Aegis Logistics Ltd. — Investor Presentation 2021

Jul 30, 2021

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AEGIS LOGISTICS LIMITED

Investor Presentation July 2021

India’s Leading Provider of Logistics Services to the Oil, Gas and Chemical Industry

Safe Harbor

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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.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

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

2

Aegis at a glance

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EBITDA Contribution
Liquid Division Business Activities
› Gas
Third Party Liquid Logistics (3PL)
Division
57%
› O&M Services
Q1 FY22
Gas Division Business Activities EBITDA [] Rs. 114 Cr
›
Third Party Gas Logistics (3PL)
› Auto Gas Retailing Liquid
Division
› Packed LPG Cylinders for Commercial 43%
segment
› Industrial Gas Distribution
Liquid Division Gas Division
›
Gas Sourcing
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• › Gas Sourcing

• › Marine Products Distribution (Bunkering)

• Normalized EBITDA – Before Forex, Hedging Related Expenses

3

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Gas Division

Integrated Supply Chain Service Provider

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To provide integrated logistics services from sourcing, storing, moving and distributing products for our customers

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Pipelines &
Connectivity
Storage Terminals
Strategic
Port Location • Refrigerated Gas • Pipelines Connectivity
LPG Sourcing
Terminal in Mumbai, •
Road Connectivity
• Haldia and Kandla (under
Terminals at key ports: •
Rail Connectivity
construction)
• LPG Sourcing JV with Mumbai, Haldia, Pipavav &
• Pressurized Gas Terminal
Itochu in Singapore Kandla
in Pipavav
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Auto Gas, Commercial &
Industrial Distribution
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• Network of 128 Autogas stations in 10 states

• Network of 229 LPG distributors across 100 cities in 14 states

5

Overcoming India’s clean cooking challenge

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('000 Metric Tonnes) ('000 Metric Tonnes)
Consumption of LPG in India Production & Imports of LPG in India
16,527
27,591 Production
Imports
Consumption
12,072
› CAGR: 7.1%
6,149
Imports / Consumption (%)
2000-01 12%
853 2020-21 60%
7,016
To cater to rising consumption
Production Imports
of LPG, dependency on
imports have increased.
CAGR: 3.4% CAGR: 16.0% Imports has surpassed
Production since 2018-19
2000-01 2001-02 2002-03 2003-04 2004-05 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 2020-21P
2000-01 2001-02 2002-03 2003-04 2004-05 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 (P)
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Source: PPAC

6

Government pushes for LPG in rural

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Focus of GoI on LPG Penetration
In. Millions
LPG Active Domestic Coverage
PMUY beneficiaries
279 285 370
265
224
199
166
72 80 80 80
20 36
Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Oct-20 Apr-21
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2013: PAHAL (DBTL)

