Aegis Logistics Ltd. — Investor Presentation 2021

Oct 28, 2021

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AEGIS LOGISTICS LIMITED

Investor Presentation October 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

Record Profits of Rs. 101 Crores in Q2FY22

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19% 23% 58%
Normalized Normalized
PAT
y-o-y y-o-y y-o-y
EBITDA PBT
30% 38% 41%
Rs. 101 Crores
Rs. 148 Crores Rs. 124 Crores
q-o-q q-o-q q-o-q
Liquid Division – Normalized EBITDA Gas Division – Normalized EBITDA
Liquid division continues to perform
strong with the new capacities at
+17% +19%
Kandla, Mangalore and Haldia
49 101
46
-6%
85
40
+55%
65
LPG handled at our terminal increased
by 30% and high margin retail
distribution volumes increased by 16%
compared to last quarter
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
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Normalized EBITDA – Before Forex, Hedging Related Expenses Normalized PBT – Before Expenses as per Employee Stock Purchase Plan

Progress in proposed capex plan in view of strong demand scenario

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Aegis Vopak Terminals Ltd (AVTL) is expected to achieve financial closure on or before March 2022

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Aegis has secured through auction two new land parcels, 2.5 acres in Haldia (which we will now onwards refer as H5) and 21 acres in Mangalore port

Aegis Vopak Terminals Ltd (AVTL)

• Company proposes as per the business plan with Vopak, to proceed with 5 Capex Plan out of 12 agreed with Royal Vopak

Order Wins

Secured international sourcing tenders for LPG from National Oil Company for the calendar year ~ 2022 for 18 VLGC aggregating to 800,000 metric tons amidst stiff international competition and also expect a few more tender bids

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• To set up Liquids and Gas Terminalling facilities at Pipavav, Haldia, Mangalore and Kochi.

• It is proposed to add 175,000 kilo litres of liquid storage capacity and 100,000 MT of gas storage capacity

• These projects will eventually be in Aegis Vopak Terminals Limited (AVTL)

Signed a 10 + 15 years contract for the use of 21,000 kilo liters of petroleum storage at Kochi with Shell

• The Capital expenditure envisaged for the above is approximately Rs. 1,250 crores.

• Currently, environmental permits, license applications and engineering drawings are underway

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4

Gas Division– Strong growth in Logistics Volumes handled

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‘000 MT
Average ~436 Average ~631 Average ~756 Average ~728
958
775
710 751 728 700 723 715 738
663
576 572 588 568
521
479
442
302
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY18 FY19 FY20 FY21 FY22
Mumbai Terminal also has good Pipavav Terminal, good news is
Haldia Terminal showed strong
traction with IOC, HPCL and BPCL that all three oil companies have
growth in volumes
all bringing imports started using the LPG rail gantry
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5

Gas Division – Enablers for higher unloading and turnaround

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• › Haldia Terminal recorded good volumes

• › Additional Jetty LPG Pipeline is expected to commission in Q3; increasing the unloading rate at Haldia

Haldia

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• › HPCL has received permission from PNGRB to lay a pipeline from Aegis Haldia Terminal to its Panagarh Bottling plant and now is in process to execute the same

• › The cross-country pipeline Paradip to Durgapur is operational and presently being utilized by IOC. This will enable one more mode of evacuation of product from our facility for HPCL going forward

• › Mumbai Terminal showed good traction with IOC, HPCL and BPCL all bringing imports

Mumbai

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• › The Uran-Chakan pipeline is being used extensively used by HPCL

• › Additional Jetty LPG Pipeline is completed and expected to commission

• › Pipavav Terminal, good news is that all three oil companies have started using the LPG rail gantry

Pipavav

• › During the quarter Pipavav Port has started work on making the LPG jetty compliant for handling VLGC

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• › Preliminary work for connecting Pipavav into KGPL pipeline started

Note: Maps not to scale

6

Gas Division - Volumes delivered by high margin retail business

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18 17 21 21 22 28 34 31 37 41 41 46 13 33 35 34 31 36 Q4 Q4 Q1 Q2 Q3 Q3 Q2 Q1 Q1 Q2 Q3 Q4 Q2 Q1 Q2 Q3 Q4 Q1 Average ~20 Average ~29 ‘000 MT Average ~41 Avg ~29 FY18 FY19 FY20 FY21 FY22 Bulk Industrial 23,545 MT 6% q-o-q Commercial & Domestic Cylinder 6,313 MT 25% q-o-q Auto Gas 5,987 MT 68% q-o-q	18 17 21 21 22 28 34 31 37 41 41 46 13 33 35 34 31 36 Q4 Q4 Q1 Q2 Q3 Q3 Q2 Q1 Q1 Q2 Q3 Q4 Q2 Q1 Q2 Q3 Q4 Q1 Average ~20 Average ~29 ‘000 MT Average ~41 Avg ~29 FY18 FY19 FY20 FY21 FY22 Bulk Industrial 23,545 MT 6% q-o-q Commercial & Domestic Cylinder 6,313 MT 25% q-o-q Auto Gas 5,987 MT 68% q-o-q	18 17 21 21 Average ~20	22 28 34 31 37 41 41 46 13 33 35 34 31 36 Average ~29 Average ~41 Avg ~29
	Q4 Q1 Q2 Q3 FY18

