ATS Company Reports: Aegis logistics Access Company Reports here: http://www.adityatrading.in/Research-Reports.aspx

2. Company Details
Incorporated in 1956, Aegis Logistics Limited (Aegis) is engaged in providing logistic services to importers
and exporters of oil, gas, chemicals and petrochemical products . Aegis is primarily engaged in 2 broad
segments liquid terminal services and gas storage and distribution. Aegis is a leading provider of terminal
and logistics services to importers and exporters of oil, chemicals and petroleum products.
Healthy revenue diversity Aegis handles 40-50 types of chemicals and caters to a diverse customer base
with no single customer accounting for more than 10% of revenue. Also, Aegis’ revenue profile in the gas
storage and distribution business improved on account of its acquisition of the gas logistic service business
of Hindustan Aegis LPG Ltd’s (HALPG) and the expansion of the auto LPG business. This product and
customer diversity has resulted in de-risking the company’s business profile, besides providing revenue
stability.
Currently, Aegis Logistics has two operating port terminals in Mumbai (273,000KL), one in Kochi (51,000KL),
and another in Haldia (45100KL). Its expansions at Haldia (15,000KL) and Pipavav (120,000KL), with a total
capacity of 135,000KL, which are expected to become operational from Q4FY14 and H2FY15, respectively,
would provide incremental revenue/profitability in FY15. Aegis’ liquid segment revenues have been growing
at a CAGR of 11% in the past 5 years, while the segment’s normalized profit at the operating level has been
as high as 65%, though it generally remains at 56-58%. In this business the company earns an average
RoCE of 30%.
Clients include top tier firms such as Bharat Petroleum, Hindustan Petroleum, Reliance Industries, Caltex,
Supreme Industries, Tata Steel, Mahindra & Mahindra, Piaggio Vehicles, FIAT, Eicher, Owens Corning,
Kellogg as well as leading chemical firms such as Jubilant Lifesciences, Bombay Dyeing, and Laxmi
Organics .
.

3. Category No. of Shares Percentage
Other Companies 1,174,050 3.52
ForeignPromoter 20,946,060 62.71
GeneralPublic 5,598,381 16.76
ForeignInstitutions 2,165,534 6.48
ForeignOcb 2,120,206 6.35
NBanksMutualFunds 1,184,040 3.55
ForeignNRI 182,822 0.55
Others 21,551 0.06
Financial Institutions 7,023 0.02
Central Govt 333 0.00
Market Cap (Rs Cr) – 1468.77
Company P/E – 21.67
Industry P/E – 74.88
.
Book Value (Rs) – 96.39
Dividend (%) – 52.5 %
EPS (TTM) – 20.29
Dividend Yield (%) – 1.19 %
Face Value (Rs) - 10
Share Holding Pattern Financial Details

4. Industry Details
The logistics sector in India is evolving rapidly and its growth is dominated by the interplay of infrastructure,
technology and new types of service providers that will determine whether the industry is able to help its
customers to reduce logistics costs and provide effective services or not. Changing government policies on
taxation and regulation of service providers is going to play an important role in this process.
The logistics sector has attracted a large amount of investment in the past years and in future the sector
could witness the same due to rising demand for logistics driven by industries like automobile, retail, pharma
etc. There is significant rise in the demand for third party logistics providers in the sector as well, which is led
by TVS Logistics today and has few capable competitors.
The sector provides lucrative business opportunities today for new players in terms of margins, low-entry
barriers and high growth prospects. Proper infrastructure support by the government and competition from
the unorganized sector are major challenges in the growth of the logistics sector. The current size of the
Indian Logistics Industry is estimated around $225bn and is expected to reach around $350bn by 2015.
As per industry estimates as provided by the Fitch Rating Agency, there is a positive future outlook for the
Indian Logistics Industry and it is estimated that the industry will grow at 15-20% over the next few years
Several factors helped the growth of logistics industry in India over the last decade that include changing tax
system as well as a rapid growth in industries such as automobile, pharmaceuticals, FMCG and retail
70% of the total domestic product is transported through the road network and 15% through the rail network.
Domestic companies are willing to expand their efficiency to meet rising demand globally according to a
study by industry body ASSOCHAM.

