#1AEGIS Investor Presentation Q2FY 2024 AEGIS LOGISTICS LTD. November 2023#2Safe Harbour 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. 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INVESTOR PRESENTATION: Q2FY2024 AEGIS 2#3Contents Vision & Mission Aegis at a Glance Q2FY24 Highlights Performance at Glance Liquid Division Gas Division Quarterly Results FY23 Highlights Robust Profits Growth Key Events Liquid Division Gas Division Sustainable Business Pillars Aegis Team Corporate Governance Diverse Business Relationships Key Joint Venture Partners Strategy Necklace of Terminals Integrated LPG Supply Chain Project GATI: Gateway Access to India INVESTOR PRESENTATION: Q2FY2024 45 Business Profile Gas Division Liquids Division 33 32 34 42 10 61820 Key Financial Data 45 7 Historical Consolidated Profit Statement 46 Historical Consolidated Balance Sheet 47 9 Historical Cash Flow 48 Dividend Growth 49 19 20 15722 14 24 25 26 27 28 29 30 31 2333 AEGIS 3#4INVESTOR PRESENTATION: Q2FY2024 Vision To support India's transition towards a more sustainable future. Mission To store and distribute bulk liquids and gases in a safe, sustainable manner. AEGIS 4#5Aegis at a Glance INVESTOR PRESENTATION: Q2FY2024 Liquid Division Third Party Liquid Logistics (3PL) EPC Services Gas Division Third Party Gas Logistics (3PL) Gas Distribution Gas Sourcing AEGIS 5#6AEGIS AEGIS T-313 Q2FY24 Highlights AEGIS#7Q2FY24: Performance at glance AEGIS LIQUIDS DIVISION Record Revenues and EBITDA in Q2FY24 New capacity from acquisitions, volume and revenue growth, and capacity expansion GAS DIVISION Normalized EBITDA Rs. 231 Cr. 26% GROWTH Gas Division EBITDA PAT Rs. 150 Cr. 48% GROWTH Record Volume of 1 million metric tonnes handled Rs. 151 Cr. Significant milestone for Aegis 32% GROWTH Logistics Limited INVESTOR PRESENTATION: Q2FY2024 Liquid Division EBITDA Rs. 80 Cr. 15% GROWTH 7#8Liquids: Strong Growth Revenue Rs. In Cr. 117 107 +10% 100 60 40 80 888 20 0 Q2FY23 Q2FY24 Rs. In Cr. EBIDTA* 80 80 00 69 70 +15% 60 50 40 327 30 20 10 0 Q2FY23 Q2FY24 232 +24% 200 188 158 140 +27% 124 120 150 100 80 100 60 40 50 20 0 0 H1FY23 H1FY24 INVESTOR PRESENTATION: Q2FY2024 H1FY23 *Normalized EBITDA: before Forex, hedging-related expenses H1FY24 8 AEGIS#9'000 MT LPG: Continued Volume Growth 1000 800 600 400 200 832 Logistics +23% Highest Q2 Volume Distribution 1,020 131 120 116 +13% '000 MT 100 00 80 60 40 40 20 20 0 0 Q2FY23 Q2FY24 Q2FY23 Q2FY24 INVESTOR PRESENTATION: Q2FY2024 '000 MT 200 228 Sourcing 174 -24% 150 100 50 50 Q2FY23 Q2FY24 9 AEGIS#10Consolidated Balance Sheet AEGIS Assets (Rs. In Cr.) Sep-23 Mar-23 Non-Current Assets Property, Plant and Equipment 3,750 3,645 Other Equity Capital Work in Progress 567 412 Other Intangible Assets 1 1 Goodwill 15 15 Financial Assets Equities & Liabilities (Rs. In Cr.) Equity Equity Share Capital Equity Attributable to Owners Non-Controlling Interest Total Equity Liabilities Non-Current Liabilities Sep-23 Mar-23 35 3,610 35 3,497 3,645 3,532 533 515 4,178 4,047 Investments Financial Liabilities - - Other Financial Assets 18 17 Borrowings Lease Liabilities 1,309 893 978 854 Current Tax Assets (Net) 24 24 51 45 Deferred Tax Assets (Net) 177 Other Financial Liabilities 174 Provisions 12 11 Other Non-Current Asset 98 116 Total Non-Current Assets 4,650 4,404 Deferred Tax Liabilities (Net) 89 93 Current Assets Other Non-Current liabilities 1 Inventories 123 147 Total Non-Current Liabilities 2,355 2 1,983 Financial Assets Current Liabilities Financial Liabilities Investments 0 204 