Aegis Logistics (AEGISLOG) Q4 01/02 earnings summary

Executive summary

• FY 2001/02 was described as an excellent year; profit after tax rose 66% as capacity rationalization in liquid storage and logistics lifted earnings.

• Revenue increased 4%, while pre-tax profit rose 71%; liquid terminal volumes and revenue grew, and the recommended dividend increased to Rs. 0.80 per share from Rs. 0.70.

Financial highlights

• Sales and other income was Rs. 108.11 crore versus Rs. 103.84 crore; operating revenue increased 4% YoY.

• EBITDA was Rs. 20.56 crore versus Rs. 13.31 crore, up 55%; profit before tax was Rs. 12.18 crore versus Rs. 7.12 crore, up 71%.

• Net profit after tax was Rs. 7.11 crore versus Rs. 4.29 crore, up 66%; EPS was Rs. 4.35, up 58%.

Outlook and guidance

• Plans target a second bulk-liquid terminal at JNPT, developed in three phases, to increase storage capacity, expand regional reach and handle higher volumes.

• The liquid terminal strategy is to build multi-location capacity and raise revenue per customer; short-term earnings may not repeat the sharp rise of the prior three years.

• LPG growth offers upside if liberalization continues; management expected gradual gas-volume growth amid regulatory uncertainty and competition.