and Other Service Charges

• O&M fees

▪ Revenue Model

• Fee based Revenue Model for Gas Logistics

• Fees for Sourcing Business

• Retail Margin for Gas Distribution

• Handling and Other Service Charges

13

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Gas Logistics

14

Gas Logistics - Capturing Complete Value Chain

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Gas Logistics (3PL)
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Gas Distribution
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Terminalling 40% 60% Industrial Gas Sourcing Sourcing Shipping Auto Gas Segment Activity Revenue Stream Gas Sourcing Sourcing & Shipping Sourcing Commission Commercial Gas Logistics Terminalling Throughput Fees Industrial, Commercial & Gas Distribution Retail and Distribution Margin Auto Gas

Creating India’s No. 1 private LPG company

15

Demand Supply Gap exists for LPG in India...

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Consumption of LPG in India
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Imports of LPG in India
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‘000 MT ‘000 MT
+276% +1,640%
26,366 14,845
24,918
23,342 13,194
21,537
11,380
11,026
14,331
10,456
4,484
7,016
2,883
853
2000-01 2005-06 2010-11 2016-17 2017-18 2018-19 2019-20 2000-01 2005-06 2010-11 2016-17 2017-18 2018-19 2019-20
Incremental Demand in LPG met through Imports
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• Source: PPAC

• • Provisional

16

... Increasing LPG imports will need Terminal Capacity

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Domestic Supply Base Case Demand High Growth Scenario
60
Imports: 38 50
50
Million 40
40
Metric
Tons
30
Imports: 25
26 Imports: 14
20
15
13
10
12
0
2005-06 2005-06 2006-07 2007-08 2008-09 2009-10 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 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35
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Source: PPAC/IOC and Management Estimates

17

LPG Static Capacity Post Expansion

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Static Capacity MT
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Mumbai
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Pipavav
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20,000 20,000
22,100
+86,700 MT
1,12,100
~4X 5,400
2015-16 2020-21
2015-16 2020-21
63,300 63,300
Haldia Kandla
25,000 45,000
38,300
28,100
25,400
NIL NIL
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2015-16 2018-19 2015-16 2020-21
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18

LPG Throughput Capacity Post Expansion

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Throughput Capacity MT
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Mumbai
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Pipavav
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15,00,000 16,00,000
+8,850,000 MT
96,00,000
~13X
5,00,000
2,50,000
2015-16 2020-21 2015-16 2020-21
50,00,000 50,00,000 Haldia Kandla
25,00,000 40,00,000
25,00,000
Actual
13,00,000
Throughput
7,50,000 3.0 Mn MT
NIL NIL
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2015-16 2018-19 2015-16 2020-21
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19

The path to increasing LPG Throughput volumes

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• Uran – Chakan • Commissioned June 2020

• LPG pipeline • Potential incremental volumes of 0.5 Mn MT per year

• Railway •

• interconnectivity To be completed Q3 FY21 •

• in Pipavav Potential incremental volumes of 0.3 - 0.5 Mn MT per year

• New LPG •

• terminal at To be completed in FY21 • Potential incremental budgeted volumes

• Kandla for FY22 is 1 Mn MT

20

Medium Term Plan: 2020-2025

To further increase LPG ca acit p y

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Debottlenecking and
possible expansion at
existing terminals in Haldia,
Mumbai and Pipavav
Kandla
Haldia
Pipavav
Mumbai
One additional
LPG terminal in
the South
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Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

21

Retail LPG 5-year growth plan

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Currently 120 stations over 10 states to grow to 200 stations Autogas stations over 20 states Expansion into a national distribution network for hotels, Commercial LPG market restaurants, industry under Aegis puregas brand Expansion in Tier 1, 2 & 3 urban cities with distributors and POS Domestic LPG market under Aegis Chota Cikander brand of 2kg, 4kg, 12kg & 19kg products Up to 37 LPG bottling plants including Aegis owned sites and LPG Bottling Plants third-party filling plants under contract on a national scale