Borrowings 76 17 Trade Receivables 399 839 Lease Liabilities 81 75 Cash and Cash Equivalents 1,049 833 Trade Payables 347 871 Bank Balance Other Than Above 695 Other Financial Liabilities 73 65 433 Other Current Liabilities 62 64 Other Financial Assets 141 178 Provisions 10 10 Other Current Assets 137 125 Current Tax Liabilities (Net) 12 31 Total Current Assets Total Assets 2,544 2,759 Total Current Liabilities 661 1,133 7,194 7,163 Total Equities & Liabilities 7,194 7,163 INVESTOR PRESENTATION: Q2FY2024 10#11Q2FY24 - Consolidated Profit Statement Rs. in Cr. Revenue Cost of Sales Others Q2FY24 Q2FY23 Y-o-Y % 1,235 2,151 -43% 937 1,899 67 67 231 184 26% Normalised EBITDA (Segment)* Finance, Hedging & Forex-related Expenses (Net) -4 14 Depreciation Unallocated Expenses Profit Before Tax Tax Profit After Tax EPS INVESTOR PRESENTATION: Q2FY2024 34 33 9 9 192 128 50% 42 27 150 101 48% 3.62 2.66 AEGIS *Normalised EBITDA - Before Forex, Hedging-Related Expenses 11#12H1FY24 - Consolidated Profit Statement Rs. in Cr. Revenue Cost of Sales Others H1FY24 H1FY23 YOY% 3,335 4,386 -24% 2,762 3,922 130 117 Normalised EBITDA (Segment)* 443 347 27% Finance, Hedging & Forex-related Expenses (Net) 2 20 Depreciation 67 62 Unallocated Expenses 12 6 Profit Before Tax 362 259 40% Tax Profit After Tax 79 51 283 209 36% EPS 6.92 5.61 INVESTOR PRESENTATION: Q2FY2024 AEGIS *Normalised EBITDA - Before Forex, Hedging-Related Expenses 12#13Cash Flow Rs. In Cr. Profit Before Tax Sep-23 Sep-22 362 259 Operating Profit Before Working Capital Changes 416 259 Net Cash Inflow from Operating Activities (A) 212 85 Net Cash Inflow/(Outflow) from Investing Activities (B) -150 -392 Net Cash Outflow from Financing Activities (C) 154 1,257 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 217 949 Cash and Cash Equivalents at the Beginning of Year 833 94 Cash and Cash Equivalents at the End of Year 1,049 1,043 INVESTOR PRESENTATION: Q2FY2024 AEGIS 13#14AEGIS T 134 3000 KL AEGIS T 135 3000 KL N-P AEGIS T130 10000KL FY23 Highlights AEGIS#15FY23: Robust Profit Growth LIQUIDS DIVISION New capacity from acquisitions, volume and revenue growth, and capacity expansion GAS DIVISION Record distribution volumes and growing gas logistics volumes EARNINGS PER SHARE Rs. 13.19 29% GROWTH EBITDA Rs. 804 Cr. 37% GROWTH PROFIT BEFORE TAX Rs. 645 Cr. 37% GROWTH PROFIT AFTER TAX Rs. 511 Cr. 33% GROWTH INVESTOR PRESENTATION: Q2FY2024 AEGIS 15#16FY23: Robust Profit Growth INVESTOR PRESENTATION: Q2FY2024 Highest-ever EBITDA for Gas & Liquids Highest-ever PAT Highest-ever EPS DRIVEN BY Highest-ever LPG distribution volumes Highest-ever Logistics volumes Highest-ever Liquids revenue AEGIS 16#17FY23: Key Events 1. Completed Aegis-Vopak Joint Venture 2. Executed important acquisition of 550,000 KL of Liquids capacity at Kandla port 3. Kandla LPG terminal fully operational 4. Entry into JNPT port with 110,000 KL Liquids Terminal as first step 5. Connection to LPG pipelines (KGPL and JLPL) secured for Pipavav & Kandla terminals 6. 