India’s LPG import numbers for Feb 2022 are out. Here are the data points:
| Feb-22 (MT) | Jan-22 (MT) | MOM change | Feb-21 (MT) | YOY change |
|---|---|---|---|---|
| 1256 | 1394 | -10% | 1521 | -17% |
| Apr 21 - Feb 22 (MT) | Apr 20 - Feb 21 (MT) | % Change |
|---|---|---|
| 15681 | 15121 | 4% |
There has been a decline in India’s LPG imports both MOM and YOY. However, on a 11 month basis, there is a 4% increase.
It appears that for the full year, LPG imports will be flattish. Assuming a constant market share for Aegis, their LPG terminalling revenues should be flattish as well. Potential revenue upsides may only come from their LPG “sourcing” business with increase in LPG prices, better liquid terminalling volumes and better volumes in retail business (Auto-LPG and bottling) due to post-covid reopening.