7

Gas Division – Strengthened LPG retailing network

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• 425 KG Magna Cylinder was launched in East zone and we have also entered East zone for fuel retailing

• Commissioned 3 bottling plants at Udupi, Bangalore and Hyderabad

• Expect to commission additional two at Wada and Jamnagar in this quarter

• Addition of 5 gas stations till September

• Commissioning of few more stations on the way

• 15 new distributors and have now presence in 14 states

• Pipeline of around 60 new dealers

• EBITDA margins have gone up to an average of Rs. 10,000 per MT

• 60 new applications for distributorship is work in progress

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Commercial LPG Market
Domestic LPG Market
LPG Bottling Plants
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Gas Division - Volumes sourced by the JV

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Sourcing
40% 60%
Shipping
Sourcing
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• › ITOCHU Corporation is third-largest Japanese Sogo Shosha (general trading Company) and One of the largest global LPG companies by sales volumes

• › Attaining cost leadership in the LPG import market and lowering the delivered price to most competitive levels

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Sourcing Volumes
('000 Metric Tonnes)
Q1 Q3
Q2 Q4
1,861
452
1,232
1,177
216 542
233
870
270
158
353
442 143
273
306
374
473
425
285
195 100
60
FY18 FY19 FY20 FY21 FY22
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9

Gas Division – Expansion Plans

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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
› H2 FY22 › H2 FY22
Project Cost Project Cost
› Rs. 350 crs › Rs. 75 crs
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Gas Division - Pipelines will change the future of Terminalling

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IHB has made significant progress on the KGPL pipeline (aka Central India LPG pipeline) which is expected to commission phase 1 by December 2022. This is world’s longest LPG pipeline 2800 km long and with a capacity to carry 8.25 million tons, about 25% of India’s total LPG demand

• IHB has started preliminary work to construct Pump house and manifold at Pipavav to connect into our terminal KGPL pipeline. Pipavav capacity out of this will be 1.5 million tons

During the quarter Pipavav Port has started work on making the LPG jetty compliant for handling VLGC with completion expected by April 2022

Barge loading of LPG for Inland Waterways trial run as RORO already completed at Haldia

Kandla Oil Jetty # 7 which will be VLGC compliant work continues and expected to be completed by June 2022

KGPL Pipeline + Rail LPG Gantry + LPG Jetty for VLGC + RORO = Secure extensive usage of LPG Terminals

Higher Volumes

Better Cost Economies

Faster Turnaround

11

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
99 101
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 Q1 Q2
FY18 FY19 FY20 FY21 FY22
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

12

Liquid Division – Sustainable performance delivered

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Revenue (Rs. In Cr.) Normalized EBITDA (Rs. In Cr.) Revenue
+13% +24%
+14%
234 173
64
208 56
140
183
168
103 104
130 95
Q2 FY21 Q2 FY22
Normalized EBITDA
+17%
FY18 FY19 FY20 FY21 H1FY22 FY18 FY19 FY20 FY21 H1FY22
46
40
New Capacities fully operational
Margins shows significant improvement
Q2 FY21 Q2 FY22
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

13

Liquid Division – Expansion Plans

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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 : H2 FY22
140
120
174 Haldia Expansion
120 Capacity : 53,500 KL
71 54 Project Cost : Rs. 35 Crs
51
273 20 Completion Date : H1 FY22
Mangalore Expansion
Capacity : 50,000 KL
Project Cost : Rs. 35 Crs
Completion Date : H1 FY22
Existing Expansion
Mumbai Kochi Haldia Pipavav Kandla Mangalore Total
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14

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Business Overview

Aegis at a glance

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EBITDA Contribution
Liquid Division Business Activities
Gas
Division
›
Third Party Liquid Logistics (3PL)
69%
› O&M Services
Q2 FY22
Gas Division Business Activities EBITDA [] Rs. 148 Crs
›
Third Party Gas Logistics (3PL)
›
Auto Gas Retailing
Liquid
› Packed LPG Cylinders for Commercial Division
segment 31%
› Industrial Gas Distribution
Liquid Division Gas Division
›
Gas Sourcing
›
Marine Products Distribution (Bunkering)
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• Normalized EBITDA – Before Forex, Hedging Related Expenses

