Aegis Logistics (AEGISLOG) Q4 04/05 earnings summary

Executive summary

• FY05 revenue rose 49% YoY, EBITDA increased 74%, and PAT grew 53%; both logistics and LPG operations recorded higher volumes and healthy margins.

• Growth plans target logistics expansion at major ports and higher LPG terminal utilization, with investments planned over the next 3–5 years.

Financial highlights

• Sales and other income reached Rs 121.87 crore vs Rs 84.24 crore; PBT was Rs 20.06 crore vs Rs 11.25 crore, and PAT was Rs 13.08 crore vs Rs 8.55 crore.

• EBITDA was Rs 32.89 crore, up 74%; EPS was Rs 8.00 after the disposal gain and Rs 7.05 before the extraordinary item.

• Proposed dividend rose to Rs 1.20/share from Rs 0.80/share.

Outlook and guidance

• A major port investment programme is planned over the next 3–5 years, pursuing acquisitions or greenfield projects at two or three ports and targeting OHSAS-18001 certification.

• Trombay throughput is expected to stabilize at installed capacity; LPG earnings are expected to benefit from higher utilization and growth in wholesale bulk and auto-LPG channels.

• Port infrastructure expansion under the Sagar Mala programme could materially improve prospects for port-related logistics services.