2016: GiveItUp Campaign

2016: PM Ujjwala Yojana

2020: PM Gareeb Kalyan Package

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Source: PPAC

7

Significant investments and infrastructure strengthening in LPG sector

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Gross Tankage 869 878 912 929 978 988 Apr-16 Apr-17 Apr-18 Apr-20 Apr-19 Oct-20 ~~+14%*~~ ('000 Metric Tonnes) Existing major LPG pipelines in India Name of Pipeline Owner Length (KM) Capacity (MMT) Panipat-Jalandhar pipeline IOCL 280 0.70 Paradip Haldia Durgapur pipeline (1) IOCL 873 1.30 Mumbai-Uran pipeline BPCL 28 0.80 Jamnagar-Loni pipeline GAIL 1414 2.50 Vizag-Secunderabad pipeline GAIL 618 1.30 Mangalore-Hassan-Mysore-Bangalore LPG HPCL 356 1.90 Uran-Chakan-Shikrapur LPG Pipeline (4) HPCL 169 1.00	Gross Tankage 869 878 912 929 978 988 Apr-16 Apr-17 Apr-18 Apr-20 Apr-19 Oct-20 ~~+14%*~~ ('000 Metric Tonnes) Existing major LPG pipelines in India Name of Pipeline Owner Length (KM) Capacity (MMT) Panipat-Jalandhar pipeline IOCL 280 0.70 Paradip Haldia Durgapur pipeline (1) IOCL 873 1.30 Mumbai-Uran pipeline BPCL 28 0.80 Jamnagar-Loni pipeline GAIL 1414 2.50 Vizag-Secunderabad pipeline GAIL 618 1.30 Mangalore-Hassan-Mysore-Bangalore LPG HPCL 356 1.90 Uran-Chakan-Shikrapur LPG Pipeline (4) HPCL 169 1.00	Gross Tankage 869 878 912 929 978 988 Apr-16 Apr-17 Apr-18 Apr-20 Apr-19 Oct-20 ~~+14%*~~ ('000 Metric Tonnes) Existing major LPG pipelines in India Name of Pipeline Owner Length (KM) Capacity (MMT) Panipat-Jalandhar pipeline IOCL 280 0.70 Paradip Haldia Durgapur pipeline (1) IOCL 873 1.30 Mumbai-Uran pipeline BPCL 28 0.80 Jamnagar-Loni pipeline GAIL 1414 2.50 Vizag-Secunderabad pipeline GAIL 618 1.30 Mangalore-Hassan-Mysore-Bangalore LPG HPCL 356 1.90 Uran-Chakan-Shikrapur LPG Pipeline (4) HPCL 169 1.00	Gross Tankage 869 878 912 929 978 988 Apr-16 Apr-17 Apr-18 Apr-20 Apr-19 Oct-20 ~~+14%*~~ ('000 Metric Tonnes) Existing major LPG pipelines in India Name of Pipeline Owner Length (KM) Capacity (MMT) Panipat-Jalandhar pipeline IOCL 280 0.70 Paradip Haldia Durgapur pipeline (1) IOCL 873 1.30 Mumbai-Uran pipeline BPCL 28 0.80 Jamnagar-Loni pipeline GAIL 1414 2.50 Vizag-Secunderabad pipeline GAIL 618 1.30 Mangalore-Hassan-Mysore-Bangalore LPG HPCL 356 1.90 Uran-Chakan-Shikrapur LPG Pipeline (4) HPCL 169 1.00
Name of Pipeline	Owner	Length (KM)	Capacity (MMT)
Panipat-Jalandhar pipeline	IOCL	280	0.70
Paradip Haldia Durgapur pipeline (1)	IOCL	873	1.30
Mumbai-Uran pipeline	BPCL	28	0.80
Jamnagar-Loni pipeline	GAIL	1414	2.50
Vizag-Secunderabad pipeline	GAIL	618	1.30
Mangalore-Hassan-Mysore-Bangalore LPG	HPCL	356	1.90
Uran-Chakan-Shikrapur LPG Pipeline (4)	HPCL	169	1.00

Aegis is best placed to leverage the Pipeline Infrastructure

Source: PPAC

8

*Gross tankage includes LPG tankage at LPG bottling plants owned by PSU oil companies, all refineries, fractionators and LPG import terminals

Increasing LPG imports will need Terminal Capacity

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(Million Metric Tonnes)
Domestic Supply Base Case Demand High Growth Scenario Linear (High Growth Scenario)
60
50
Imports : 38
40
30 27.59 Imports : 25
20
Imports : 16.5
10 12.07
0
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Source: PPAC/IOC and Management Estimates

9

Continued investments in growth

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Kandla Port – New LPG Project Pipavav - Brownfield Expansion
Kandla Port
Capacity Capacity
› Static : 45,000 MT – 2 Fully › Static : Existing - 18,300 MT &
Additional - 3,800 MT
Refrigerated Tanks of 22,500 MT each
› Throughput : 4,000,000 MT at full › Throughput : Existing - ~14,00,000
utilization MT & Additional - ~2,00,000 MT
Pipeline grid at Kandla Port Railway Gantry for LPG
› JLPL Pipeline and proposed KGPL line › Agreement with Port reached
Pipavav Railway Gantry
›
Railway Gantry Commissioned
Project Completion Date Project Completion Date
› H1 FY22 › H2 FY22
Project Cost Project Cost
› Rs. 350 crs › Rs. 75 crs
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Growth investment to double the capacity by end 2021

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LPG Static Capacity Post Expansion

