Aegis Logistics Ltd. — Investor Presentation 2021

Jan 29, 2021

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AEGIS LOGISTICS LIMITED

Investor Presentation Jan 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

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Aegis at a glance

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EBITDA Contribution
Liquid Division Business Activities
Gas
› Third Party Liquid Logistics (3PL) Division
70%
› O&M Services
9MFY21
Gas Division Business Activities EBITDA [] Rs. 390 Cr
›
Third Party Gas Logistics (3PL)
›
Auto Gas Retailing
Liquid
› Packed LPG Cylinders for Commercial Division
segment 30%
› Industrial Gas Distribution
Liquid Division Gas Division
›
Gas Sourcing
›
Marine Products Distribution (Bunkering)
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

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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 and • 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

• Network of 121 Autogas stations in 10 states

• Network of 202 LPG distributors across 100 cities in 12 states

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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
14,809
26,330 Production
Imports
Consumption
12,823
› CAGR: 7.2%
6,149
Imports / Consumption (%)
2000-01 12%
853 2019-20 56%
7,016
To cater to rising consumption
Production Imports
of LPG, dependency on
imports have increased.
CAGR: 3.9% CAGR: 16.2% 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
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
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Source: PPAC

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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
265
224
199
166
72 80 80
20 36
Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Oct-20
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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

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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
60
50
50
Imports : 38
40 43.5
30 Imports : 25
26.3
Imports : 14
20
14.9
12.8
10
12
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
› FY21 › FY21
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

('000 Metric Tonnes)

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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 2020-21
2015-16 2020-21 2015-16 2020-21
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Advantage Aegis will be long gestation period for LPG Infrastructure

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LPG Throughput Capacity Post Expansion

('000 Metric Tonnes)

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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 2020-21
2015-16 2020-21 2015-16 2020-21
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Volumes handled by LPG terminals

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‘000 MT	‘000 MT
	Average ~436					Average ~631					Average ~756			Avg ~733					Improvement in
																			volumes on
																			Q-o-Q basis
												958
							663	710			751	728	700			723	775		~4% drop in volumes for
						576		572		588									9MFY21 on Y-o-Y
			521																basis
	302	442		479															Resilient storage &
																			handling demand
Q4 FY18 Q2 FY18 Q1 FY18 Q3 FY18					Q4 FY19 Q3 FY19 Q1 FY19 Q2 FY19				Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20				Q1 FY21		Q2 FY21 Q3 FY21

13

Volumes delivered by high margin retail business

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‘000	MT
		Average ~20			Average ~29		Average ~41		Avg ~27			Improvement in Distribution
												volumes on Q-o-Q
												basis
							46
							37 41 41			35		~32% drop in
					34				33			volumes for
					28	31						9MFY21 on account of nation-
												wide lockdown
	18	17 21		21	22			13				Volumes inching
												toward pre-covid
												levels
Q1	FY18	Q2 FY18 Q3 FY18	Q4 FY18		Q2 FY19 Q3 FY19 Q1 FY19 Q4 FY19		Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20	Q1 FY21	Q3 Q2 FY21	FY21

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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
270
Shipping
Sourcing
353
675
442
273 158
› ITOCHU Corporation is third-largest Japanese Sogo 306 143
Shosha (general trading Company) and One of the
473
largest global LPG companies by sales volumes 425
374
285
› Attaining cost leadership in the LPG import market
and lowering the delivered price to most FY18 FY19 FY20 9MFY21
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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 FY21
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

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Way forward for the LPG retailing

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Growth plans in Retail LPG business

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AutoGas

Current : 121 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

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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 : FY21
140
120
174 Haldia Expansion
120 Capacity : 53,500 KL
71 54 Project Cost : Rs. 35 Crs
51
273 20 Completion Date : FY21
Mangalore Expansion
Capacity : 50,000 KL
Project Cost : Rs. 35 Crs
Completion Date : Jan-21
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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Q3 & 9MFY21 Performance
-3%
402 390
+18%
157 147
125
Q3FY20 Q2FY21 Q3FY21 9MFY20 9MFY21
-2%
318 313
+38%
130 120
87
Q3FY20 Q2FY21 Q3FY21 9MFY20 9MFY21
Normalized EBITDA
Normalized PBT^
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Liquid Division – Normalized EBITDA
+18%
119
100
-1%
39 39
36
Q3FY20 Q2FY21 Q3FY21 9MFY20 9MFY21
Gas Division – Normalized EBITDA
-10%
302
271
+26%
122
108
85
Q3FY20 Q2FY21 Q3FY21 9MFY20 9MFY21
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

25

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

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 Avg ~90 122 122 108 99 89 85 80 78 80 78 62 59 54 51 39 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21

• Normalized EBITDA – Before Forex, Hedging Related Expenses

26

Liquid division performance

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Revenue (Rs. In Cr.) Normalized EBITDA (Rs. In Cr.) Revenue
+4%
208 140
+18%
57
+9% 55
183
119
168 169
154 103 104
100
Q3 FY20 Q3 FY21
Normalized EBITDA
+10%
FY18 FY19 FY20 9MFY20 9MFY21 FY18 FY19 FY20 9MFY20 9MFY21
39
36
New Capacities fully operational
Margins to improve with better utilization of new capacities
Q3 FY20 Q3 FY21
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

27

Consolidated profitability statement

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	Rs. In Cr.	Q3 FY21	Q3 FY20	Y-o-Y %	Q2FY21	Q-o-Q	9M FY21	9M FY20	Y-o-Y %	FY20
	Revenue	1,546	2,169	-29%	650	138%	2,832	5,942	-52%	7,183
	Cost of Sales	1,364	1,969		488		2,340	5,423		6,472
	Others	34	42		38		103	117		148
	**Normalized EBITDA (Segment) ***	147	157	-7%	125	18%	390	402	-3%	563
	Finance, Hedging & Forex related Expenses (Net)	-2	6		-1		-2	10		11
	Depreciation	18	17		18		53	50		69
	Unallocated Expenses	11	5		17		25	24		37
	Normalized PBT^	120	130	-7%	101	19%	313	318	-2%	446
	Expenses as per Employee Stock Purchase Plan	14	42		14		70	197		239
	Profit Before Tax	106	88	21%	87	22%	243	122	99%	208
	Tax	28	29		23		64	34		74
	Profit after Tax	78	59	32%	64	22%	179	87	105%	134

Note: During the quarter ended Sep 30, 2019, the Company allotted 56,66,667 equity shares of the FV 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

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

28

Consolidated balance sheet

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 financial assets	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

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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-current liabilities	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 current Liabilities	38	37
Provisions	4	4
Current Tax Liabilities(Net)	18	16
Total Current Liabilities	621	764
TOTAL EQUITIES AND LIABILITIES	2,904	2,921

29

Cash flow generation with a disciplined capital investment

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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

30

Increasing dividend to create shareholders value

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Dividend
32% 35% 44% 34% 24% 32% 34% 25% 22% 45%
Payout
Dividend Paid Net Profit
252
Rs. In Cr.
198
134
120
113
103
61 61
56
50
47
41
34 36
22 21 25
15 15
8
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
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• • Includes non-cash expenses of Rs. 239 Crores on account of Employee Stock Purchase Plan

31

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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