Aegis Logistics Ltd. — Investor Presentation 2021

Jan 29, 2021

AEGIS LOGISTICS LIMITED

Investor Presentation Jan 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 and 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 121 Autogas stations in 10 states
• Network of 202 LPG distributors across 100 cities in 12 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

› FY21

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

› FY21

Project Cost

› Rs. 75 crs

Growth investment to double the capacity by end 2021

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 : 121 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

Domestic LPG Market LPG Bottling Plants

Expansion in Tier 1, 2 & 3 urban cities with distributors 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*

Liquid division performance

Consolidated profitability statement

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 & Forexrelated 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

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

EQUITIES AND LIABILITIES (Rs. In Cr.)	Sep-20	Mar-20
Equity
Equity Share Capital	35	34
Other Equity	1,722	1,621
Equity Attributable to owners	1,756	1,655
Non controlling Interest	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

Cash flow generation with a disciplined capital investment

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

* - Includes non-cash expenses of Rs. 239 Crores on account of Employee Stock Purchase Plan

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