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('000 Metric Tonnes)
Mumbai Pipavav
Static Capacity MT
+87 MT
20 20 22
112
5
~4x
2015-16 2020-21 2015-16 2020-21
63 63
Haldia Kandla
38
25 45
28
25
NIL NIL
2015-16 2016-17 2017-18 2018-19 2019-20 2021-22 (E)
2015-16 2020-21 2015-16 2021-22 (E)
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*2019-20 Capacity: 63,300 MT + Kandla: 45,000 MT + Pipavav: 3,800 MT = Total Capacity : 112,100 MT

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Advantage Aegis will be long gestation period for LPG Infrastructure

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LPG Throughput Capacity Post Expansion

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('000 Metric Tonnes)
Mumbai Pipavav
Throughput Capacity MT
+8,850 MT
1,500 1,600
9,600
~13x 500 250
2015-16 2020-21 2015-16 2020-21
5,000 5,000
Haldia Kandla
2,500 2,500 4,000
1,300
750
NIL NIL
2015-16 2016-17 2017-18 2018-19 2019-20 2021-22 (E)
2015-16 2020-21 2015-16 2021-22 (E)
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Volumes handled by LPG terminals

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‘000 MT

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Average ~436 Average ~631 Average ~756 Average ~728
Q1 FY22 volumes
958 were impacted due
to:
710 751 728 700 723 775 715 • Cyclone Tauktae
663 at Pipavav
576 572 588 568 •
Cyclone Yaas at
521
479 Haldia
442
• State Elections in
302
West Bengal
•
Covid-19 Second
wave
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FY22
FY18 FY19 FY20 FY21
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Volumes delivered by high margin retail business

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‘000 MT

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Average ~20 Average ~29 Average ~41 Avg ~29
46
41 41
37
35
34
34
33
31 31
28
21 21 22
18
17
13
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FY22
FY18 FY19 FY20 FY21
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14

Volumes sourced by the JV - Aegis Group International Pte. Ltd (AGI)

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Sourcing Sourcing Volumes
('000 Metric Tonnes)
Q1 Q3
Q2 Q4
40% 60% 1,861
452
1,232
1,177
216 542
233
870
270
Shipping
Sourcing 158
353
442 143
273
› ITOCHU Corporation is third-largest Japanese Sogo 306
Shosha (general trading Company) and One of the 374
473
largest global LPG companies by sales volumes 425
285
195
› Attaining cost leadership in the LPG import market 100
and lowering the delivered price to most FY18 FY19 FY20 FY21 FY22
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• › Attaining cost leadership in the LPG import market and lowering the delivered price to most competitive levels

15

Way forward for the LPG terminalling & throughput

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“Further Increase LPG Capacity” Increase in Throughput Volumes
›
Operational
› Potential incremental volumes of 0.5 Mn MT
Uran Chakan
per year
Pipeline
Kandla
›
Operational
Haldia Railway › Potential incremental volumes of 0.3 - 0.5 Mn
Pipavav interconnectivity in MT per year
Mumbai Pipavav
One Additional LPG Terminal in
South India
›
To be completed in H1FY22
Debottlenecking and expansion at ›
Potential incremental budgeted volumes for
existing terminals in Haldia, New LPG Terminal
FY22 is 1 Mn MT
Mumbai and Pipavav at Kandla
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Note: Maps not to scale

16

Way forward for the LPG retailing

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Growth plans in Retail LPG business

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AutoGas

Current : 128 stations over 10 states

Growth Plans : 200 stations over 20 states

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Commercial LPG Market

Expansion into a national distribution network for hotels, restaurants, industry under Aegis puregas & Magna brand

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Domestic LPG Market

Expansion in Tier 1, 2 & 3 urban cities with distributors and POS under Aegis Chota Cikander brand of 2kg, 4kg, 12kg & 19kg products

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LPG Bottling Plants

Up to 37 LPG bottling plants including Aegis owned sites and third-party filling plants under contract on a national scale

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Liquid Division

Liquid terminals to handle diversified products

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• › Provides import, export, storage, and logistics services, handling Class A, B, and C products as well as all types of chemicals, POL Products and Vegetable Oils

• › Tanks includes MS, SS, Epoxy Coated, IFR tanks

• › Pipeline connectivity with major clients like HPCL, BPCL, HPFR, BPFR and Oil installations in Sewree and Wadala

• › Connection to Berths at the Port

Location	Capacity
Mumbai	273,000 KL
Kochi*	71,000 KL
Haldia*	173,500 KL
Pipavav	120,120 KL
Kandla	140,000 KL
Mangalore*	75,000 KL

• › Connected to Jetty via MS and SS Pipelines

› Electronic Weighbridge

› Real time on SAP R/3 systems

• › Thermic Fluid Heater, Nitrogen blanketing facility in the tanks etc.