22

Chota Cikander for domestic LPG market

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23

Gas Division Performance EBITDA*

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35 35 46 39 39 51 59 54 62 80 78 Q2 FY17 Q1 FY17 Q4 FY18 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Average ~39 Capacity Expansion Existing & New Customer Relationships Average ~51 Average ~77 Rs. in Cr.	35 35 46 39 39 51 59 54 62 80 78 Q2 FY17 Q1 FY17 Q4 FY18 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Average ~39 Capacity Expansion Existing & New Customer Relationships Average ~51 Average ~77 Rs. in Cr.	35 35 46 39 39 51 59 54 62 80 78 Q2 FY17 Q1 FY17 Q4 FY18 Q3 FY17 Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Average ~39 Capacity Expansion Existing & New Customer Relationships Average ~51 Average ~77 Rs. in Cr.		Existing & New Customer Relationships Average ~51 Average ~77	Existing & New Customer Relationships Average ~51 Average ~77	Existing & New Customer Relationships Average ~51 Average ~77	Existing & New Customer Relationships Average ~51 Average ~77
											122 122 ~~-14%~~
	35 35 46 39		39 51 59 54				62 80 78	89	80 9		9					78 8			5
	Q2 FY17 Q1 FY17 Q3 FY17 Q4 FY17	Q4 FY18 Q1 FY18 Q2 FY18 Q3 FY18			Q1 FY19 Q2 FY19 Q3 FY19			Q4 FY19	Q2 FY20 Q1 FY21 Q1 FY20 Q3 FY20 Q4 FY20 Q2 FY21		2 Q3 Q4					Q1 Q

• Normalized EBITDA – Before Forex, Hedging Related Expenses

24

LPG Volume - Logistics

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‘000 MT

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Average ~341 Average ~436 Average ~631 Average ~756 Avg ~711
-4%
958
751
728 723
710 700
663
576 572 588
521
479
434 442
400
302
279
252
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21
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25

LPG Volume - Distribution

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‘000 MT
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Average ~15 Average ~20 Average ~29 Average ~41 Avg ~23
-21%
46
41 41
37
34
33
31
28
21 21 22
18
17
15 15 15
14
13
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21
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26

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Liquid Logistics

27

Liquid Logistics and EPC Services

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Liquid Logistics (3PL)
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O&M Services
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Shipping Logistics O&M

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Facilities

Segment Activity Revenue Stream Throughput Fees, Handling & Value Liquid Logistics Logistics Addition Charges Operations & O&M Services O&M Fees Maintenance

28

Liquid Capacity Post Expansion

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01 Mumbai

✓ Existing – 273,000 KL

02 Kochi

• ✓ Existing – 51,000 KL

• ✓ Expansion – 20,000 KL

03 Haldia

• ✓ Existing – 120,190 KL

• ✓ Expansion – 12,000 KL

04 Pipavav

• ✓ Existing – 120,120 KL

05 Kandla

• ✓ Existing – 140,000 KL

06 Mangalore

• ✓ Existing – 25,000 KL

Built up of Capacities (‘000s KL) Existing Expansion

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75 811
25
50
140
120
132
120
71
12
273 51
20
Mumbai Kochi Haldia Pipavav Kandla Mangalore Total
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• ✓ Expansion – 50,000 KL

Total Capacity post expansion: ~ 811,000 KL

29

Liquid Division Performance

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Revenue (Rs. In Cr.)
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Normalized EBITDA (Rs. In Cr.)
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+13%
56
50
Q2 FY20 Q2 FY21
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+20%
• New Capacities fully
operational 39
33
• Margins to improve with
better utilization of new
capacities
Q2 FY20 Q2 FY21
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208
183
171 168
154 +12%
112
99
FY16 FY17 FY18 FY19 FY20 H1 FY20 H1 FY21
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140
102 103 104 +22%
91
79
65
FY16 FY17 FY18 FY19 FY20 H1 FY20 H1 FY21
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30