5. Balance Sheet
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sources Of Funds
Total Share Capital 33.40 33.40 33.40 33.40 18.77
Equity Share Capital 33.40 33.40 33.40 33.40 18.77
Reserves 288.54 289.65 264.23 230.93 167.47
Networth 321.94 323.05 297.63 264.33 186.24
Secured Loans 185.82 131.76 77.64 57.23 69.00
Total Debt 185.82 132.17 79.34 63.85 76.38
Total Liabilities 507.76 455.22 376.97 328.18 262.62
Application Of Funds
Gross Block 345.43 279.39 245.83 240.83 220.44
Less: Accum. Depreciation 141.65 129.06 118.16 108.63 98.12
Net Block 203.78 150.33 127.67 132.20 122.32
Capital Work in Progress 15.79 57.10 15.69 1.15 12.84
Investments 118.18 122.11 120.27 94.53 42.42
Inventories 17.78 12.50 8.23 8.79 9.34
Sundry Debtors 20.25 29.25 31.41 20.76 20.51
Cash and Bank Balance 59.22 68.16 10.76 12.95 11.27
Total Current Assets 97.25 109.91 50.40 42.50 41.12
Loans and Advances 164.50 104.68 81.14 64.04 89.78
Fixed Deposits 0.00 0.00 62.99 57.36 16.65
Total CA, Loans & Advances 261.75 214.59 194.53 163.90 147.55
Current Liabilities 75.41 75.06 68.21 53.94 54.21
Provisions 16.32 13.85 12.99 9.65 8.30
Total CL & Provisions 91.73 88.91 81.20 63.59 62.51
Net Current Assets 170.02 125.68 113.33 100.31 85.04
Total Assets 507.77 455.22 376.96 328.19 262.62
Contingent Liabilities 192.98 137.73 4.42 4.02 1.64
Book Value (Rs) 96.39 96.72 89.11 79.14 99.05

6. Profit and Loss Account
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Income
Sales Turnover 370.85 383.77 283.50 258.14 284.67
Net Sales 370.85 383.77 283.50 258.14 284.67
Other Income 9.02 18.01 7.83 7.92 8.80
Stock Adjustments 3.14 4.71 -0.29 -2.60 4.90
Total Income 383.01 406.49 291.04 263.46 298.37
Expenditure
Raw Materials 236.99 249.54 160.06 144.47 175.69
Power & Fuel Cost 6.72 0.00 5.41 5.03 4.05
Employee Cost 29.29 28.03 25.58 22.38 21.14
Selling and Admin Expenses 0.00 0.00 18.53 18.06 18.42
Miscellaneous Expenses 53.45 53.65 4.83 2.47 2.04
Total Expenses 326.45 331.22 220.85 198.22 231.23
Operating Profit 47.54 57.26 62.36 57.32 58.34
PBDIT 56.56 75.27 70.19 65.24 67.14
Interest 12.29 9.56 10.31 10.15 8.04
PBDT 44.27 65.71 59.88 55.09 59.10
Depreciation 13.44 11.89 11.36 10.74 9.67
Profit Before Tax 30.83 53.82 47.95 44.35 49.43
PBT (Post Extra-ord Items) 30.83 53.82 58.02 45.17 49.49
Tax 11.44 13.77 16.95 13.96 10.53
Reported Net Profit 19.41 40.07 41.06 31.22 38.94
Total Value Addition 89.46 81.68 60.79 53.75 55.55
Equity Dividend 17.54 13.36 6.68 12.94 10.81
Corporate Dividend Tax 2.98 1.29 1.08 2.12 1.84
Per share data (annualised)
Shares in issue (lakhs) 334.00 334.00 334.00 334.00 188.03
Earning Per Share (Rs) 5.81 12.00 12.29 9.35 20.71
Equity Dividend (%) 52.50 40.00 20.00 40.00 57.50

7. Dividend and Bonus History

8. Index and Company Comparison

9. PBIT – 8.97 v/s 11.29
RoCE – 8.49 v/s 13.92
RoE – 6.02 v/s 12.91
Net Profit Margin – 5.10 v/s 9.97
Return on net worth – 6.02 v/s 12.40
Reserves – 288.54 cr v/s 289.65 cr
PAT – 19.41 cr v/s 40.07 cr
Total assets – 507.77 cr v/s 455.22 cr
Net sales – 370.85 cr v/s 383.77 cr
Book Value – 96.39 cr v/s 96.72 cr
Days BSE NSE
30 435.61 436.09
50 436.16 436.37
150 355.20 355.43
200 310.96 311.15
Important Ratios Simple Moving Average

10. Recommendations
Buy Aegis Logistics Ltd. at current or lower
market levels
Reasons for the recommendations are :
No capital expenditure required in short term.
Boom in economic activities will increase the sales of the company.
Reduction in interest rates and crude oil prices will increase the profitability of
the company.
Introduction of GST will be a huge supplement to industry growth.
Sound financial position of the company.
Clientele includes leading market players.