*Capacity post expansion

19

Continued investment in growth

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Built up of Capacities
Kochi Expansion
(‘000 KL)
Capacity : 20,000 KL
75 853
25 Project Cost : Rs. 15 Crs
50
Completion Date : H2FY22
140
120
174 Haldia Expansion
120 Capacity : 53,500 KL
71 54 Project Cost : Rs. 35 Crs
51
273 20 Completion Date : H1FY22
Mangalore Expansion
Capacity : 50,000 KL
Project Cost : Rs. 35 Crs
Completion Date : H1FY22
Existing Expansion
Mumbai Kochi Haldia Pipavav Kandla Mangalore Total
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Experience & Relationships

Strong Management Team

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Raj Chandaria
Chairman & MD
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Rajiv Chohan
President – Business Development
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Anish Chandaria
Vice Chairman & MD
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Sudhir Malhotra
Group President & COO
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K.S. Sawangt Murad Moledina
President – Operations & Projects Chief Financial Officer
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22

Large & Diversified Client Relationships

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The Brand names mentioned are the property of their respective owners and are used here for identification purpose only

23

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Resilient Business Performance

Sustainable Profitability in both the divisions

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Q1 FY22 Performance
-3%
118 114
Q1FY21 Q1FY22
-2%
92 90
Q1FY21 Q1FY22
Normalized EBITDA
Normalized PBT^
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Liquid Division – Normalized EBITDA
+23%
49
40
Q1FY21 Q1FY22
Gas Division – Normalized EBITDA
-16%
78
65
Q1FY21 Q1FY22
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

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

25

Gas division performance - EBITDA*

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Rs. in Cr.
Increasing throughput Increase in wallet Increasing Retail &
by continuous capacity share & Addition in Distribution Sustainable Business
expansion new customers business of LPG
Average ~51 Average ~77 Average ~106 Average ~91
122 122
108
99
91
89
85
80 78 80 78
65
62
59
54
51
39
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FY22
FY18 FY19 FY20 FY21
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

26

Record Performance in Liquid Division

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Revenue (Rs. In Cr.) Normalized EBITDA (Rs. In Cr.) Revenue
+13% +24%
+19%
234 173
66
208 55
140
183
168
103 104
Q1 FY21 Q1 FY22
Normalized EBITDA
+23%
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
49
40
New Capacities fully operational
Margins shows significant improvement
Q1 FY21 Q1 FY22
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

27

Q1FY22 Consolidated profitability statement

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	Rs. In Cr.	Q1 FY22	Q1 FY21	Y-o-Y %	FY21	FY20
	Revenue	678	636	7%	3,843	7,183
	Cost of Sales	524	488		3,166	6,472
	Others	40	30		142	148
	**Normalized EBITDA (Segment) ***	114	118	-3%	535	563
	Finance, Hedging & Forex related Expenses (Net)	-3	-		-4	11
	Depreciation	19	18		71	69
	Unallocated Expenses	8	8		35	37
	Normalized PBT^	90	92	-2%	433	446
	Expenses as per Employee Stock Purchase Plan	-	42		98	239
	Profit Before Tax	90	50	80%	335	207
	Tax	18	13		86	74
	Profit after Tax	72	37	94%	249	133

• Normalized EBITDA – Before Forex, Hedging Related Expenses

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

28

Consolidated balance sheet

ASSETS(Rs. In Cr.)	Mar-21	Mar-20
Non-Current Assets
Property,Plant and Equipment	1,709	1,697
Capital Work in Progress	488	220
Other Intangible Assets	1	1
Goodwill	1	1
Financial Assets
Investments	0	0
Loan to Employees	151	48
Other financial assets	14	13
Current Tax Assets(Net)	36	26
Deferred Tax Assets(Net)	40	47
Other Non-Current Asset	41	16
Sub-total Non-Current Assets	2,480	2,069
Current Assets
Inventories	52	42
Financial Assets
Investments	-	7
Trade Receivables	94	454
Cash and Cash Equivalents	297	222
Bank Balance other than above	39	41
Other Financial Assets	32	16
Other Current Assets	87	68
Total Current Assets	602	852
TOTAL - ASSETS	3,082	2,921