Our Strategy: Building a Necklace of Terminals around the coastline of India

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✓

VLGC

▪ All Ports are Deep Water Ports to accommodate VLGC

✓ Pipelines

▪ Pipeline Facilities for Larger Customers

Kandla Haldia Pipavav Mumbai

Mangalore Kochi

✓ Railways

▪ Railways can be set up at all ports except Mumbai

✓ Roadways

▪ Well developed Infrastructure to enable connectivity to the customers

Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

31

Management Team

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Raj Chandaria Chairman & MD

Sudhir Malhotra Group President & COO

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Murad Moledina Chief Financial Officer

Anish Chandaria Vice Chairman & MD

Rajiv Chohan President -Business Development

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K. S. Sawant President - Operations & Projects

32

Strong Industry Partners

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33

Financial Performance

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Solid Foundations
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34

– Consolidated Profitability Statement Quarter & YTD

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		Rs. In Cr.	Q2 FY21 Q2 FY20 Y-o-Y %	H1 FY21 H1 FY20 Y-o-Y %
		Revenue	650 1,818 -64%	1,287 3,773 -66%
		Cost of Sales	488 1,648	976 3,454
		Others	38 37	68 74
		**Normalized EBITDA (Segment) ***	125 132 -6%	243 245 -1%
		Finance, Hedging & Forex related Expenses(Net)	-1 2	0 4
		Depreciation	18 17	36 33
		Unallocated Expenses	7 8	14 19
		Normalized PBT^	101 105 -4%	193 188 2%
		Expenses as per Employee Stock Purchase Plan	14 155	56 155
		Profit Before Tax	87 -50 NA	137 34 303%
		Tax	23 -16	36 6
		Profit after Tax	64 -34 NA	101 28 259%

Note: During the quarter ended Sep 30, 2019, the Company has allotted 56,66,667 equity shares of the face value of Re. 1/- each to the eligible employees upon exercise as per the stock purchase plan by them

Consequent upon the said allotment, the total paid up equity share capital of the Company has increased to Rs.33.97 crores

• Normalized EBITDA – Before Forex, Hedging Related Expenses

35

^ - Normalized PBT – Before Expenses as per Employee Stock Purchase Plan

Consolidated Balance Sheet

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ASSETS(Rs. In Cr.)	Sep-20	Mar-20
Non Current Assets
Property,Plant and Equipment	1,668	1,697
Capital Work in Progress	336	220
Other Intangible Assets	1	1
Goodwill	1	1
Financial Assets
Investments	0	0
Other financialassets	13	13
Current Tax Assets(Net)	16	26
Deferred Tax Assets(Net)	40	47
Other Non Current Asset	25	16
Sub-total Non Current Assets	2,099	2,021
Current Assets
Inventories	27	42
Financial Assets
Investments	0	7
Trade Receivables	221	454
Cash and Cash Equivalents	285	222
Bank Balance other than above	82	41
Other Financial Assets	110	65
Other Current Assets	80	68
Total Current Assets	804	900
TOTAL - ASSETS	2,904	2,921

EQUITIES AND LIABILITIES(Rs. In Cr.)	Sep-20	Mar-20
Equity
EquityShare Capital	35	34
Other Equity	1,722	1,621
Equity Attributable to owners	1,756	1,655
Non controllingInterest	105	91
Sub-total Equity	1,861	1,745
Liabilities
Non Current Liabilities
Financial Liability
Borrowings	49	49
Other financial liabilities	322	316
Provisions	15	14
Deferred tax liabilities (Net)	35	31
Other non-currentliabilities	1	1
Total Non Current Liabilities	422	411
Current Liabilities
Financial Liability
Borrowings	180	167
Trade Payables	187	402
Other financial liabilities	194	138
Other currentLiabilities	38	37
Provisions	4	4
Current TaxLiabilities (Net)	18	16
Total Current Liabilities	621	764
TOTAL EQUITIES AND LIABILITIES	2,904	2,921

36

Consolidated Cashflow Statement

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In Rs. Crs	Half Year ended 30-Sep-20	Half Year ended 30-Sep-19
Profit before tax	137	34
Operating Profit Before Working Capital Changes	227	229
Net cash inflow from operating activities (A)	159	189
Net cash inflow/(outflow) from investing activities (B)	-78	-60
Net cash outflow from financing activities (C)	-19	-142
Net increase/(decrease) in cash and cash equivalents (A+B+C)	62	-12
Cash and cash equivalents at the beginning of the year	222	353
Cash and cash equivalents at the end of the year	285	341

