Aegis Logistics (AEGISLOG) Q4 05/06 earnings summary

Executive summary

• FY05/06 revenue rose 28% to Rs. 154.50 crore and PAT increased 131% to Rs. 30.20 crore; EBITDA rose 28% to Rs. 42.17 crore.

• Growth reflected stronger activity in both liquid logistics and gas, alongside progress on expansion projects and the rollout of autogas retailing.

Financial highlights

• Operating revenue was Rs. 154.50 crore versus Rs. 120.54 crore in FY04/05; sales and other income totaled Rs. 158.88 crore versus Rs. 121.87 crore.

• PBT increased 79% to Rs. 35.83 crore; PAT rose 131% to Rs. 30.20 crore.

• EPS was Rs. 18.48 versus Rs. 8.00; EPS before the extraordinary item was Rs. 17.28 versus Rs. 7.05.

• Proposed dividend was Rs. 2.50 per share, up from Rs. 1.20 per share in FY04/05.

Outlook and guidance

• Second-site liquid logistics expansion was underway; completion by 2007 was expected to raise total capacity 50%.

• LPG/propane import capacity could increase 15–20% by 2007–08, subject to plans for expanded storage and logistics.

• Aegis Autogas planned a dealer-operated network of about 100 stations across five western states over two years.

• Longer-term strategy targets a national network of port and inland oil and chemical logistics facilities, including greenfield sites and potential takeovers.