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EQUITIES AND LIABILITIES(Rs. In Cr.)	Mar-21	Mar-20
Equity
EquityShare Capital	35	34
Other Equity	1,901	1,621
Equity Attributable to owners	1,936	1,655
Non controllingInterest	109	91
Sub-total Equity	2,045	1,745
Liabilities
Non-Current Liabilities
Financial Liability
Borrowings	112	49
Other financial liabilities	324	316
Provisions	13	14
Deferred tax liabilities(Net)	81	31
Other non-current liabilities	1	1
Total Non-Current Liabilities	531	411
Current Liabilities
Financial Liability
Borrowings	231	167
Trade Payables	75	402
Other financial liabilities	151	138
Other current Liabilities	41	37
Provisions	3	4
Current Tax Liabilities(Net)	5	16
Total Current Liabilities	506	764
TOTAL EQUITIES AND LIABILITIES	3,082	2,921

29

Cash flow generation with a disciplined capital investment

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In Rs. Crs	FY21	FY20
Profit before tax	336	208
Operating Profit Before Working Capital Changes	499	523
Net cash inflow from operating activities (A)	442	146
Net cash inflow/(outflow) from investing activities (B)	-428	-151
Net cash outflow from financing activities (C)	61	-126
Net increase/(decrease) in cash and cash equivalents (A+B+C)	74	-131
Cash and cash equivalents at the beginning of the year	222	353
Cash and cash equivalents at the end of the year	297	222

30

Increasing dividend to create shareholders value

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Dividend
32% 35% 44% 34% 24% 32% 34% 25% 22% 45% 28%
Payout
Dividend Paid Net Profit
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252 250
198
134
120
113
103
70
61 61
56
50
47
41
34 36
22 21 25
15 15
8
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Rs. In Cr.

*Includes non-cash expenses of Rs. 239 Crores in FY20 & Rs. 98 Crores in FY21 on account of Employee Stock Purchase Plan

31

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Aegis Vopak Terminals Limited

Formation of JV – Aegis Vopak Terminals Ltd

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Aegis is India’s leading liquid and LPG tank terminal owner and operator

Vopak is the world’s leading independent tank storage company, storing oil, chemicals, gases, biofuels and edible oils

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• Aegis and Vopak propose to form a JV to take advantage of the numerous growth opportunities in the field of oil, gas and chemical logistics in India

• JV co to be named Aegis Vopak Terminals Ltd (AVTL) will be 51% owned by Aegis and 49% by Vopak

• Win-Win proposition for both companies:

• ✓ Aegis brings Indian market leadership, superb execution capabilities and portfolio of profitable assets.

• ✓ Vopak brings global expertise and standards, new .

• product capabilities and global customers

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Enhancing Stakeholders Value

Benefits from the Deal

Existing Business of Aegis

• Scale up its Liquid and LPG Terminals business on an accelerated basis

• 100% owned Mumbai liquid and LPG terminals

• Pool financial, management and technical resources for diversification into other types of gas and other products storage by combining with the global leader Vopak

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• 100% owned Retail Business

• Dividend flows from HALPG

• • Dividend income from AVTL Explore new growth opportunities in Renewable and Sustainable Energy

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Way Forward

Core Principles of Strong Balance Sheet & Free Cash Flows

Focus on scaling up the Retail Business

Significantly enhanced forecast EPS growth post-deal, due to accelerated growth plans of Terminals business and potential growth opportunities beyond LPG

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Thank You

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Aegis Logistics Limited CIN: L63090GJ1956PLC001032 Mr. Murad Moledina, CFO murad@aegisindia.com

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Ms. Payal Dave +91 9819916314 Payal.Dave@linkintime.co.in Mr. Sagar Shroff +91 9820519303 sagar.shroff@linkintime.co.in

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