7. Haldia Liquids expansion completed Additional LPG Pipelines installed at Jetties in Haldia and Mumbai 8. Pipavav LPG bottling plant completed 9. Largest Capex implementation in Aegis' history underway 10. Pipavav Jetty upgraded to handle VLGC's INVESTOR PRESENTATION: Q2FY2024 Pipavav Jetty infrastructure upgrade AEGIS 17#18Business Performance Liquid Division INVESTOR PRESENTATION: Q2FY2024 AEGIS 18#19Liquids: Continued Growth 450 Revenue 400 350 300 ㅎ 250 270 234 208 200 183 Rs. 150 100 50 0 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 300 418 Rs. in Cr. 250 200 150 104 100 50 FY19 EBIDTA* 195 173 137 FY20 FY21 FY22 FY23 *Normalized EBITDA: before Forex, hedging-related expenses 272 AEGIS 19#20Business Performance Gas Division INVESTOR PRESENTATION: Q2FY2024 AEGIS 20 20#21000 MT Volumes Exceed 3m Tons AEGIS KANDLA Kandla registers strong growth in volumes HALDIA Haldia volumes normalised MUMBAI Mumbai continues to operate at full capacity with IOC, HPCL and BPCL all bringing in imports PIPAVAV The rail gantry at Pipavav continues to perform well, delivering considerable cost savings 3500 3000 2500 2000 1500 1000 500 0 INVESTOR PRESENTATION: Q2FY2024 2,522 3,026 2,913 2,859 3,334 ||||| FY19 FY20 FY21 FY22 FY23 21#22'000 MT LPG Distribution Drives Volume Growth 600 500 400 300 200 100 0 INVESTOR PRESENTATION: Q2FY2024 165 160 114 115 209% YOY FY19 FY20 FY21 FY22 FY23 494 AEGIS 22#23Rs. in Cr Record Gas Division EBITDA* 600 500 400 300 309 200 100 0 423 390 362 FY19 FY20 FY21 FY22 INVESTOR PRESENTATION: Q2FY2024 532 *Normalised EBITDA Before Forex, Hedging Related Expenses FY23 AEGIS 23#24STOP AUTHORIZED VEHICLES ONLY AEGIS Sustainable Business Pillars AEGIS#25Aegis Team MANAGEMENT TEAM EXPERIENCED & ENGAGED BOARD Raj K. Chandaria Chairman & Managing Director Sudhir Malhotra Chief Executive Officer Murad Moledina Chief Financial Officer K.S. Sawant Head, Operations & Projects Rajiv Chohan President, Business Development Keshav Shenoy President, Strategic Planning Deepak Dalvi Jt. President & AVTL Director Andy Watt Chief Operating Officer, AVTL Kenichiro Sakamoto Director, AGI Wimal Samlal Director, AVTL Wilfred Lim Director, AVTL Norihito Saito Director, HALPG & AGI Raj K. Chandaria R.K. Singh Tasneem Ali Anil M. Chandaria Rahul D. Asthana Kanwaljit Nagpal Amal R. Chandaria Jaideep D. Khimasia Lars Erik Johansson INVESTOR PRESENTATION: Q2FY2024 AEGIS 25#26Corporate Governance Separate Chairman and CEO 6 out 9 Directors are Independent 8 out of 9 Directors are Non-Executive Board members have relevant industry experience (oil & gas, chemicals, ports, branding) Subsidiary Boards have experienced board members from JV partners, Vopak, and Itochu INVESTOR PRESENTATION: Q2FY2024 AEGIS 26#27Diverse Business Relationships इंडियन ऑयल IndianOil हिन्दुस्तान पेट्रोलियम HP Reliance Industries Limited Bharat Petroleum PIAGGIO TOTAL Godrej CONSUMER PRODUCTS thyssenkrupp Shell AEGIS JUPITER DYECHEM End to end chemical solutions JINDAL STEEL & POWER SPL ✓ vinmar SHV NAYARA Hindustan Unilever Limited ENERGY INVESTOR PRESENTATION: Q2FY2024 The brand names mentioned are the property of their respective owners and are used here for identification purpose only Phillips Carbon Black Limited 27#28Key Joint Venture Partners AEGIS INVESTOR PRESENTATION: Q2FY2024 ག ITOCHU Global knowledge of gas sourcing and shipping Experienced board members on Subsidiary Boards Vopak Additional management bandwidth Technical expertise on new products Global customer relationships 28#29モ Strategy AEGIS#30Necklace of Terminals Build, own, and operate India's leading network of tank terminals and distribution facilities, incorporating the highest safety and environmental standards. Kandla Pipavav Liquid Terminals Gas Terminals Mumbai Mangalore ✓ Under construction Kochi Haldia JNPT INVESTOR PRESENTATION: Q2FY2024 Under construction Kandla Pipavav Mumbai JNPT Mangalore Kochi Haldia AEGIS 30#31Integrated LPG Supply Chain Our integrated logistics services include sourcing, storing, moving, and distributing products. AEGIS