37

– Consolidated Profitability Statement Annual

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		Rs. In Cr.	FY20 FY19 Y-o-Y %
		Revenue	7,183 5,616 28%
		Cost of Sales	6,472 5,038
		Others	148 166
		**Normalized EBITDA (Segment) ***	563 412 37%
		Finance, Hedging & Forex related Expenses (Net)	11 19
		Depreciation	69 51
		Unallocated Expenses	37 40
		Normalized PBT^	446 302 48%
		Expenses as per Employee Stock Purchase Plan	239 0
		Profit Before Tax	208 302 -31%
		Tax	74 50
		Profit after Tax	134 252 -47%

Note: During the quarter ended Sep 30, 2019, the Company has allotted 56,66,667 equity shares of the face value of Re. 1/- each to the eligible employees upon exercise as per the stock purchase plan by them

Consequent upon the said allotment, the total paid up equity share capital of the Company has increased to Rs.33.97 crores

• Normalized EBITDA – Before Forex, Hedging Related Expenses

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^ - Normalized PBT – Before Expenses as per Employee Stock Purchase Plan

Consolidated Balance Sheet

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ASSETS(Rs. In Cr.)	Mar-20	Mar-19
Non Current Assets
Property,Plant and Equipment	1,697	1,327
Capital Work in Progress	220	121
Other Intangible Assets	1	1
Goodwill	1	1
Financial Assets
Investments	0	0
Other financialassets	13	13
Current Tax Assets(Net)	26	22
Deferred Tax Assets(Net)	47	95
Other Non Current Asset	16	91
Sub-total Non Current Assets	2,021	1,670
Current Assets
Inventories	42	34
Financial Assets
Investments	7	10
Trade Receivables	454	229
Cash and Cash Equivalents	222	353
Bank Balance other than above	41	60
Other Financial Assets	65	8
Other Current Assets	68	65
Total Current Assets	900	758
TOTAL - ASSETS	2,921	2,429

EQUITIES AND LIABILITIES(Rs. In Cr.)	Mar-20	Mar-19
Equity
EquityShare Capital	34	33
Other Equity	1,621	1,358
Equity Attributable to owners	1,655	1,391
Non controllingInterest	91	75
Sub-total Equity	1,745	1,466
Liabilities
Non Current Liabilities
Financial Liability
Borrowings	49	57
Other financial liabilities	316	20
Provisions	14	12
Deferred tax liabilities (Net)	31	83
Other non-currentliabilities	1	2
Total Non Current Liabilities	411	174
Current Liabilities
Financial Liability
Borrowings	167	130
Trade Payables	402	485
Other financial liabilities	138	125
Other currentLiabilities	37	27
Provisions	4	3
Current TaxLiabilities (Net)	16	19
Total Current Liabilities	764	789
TOTAL EQUITIES AND LIABILITIES	2,921	2,429

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Dividend Track Record

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Dividend
32% 35% 44% 34% 24% 32% 34% 25% 22% 45%
Payout
Rs. In Cr.
Dividend Paid Net Profit
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252
198
134
120
113
103
61 61
56
47 50
41
34 36
22 21 25
15 15
8
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
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Interim Dividend for FY20 is 50% (i.e. Rs. 0.50 per share) of Face Value of Re. 1 each

Recommended Final Dividend for FY20 of 120% (i.e. Rs. 1.20 per share) of Face Value of Re. 1 each

• • Includes non-cash expenses of Rs. 239 Crores on account of Employee Stock Purchase Plan

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For further information, please contact:

Company : Investor Relations Advisors : Aegis Logistics Limited Strategic Growth Advisors Pvt. Ltd. CIN: L63090GJ1956PLC001032 CIN: U74140MH2010PTC204285 Mr. Murad Moledina, CFO Ms. Payal Dave / Mr. Jigar Kavaiya murad@aegisindia.com payal.dave@sgapl.net / jigar.kavaiya@sgapl.net www.aegisindia.com www.sgapl.net

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