Aegis Logistics Ltd. — Investor Presentation 2021

Jul 30, 2021

AEGIS LOGISTICS LIMITED

Investor Presentation July 2021

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

Safe Harbor

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

Aegis at a glance

Gas Division

Integrated Supply Chain Service Provider

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

LPG Sourcing

• LPG Sourcing JV with Itochu in Singapore

Strategic Port Location

• Terminals at key ports:
• Mumbai, Haldia, Pipavav & Kandla

Storage Terminals

• Refrigerated Gas Terminal in Mumbai, Haldia and Kandla (under construction)

• Pressurized Gas Terminal in Pipavav

Pipelines & Connectivity

• Pipelines Connectivity
• Road Connectivity
• Rail Connectivity

Auto Gas, Commercial & Industrial Distribution

• Network of 128 Autogas stations in 10 states
• Network of 229 LPG distributors across 100 cities in 14 states

Overcoming India's clean cooking challenge

Government pushes for LPG in rural

2013: PAHAL (DBTL) 2016: GiveItUp Campaign 2016: PM Ujjwala Yojana 2020: PM Gareeb Kalyan Package

Significant investments and infrastructure strengthening in LPG sector

Existing major LPG pipelines in India			Gross Tankage*
Name of Pipeline	Owner	Length (KM)	Capacity (MMT)	('000 Metric Tonnes)
Panipat-Jalandhar pipeline	IOCL	280	0.70	+14%
ParadipHaldia Durgapur pipeline (1)	IOCL	873	1.30	988978929912878869
Mumbai-Uranpipeline	BPCL	28	0.80
Jamnagar-Loni pipeline	GAIL	1414	2.50
Vizag-Secunderabadpipeline	GAIL	618	1.30
Mangalore-Hassan-Mysore-Bangalore LPG	HPCL	356	1.90	678900
Uran-Chakan-ShikrapurLPG Pipeline (4)	HPCL	169	1.00	111122r-r-r-r-r-ct-pppppOAAAAA

Aegis is best placed to leverage the Pipeline Infrastructure

Source: PPAC

*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

Capacity

• › Static : 45,000 MT 2 Fully Refrigerated Tanks of 22,500 MT each
• › Throughput : 4,000,000 MT at full utilization

Pipeline grid at Kandla Port

› JLPL Pipeline and proposed KGPL line

Project Completion Date

› H1 FY22

Project Cost

› Rs. 350 crs

Kandla Port – New LPG Project Pipavav - Brownfield Expansion

Capacity

• › Static : Existing 18,300 MT & Additional - 3,800 MT
• › Throughput : Existing ~14,00,000 MT & Additional - ~2,00,000 MT

Railway Gantry for LPG

• › Agreement with Port reached
• › Railway Gantry Commissioned

Project Completion Date

› H2 FY22

Project Cost

› Rs. 75 crs

Growth investment to double the capacity by end 2021

*2019-20 Capacity: 63,300 MT + Kandla: 45,000 MT + Pipavav: 3,800 MT = Total Capacity : 112,100 MT

Advantage Aegis will be long gestation period for LPG Infrastructure

12

Volumes handled by LPG terminals

'000 MT

Volumes delivered by high margin retail business

'000 MT

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

• › 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

Way forward for the LPG retailing

AutoGas

Current : 128 stations over 10 states

Growth Plans :200 stations over 20 states

Commercial LPG Market

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

Growth plans in Retail LPG business

and POS under Aegis Chota Cikander brand of 2kg, 4kg,

12kg & 19kg products

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

Liquid Division

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

• › 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
• › 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

Continued investment in growth

Experience & Relationships

Strong Management Team

Rajiv Chohan President – Business Development

K.S. Sawangt President – Operations & Projects

Murad Moledina Chief Financial Officer

Large & Diversified Client Relationships

Resilient Business Performance

Sustainable Profitability in both the divisions

* Normalized EBITDA – Before Forex, Hedging Related Expenses

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

Gas division performance - EBITDA*

Record Performance in Liquid Division

Q1FY22 Consolidated profitability statement

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 & Forexrelated 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

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

EQUITIES AND LIABILITIES (Rs. In Cr.)	Mar-21	Mar-20
Equity
Equity Share Capital	35	34
Other Equity	1,901	1,621
Equity Attributable to owners	1,936	1,655
Non controlling Interest	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

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

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

Aegis Vopak Terminals Limited

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

• 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.

Thank You

Aegis Logistics Limited CIN: L63090GJ1956PLC001032

Mr. Murad Moledina, CFO murad@aegisindia.com

Ms. Payal Dave +91 9819916314 Payal.Dave@linkintime.co.in

Mr. Sagar Shroff +91 9820519303 sagar.shroff@linkintime.co.in