AEGIS LPG Sourcing LPG Sourcing JV with Itochu in Singapore Strategic Port Location Key gateway ports: Mumbai, Haldia, Pipavav, and Kandla Storage Terminals Refrigerated gas terminal in Mumbai, Haldia and Kandla, and pressurised gas terminal in Pipavav Pipelines & Rail Connectivity Pipelines, road, and rail connectivity Autogas, Commercial & Industrial Distribution Network of 142 Autogas stations in 10 states, and 290 LPG distributors across 140 cities in 15 states INVESTOR PRESENTATION: Q2FY2024 31#32Project GATI: Gateway Access to India Capital Investment programme of INR 4,500 Cr under "Joint Business Plan" with JV partner Royal Vopak, to be implemented from 2023-2027 01 02 03 04 05 Greenfield Expansion Brownfield Expansion Mergers & Acquisitions New Energy Big Ticket Projects INVESTOR PRESENTATION: Q2FY2024 32 32 AEGIS#33A AEGIS T-315 1320 KL AEGIS AEGI Business Profile T-313 1320 KL AEGIS#34Profile Gas Division INVESTOR PRESENTATION: Q2FY2024 AEGIS 34 ==#35'000 MT Consumption of LPG in India AEGIS 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2000- 2001 INVESTOR PRESENTATION: Q2FY2024 31,000 2022- 2023 Source: PPAC/IOC and Management Estimates 35#36Production & Imports of LPG in India IW 000, 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2000- 2001 INVESTOR PRESENTATION: Q2FY2024 Production Imports AEGIS 18,500 12,800 2022- 2023 Source: PPAC/IOC and Management Estimates 36#37Million Metric Tons Ꮎ 2010-11 10 20 20 2011-12 INVESTOR PRESENTATION: Q2FY2024 30 40 40 2012-13 Need for Terminal Capacity 50 Domestic Supply Base Case Demand High Growth Scenario 60 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 12.8 31 2022-23 2023-24 2024-25 Imports: 18.5 (est) 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 Imports: 25 Imports: 38 2034-35 Source: PPAC/IOC and Management Estimates 37 AEGIS#38Pipavav & Kandla Connected to Kandla-Gorakhpur IHB consortium building Kandla-Gorakhpur LPG Pipeline 2800 km long 8.25 million tons capacity Pipavav allocation is 1.5 million tons Phase 1 commission in H2 of 2024 Pump house and manifold located inside Pipavav terminal INVESTOR PRESENTATION: Q2FY2024 Jhansi Lucknow Kanpur OGorakhpur Unnao Allahabad Varanasi Mithi Bina Refinery Gandhinagar Rohar Kandla Ujjain Ahmedabad Bhopal Viramgram IPS Indore Koyali Refinery Dahej Pipavav 38 88 AEGIS#39LPG Terminalling Capacity IW 000, 140 120 100 80 60 40 40 20 Static 12,000 115 10,000 '000 MT 8,000 6,000 4,000 2,000 Throughput AEGIS 9,600 0 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 39#40LPG Throughput Capacity by Port AEGIS INVESTOR PRESENTATION: Q2FY2024 4,000 1,500 2,500 '000 MT 1,600 ■ Mumbai Pipavav ■ Haldia ■ Kandla 40#41LPG Distribution System We have a national network of LPG terminals and cylinder filling plants serving these segments. AEGIS AEGIS FFF Autogas 142 stations over 10 states dispensing autogas, petrol, and diesel, growing to a planned 200 stations over 20 states Commercial Expansion into a national distribution network for hotels, restaurants, and industry under Aegis Puregas & Magna brands Domestic Tier 1, 2 & 3 urban cities with distributors and POS under Aegis Chhota Cikander 2kg, 4kg, 12kg & 15kg products, supplied from a network of LPG bottling plants Industrial Serving industrial clusters with reliable supply from our four LPG terminals INVESTOR PRESENTATION: Q2FY2024 41#42Profile Liquids Division INVESTOR PRESENTATION: Q2FY2024 AEGIS 42#43Growing Liquids Footprint 1. New capacity expansion at Haldia commissioned 2. New 110,000 KL liquids terminal