AEGIS LOGISTICS

RESEARCH REPORT

TEAM MAVERICK
 Investment thesis:

Aegis Logistics Limited will benefit given the strong push for cleaner fuels by the Government and
commitment to 100% LPG penetration, we believe Aegis would continue to benefit as it captures the
complete logistics value chain starting from sourcing, and terminalling to the retail distribution of
LPG. The liquid division remains stable for the company. We continue to believe that Aegis which
captures the complete logistics value chain starting from sourcing, and terminalling to the retail
distribution of LPG, would benefit from increasing LPG penetration in the country.

The Government of India is working on a ‘National Logistics Policy’, which aims to promote the
seamless movement of goods across the country. The policy will look at several areas such as process
re-engineering, and digitization, and focus on multi-modal transport there is a huge opportunity for
Shareholding Pattern India for logistics where a lot of processes can be digitized which can hugely enhance efficiency.
Effective implementation of the policy would help to provide an impetus to trade, enhance export
competitiveness, and improve India's ranking in the Logistics Performance Index. The country does
not have a large number of professional logistic service providers. India’s logistics sector is highly
defragmented and the government aims to reduce the logistics cost from the present 14% of GDP to
less than 10% by 2023-24. The policy will improve India’s trade competitiveness, and performance in
global rankings, and pave the way for India to become a logistics hub.

We expect a creditable revenue growth post-expansion of the Kandla Liquid Terminal and the
Mangalore and Haldia terminals expansion.
Industry Overview:

The pandemic brought significant changes in the Indian logistics landscape that compelled many industry players to
acknowledge the prevalent inefficiencies and adopt technology to enhance operational efficiencies. Going forward,
the technological trends that emerged in FY 2020-21 are expected to gain further traction in FY 2021-22. Besides,
several factors like strong infrastructure, channel alliances, urbanization, and increased consumer preference for
reduced delivery time are going to act as a growth catalysts for the logistics space. By some media reports, the
Indian logistics market is currently valued at some $250 billion and is expected to reach $380 billion by FY25.
The National Logistics Policy, which is in an advanced stage of the roll-out, is aimed at streamlining and
strengthening India’s logistics sector, promoting the seamless movement of goods across the country, and increasing
the ease of doing business for players in the sector. The policy will ensure multi-modal cargo movement for optimal
use of all transport modes by developing multi-modal transport infrastructure, including MMLPs. This initiative will
lower freight costs, reduce vehicular pollution and congestion, and cut warehouse costs to promote domestic and
global trade.
At present, the sector is plagued by some structural issues such as highly fragmented ownership; few large players;
lack of consolidation in operations; sub-optimal modal share with freight movement highly skewed towards the road
sector, to begin with. Moreover, as per NITI Aayog, logistics costs in India are high, accounting for 14 percent of the
GDP which is high when compared to developed nations, where it ranges between eight and ten percent. India aims
to reduce logistics costs to 10% of GDP by 2022 which could save up to Rs. 10 lakh crs. By optimizing truck use,
vehicular movement and travel time can be reduced, and logistics practices can be made less emission and cost-
intensive.
 Consumption:

As per data released by Petroleum Planning & Analysis Cell (PPAC), the LPG consumption in this fiscal
(till November) stood at 18.41 million mt compared to 18.03 million mt in same period in the prior
fiscal, a growth of 2.1% largely led by domestic category. The demand for LPG in India has continued
to show robust growth boosted by the Pradhan MantriUjjwalaYojna (PMUY) scheme, and the capital
investments in new LPG capacity significantly benefited the LPG terminal players. Separately, the
Government of India’s strong push for cleaner fuels and the commitment to 100% LPG penetration
towards a gas based economy present new investments and opportunities in this area for India’s
downstream and midstream oil and gas sectors. Moreover, recently a special purpose vehicle, IHB,
which has been set up by Indian Oil Corporation, HPCL and BPCL (50% is owned by Indian Oil and
25% each by the other two companies), aims at constructing and operating the KGPL pipeline also
known as the Central India LPG pipeline. This pipeline is the world’s largest, longest LPG pipeline of
around 2800 kilometers long and with an annual capacity to handle 8.25 million tons. The progress
made by IHB is quite impressive and will largely benefit the existing LPG players.
Company Overview:

Aegis Logistics is a leading integrated logistics solution provider in India. ALL was incorporated in 1956 and is dominant in mid-stream and
downstream components in the value chain of the oil and gas industry it is concerned with the storage, and transportation of oil and gas and
also other commodities like petroleum products is engaged in refining, production, and processing of petroleum products. Aegis Group runs
a network of bulk liquid handling terminals, liquefied petroleum gas (LPG) terminals, filling facilities, pipelines, and gas stations to
distributing goods and services. These five separate but connected business areas make up Aegis Group.

Aegis Logistics has a strong presence in the oil and gas industry, with a significant share of the market in India. It also serves a diverse range
of industries, including chemicals, engineering, FMCG, pharmaceuticals, and more. The company has a network of more than 100
warehouses and distribution centers across India, with a total storage capacity of over 2 million square feet.
Aegis Logistics has a strong focus on technology and innovation and has implemented advanced systems and processes to streamline its
operations. It has a fleet of over 1,200 vehicles, including trucks, trailers, and tankers, and has a team of more than 4,000 experienced
professionals.

In addition to its domestic operations, Aegis Logistics also has a presence in international markets through its subsidiary, Aegis Global
Logistics. The company has offices in Singapore, Dubai, and the United States, and provides a range of logistics solutions to customers
around the world.
The company also has a strong management team with a diverse set of skills and expertise. This includes experienced professionals in areas
such as logistics, supply chain management, and technology.
Aegis Logistics has a track record of investing in its employees and providing training and development opportunities. The company has a
focus on innovation and technology and has implemented advanced systems and processes to streamline its operations.

Overall, Aegis Logistics is a leading player in the Indian logistics industry, with a strong track record of growth and a focus on delivering
high-quality services to its customers.
Company Overview:

The company strictly follows a system of internal controls to ensure that all the assets are safeguarded, regularly updates its risk
management policy, and emphasizes OHSE, which stands for Occupational Health, Safety, and Environment, throughout India. Aegis also
considers itself environmentally responsible and takes initiative to have and reduce its carbon footprint and also continues to monitor
emissions through the installation of a continuous monitoring system at two locations and continues to invest in pollution control systems.
The group has 7 bulk terminals at 6 ports, Mangalore, Kandla, Haldia, Kochi, and Pipavav.

the company continues to search for possibilities to lease or purchase property at major and minor ports in India because it wants to create a
necklace of terminals around the coastline in India. This is major because all the ports facilitate trade across India and given the sector Aegis
is in, its imperative for them to capture areas around the ports in India which gives them a strategic and locational advantage. For eg the
Pipavav ports expansion was done keeping in mind the fact that to main maritime trade routes linking Europe & Middle East with Asia gave
an opportunity to the Aegis to handle products for the countries from this region as well.
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