16

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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 129 Autogas stations in 10 states

• Network of 244 LPG distributors across 100 cities in 14 states

18

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

19

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

20

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

21

*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

22

Growth investment to double the capacity by end 2022

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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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24

Way forward for the LPG retailing

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Growth plans in Retail LPG business

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AutoGas

Current : 129 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

27

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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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Sudhir Malhotra Group President & COO

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K.S. Sawangt Murad Moledina President – Operations & Projects Chief Financial Officer

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29

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

30

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Resilient Business Performance

Q1FY22 & H1FY22 - Consolidated profitability statement

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	Rs. In Cr.	Q2 FY22	Q2 FY21	Y-o-Y %	Q1 FY22	Q-o-Q%	H1 FY22	H1 FY21	Y-o-Y%
	Revenue	635	650	-2%	678	-6%	1,313	1,287	2%
	Cost of Sales	445	488		524		969	976
	Others	42	38		40		82	68
	**Normalized EBITDA (Segment) ***	148	125	19%	114	30%	262	243	8%
	Finance, Hedging & Forex related Expenses (Net)	-5	-1		-3		-8	0
	Depreciation	19	18		19		38	36
	Unallocated Expenses	10	7		8		18	14
	Normalized PBT^	124	101	23%	90	38%	214	193	11%
	Expenses as per Employee Stock Purchase Plan	0	14		-		0	56
	Profit Before Tax	124	87	43%	90	38%	214	137	56%
	Tax	23	23		18		41	36
	Profit after Tax	101	64	58%	72	31%	173	101	72%

• Normalized EBITDA – Before Forex, Hedging Related Expenses

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

32

Consolidated balance sheet

ASSETS(Rs. In Cr.)	Sept-21	Mar-21
Non-Current Assets
Property,Plant and Equipment	1,681	1,709
Capital Work in Progress	607	488
Other Intangible Assets	1	1
Goodwill	1	1
Financial Assets
Investments	0	0
Loan to Employees	151	151
Other financial assets	15	14
Current Tax Assets(Net)	33	36
Deferred Tax Assets(Net)	42	40
Other Non-Current Asset	31	41
Sub-total Non-Current Assets	2,562	2,480
Current Assets
Inventories	63	52
Financial Assets
Investments	0	-
Trade Receivables	102	94
Cash and Cash Equivalents	315	297
Bank Balance other than above	40	39
Other Financial Assets	47	32
Other Current Assets	114	87
Total Current Assets	681	602
TOTAL - ASSETS	3,243	3,082

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EQUITIES AND LIABILITIES(Rs. In Cr.)	Sept-21	Mar-21
Equity
EquityShare Capital	35	35
Other Equity	2088	1,901
Equity Attributable to owners	2123	1,936
Non controllingInterest	149	109
Sub-total Equity	2,272	2,045
Liabilities
Non-Current Liabilities
Financial Liability
Borrowings	90	112
Other financial liabilities	329	324
Provisions	14	13
Deferred tax liabilities(Net)	81	81
Other non-current liabilities	1	1
Total Non-Current Liabilities	514	531
Current Liabilities
Financial Liability
Borrowings	245	304
Trade Payables	61	75
Other financial liabilities	65	78
Other current Liabilities	49	41
Provisions	3	3
Current Tax Liabilities(Net)	34	5
Total Current Liabilities	457	506
TOTAL EQUITIES AND LIABILITIES	3,243	3,082

33

Cash flow generation with a disciplined capital investment

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In Rs. Crs	Sept-21	Sept-20
Profit before tax	214	137
Operating Profit Before Working Capital Changes	244	227
Net cash inflow from operating activities (A)	168	159
Net cash inflow/(outflow) from investing activities (B)	-49	-78
Net cash outflow from financing activities (C)	-101	-19
Net increase/(decrease) in cash and cash equivalents (A+B+C)	18	62
Cash and cash equivalents at the beginning of the year	297	222
Cash and cash equivalents at the end of the year	315	285

34

Increasing dividend to create shareholders value

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----- Start of picture text -----

Dividend
32% 35% 44% 34% 24% 32% 34% 25% 22% 45% 28%
Payout
Dividend Paid Net Profit
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----- Start of picture text -----

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

35

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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

37

Enhancing Stakeholders Value

Benefits from the Deal

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

• 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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• Explore new growth opportunities in Renewable and Sustainable Energy

Existing Business of Aegis

• 100% owned Mumbai liquid and LPG terminals

• 100% owned Retail Business

• Dividend flows from HALPG

• Dividend income from AVTL

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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

38

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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