expansion at JNPT (expected commissioning mid-2024) 3. Additional Liquids capacity at Mangalore, Kochi, and JNPT under construction 4. M&A opportunities INVESTOR PRESENTATION: Q2FY2024 AEGIS AEGIS AEGIS 43#44Terminal Capabilities & Capacities AEGIS Provides import, export, storage, and logistics services, handling Class A, B, and C products, chemicals, POL products and vegetable oils Tanks includes MS, SS, Epoxy Coated, IFR Heated and cooled tanks Connected to Jetty via MS and SS Pipelines INVESTOR PRESENTATION: Q2FY2024 75 273 ■ Mumbai ■ Kochi 71 ■ Haldia 174 ■ Pipavav 890 ■ Kandla 120 ■ Mangalore '000 MT 44#45NO 10 OKIN AEGIS Key Financial Data#46Historical Consolidated Profit Statement Rs. in Cr. Revenue Cost of Sales Others FY23 FY22 YOY% 8,627 4,631 86% 7,581 3,882 242 163 804 586 37% Normalised EBITDA (Segment)* Finance, Hedging & Forex-related Expenses (Net) 45 -3 Depreciation Unallocated Expenses Profit Before Tax Tax Profit After Tax EPS INVESTOR PRESENTATION: Q2FY2024 124 78 -9 39 645 472 37% 134 87 511 385 33% 13.19 10.19 AEGIS *Normalised EBITDA - Before Forex, Hedging-Related Expenses 46#47Historical Consolidated Balance Sheet Assets (Rs. In Cr.) FY23 FY22 Non-Current Assets Property, Plant and Equipment 3,645 2,374 Equities & Liabilities (Rs. In Cr.) Equity Equity Share Capital Other Equity Capital Work in Progress 412 253 Equity Attributable to Owners Other Intangible Assets 1 1 Goodwill Financial Assets Investments Loan to Employees Other Financial Assets Current Tax Assets (Net) 15 1 Non-Controlling Interest Total Equity Liabilities Non-Current Liabilities Financial Liabilities - AEGIS FY23 FY22 35 35 3,497 2,145 3,532 2,180 515 83 4,047 2,262 Borrowings 978 64 17 19 Lease Liabilities 854 413 24 36 Other Financial Liabilities 45 39 Deferred Tax Assets (Net) 174 76 Provisions 11 15 Other Non-Current Asset 116 93 Deferred Tax Liabilities (Net) 33 93 73 Total Non-Current Assets 4,404 2,851 Current Assets Other Non-Current liabilities 2 1 Inventories 147 91 Financial Assets Total Non-Current Liabilities Current Liabilities Financial Liabilities 1,983 605 Investments 204 Borrowings 17 318 Trade Receivables 839 738 Lease Liabilities 75 40 Cash and Cash Equivalents 833 94 Trade Payables 871 675 Bank Balance Other Than Above 433 Other Financial Liabilities 65 41 56 Other Current Liabilities 64 39 Other Financial Assets 178 41 Provisions 10 5 Other Current Assets 125 164 Current Tax Liabilities (Net) 31 49 Total Current Assets Total Assets INVESTOR PRESENTATION: Q2FY2024 2,759 1,183 Total Current Liabilities 1,133 1,167 7,163 4,034 Total Equities & Liabilities 7,163 4,034 47#48Historical Cash Flow Rs. In Cr. Profit Before Tax Operating Profit Before Working Capital Changes Net Cash Inflow from Operating Activities (A) FY23 FY22 645 472 682 545 358 263 Net Cash Inflow/(Outflow) from Investing Activities (B) -931 -162 Net Cash Outflow from Financing Activities (C) 1,311 -304 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 738 -203 Cash and Cash Equivalents at the Beginning of Year 94 297 Cash and Cash Equivalents at the End of Year 833 94 INVESTOR PRESENTATION: Q2FY2024 AEGIS 48 88#49Rs. per Share Dividend Growth 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q2FY2024 5.75 AEGIS 49#50Thank You AEGIS Aegis Logistics Limited CIN: L63090GJ1956PLC001032 Mr. Murad Moledina, CFO [email protected] σ orient capital Orient Capital Ms. Payal Dave +91 9819916314 [email protected] Mr. Irfan Raeen +91 9773778669 [email protected] INVESTOR PRESENTATION: Q2FY2024 AEGIS 50