Aegis Logistics – Can It Be Exception?

Another decent quarter from Aegis with EPS growing by 14%. Management is confident of growing at 25%+ EPS for next 3 years. Concall notes below.

FY25Q1 concall

• Confident to achieve 25% CAGR in EPS in next 3-years

• Mumbai/Trombay:

  • Aegis is now setting up another liquid storage terminal (150,000 kl) with capex of 250 cr. This is separate from JNPT expansion

• Terminaling: 1’013’000 MT (vs 881’000 MT in Q1FY24)

• Distribution:

  • 129’000 MT generated 42 cr. EBITDA (vs 159’000 MT in Q1FY24; 45 cr. EBITDA)

  • EBITDA/kg was 3255 in Q1FY25 vs 2830 in Q1FY24

  • Natural gas prices were reduced significantly by Gujarat gas (which has been increased again in July).

• Sourcing volumes: 124’000 MT (vs 226’000 MT in Q1FY24)

• Annual capex of 1000 cr. (vs 900 cr. earlier guidance)

Disclosure: Invested (no transactions in last-30 days)