EBITDA grew by 8% and EPS was flat. Distribution business growth seems to be slower, their LPG and liquid units should be commercialized in FY25 acting as the next lever of growth. Concall notes below.
FY25Q2 concall
- Terminaling: 1’064’000 MT (vs 1’020’000 MT in Q2FY24)
- LPG capacity will increase by 130’000 MT by end of FY25 (Mangalore and Pipavav)
- Aegis Vopak: filed DRHP for IPO (will reduce debt, general corporate purposes, expansion)
- Mumbai: JNPT unit will be commercialized in FY25, its held under Aegis Vopak JV
- Ammonia
o Have got commitments from customers for Pipavav terminal
o Ammonia division economics will be similar to liquid division, throughput will be lower than LPG but realizations higher than LPG (2.5-3x of LPG realizations). EBITDA margins will be ~90%
o Will be hosted in Aegis Vopak JV - Sourcing: 194’000 MT (vs 174’000 MT in Q2FY24)
- Kandla Gorakhpur pipeline should be commercialized in mid-2026
Disclosure: Invested (sold shares in last-30 days)
| Subscribe To Our Free Newsletter |
