Aegis Logistics Ltd. — Investor Presentation 2020

Jun 22, 2020

Aegis Logistics Limited

“Positioned for growth” Investor Presentation June 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.

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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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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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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 115 Autogas stations in 7 states

• Network of 164 LPG distributors across 55 cities in 9 states

• LPG Sourcing JV with Itochu in Singapore

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Integrated Supply Chain Management services

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Record Performance Continues

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Rs. In Cr

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Revenue Normalized EBITDA Normalized PBT^
+28% +37% +48%
7,183 563 446
5,616
412
302
FY19 FY20 FY19 FY20 FY19 FY20
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

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

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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

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Kochi Port – Expansion of Liquid Capacity

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Liquid Division
Capacity
20,000 KL
Project Cost Kochi
Rs 15 crs
Kerala
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• 20,000 KL

▪ Rs 15 crs

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Financing

• Internal Accruals

Project Completion Date

• FY21

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Liquid Capacity at Kochi
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‘000 KL 71
20
51
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

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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

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▪ 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

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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

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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

Means of Finance

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Pipavav
Gujarat
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Throughput volumes for LPG handled in Pipavav expected to grow through

▪ Internal Accruals

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

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Current Business Break-up

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Liquid Division
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▪ Business

• Third Party Liquid Logistics (3PL)

• O&M Services

FY20 EBITDA Rs. 563 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

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Gas Logistics

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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

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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
+255% +1,447%
24,918 13,194
23,342
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 2000-01 2005-06 2010-11 2016-17 2017-18 2018-19
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Incremental Demand in LPG met through Imports

• Source: PPAC

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... 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
Imports: 13
25
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

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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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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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11,00,000 16,00,000
+8,450,000 MT
92,00,000
~12X 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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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

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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

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Retail LPG 5-year growth plan

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Currently 115 stations over 7 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, 5kg, 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

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Chota Cikander for domestic LPG market

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Gas Division Performance EBITDA*

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Rs. in Cr.
Capacity Existing & New
Sustainable Business
Expansion Customer Relationships
Average ~39 Average ~51 Average ~77 Average ~106
+37%
122 122
99
89
80 80
78
62
59
54
51
46
39 39
35 35
Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

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LPG Volume - Logistics

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‘000 MT

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Average ~341 Average ~436 Average ~631 Average ~756
+3%
958
751
728
710
663
576 572 588
521
479
434 442
400
302
279
252
Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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LPG Volume - Distribution

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‘000 MT

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Average ~15 Average ~20 Average ~29 Average ~41
+49%
46
41 41
37
34
31
28
21 21 22
18
17
15 15 15
14
Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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Liquid Logistics

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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

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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

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Liquid Division Performance

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Revenue (Rs. In Cr.)
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Normalized EBITDA (Rs. In Cr.)
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+14%
53
47
Q4 FY19 Q4 FY20
+14%
208
183
171 168
154
FY16 FY17 FY18 FY19 FY20
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+26%
• New Capacities fully
operational 37
29
• Margins to improve with
better utilization of new
capacities
Q4 FY19 Q4 FY20
+35%
140
102 103 104
91
FY16 FY17 FY18 FY19 FY20
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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

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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

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Strong Industry Partners

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Financial Performance

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Solid Foundations
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– Consolidated Profitability Statement Quarter/YTD

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		Rs. In Cr.	Q4 FY20 Q4 FY19 Y-o-Y %	FY20 FY19 Y-o-Y %
		Revenue	1,242 1,853 -33%	7,183 5,616 28%
		Cost of Sales	1,049 1,690	6,472 5,038
		Others	35 44	148 166
		**Normalized EBITDA (Segment) ***	158 118 34%	563 412 37%
		Finance, Hedging & Forex related Expenses(Net)	1 4	11 19
		Depreciation	19 13	69 51
		Unallocated Expenses	11 15	37 40
		Normalized PBT^	128 87 48%	446 302 48%
		Expenses as per Employee Stock Purchase Plan	42 0	239 0
		Profit Before Tax	86 87 -1%	208 302 -31%
		Tax	39 16	74 50
		Profit after Tax	47 70 -34%	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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Consolidated Cashflow Statement

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In Rs. Crs	Full Year ended 31-Mar-20	Full Year ended 31-Mar-19
Profit before tax	208	302
Operating Profit Before Working Capital Changes	523	374
Net cash inflow from operating activities (A)	146	556
Net cash inflow/(outflow) from investing activities (B)	-151	-155
Net cash outflow from financing activities (C)	-126	-143
Net increase/(decrease) in cash and cash equivalents (A+B+C)	-131	259
Cash and cash equivalents at the beginning of the year	353	95
Cash and cash equivalents at the end of the year	222	353

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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

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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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