The recent series of disclosures about slump sale of liquid division into a new entity gives very good insights into the contribution of Mumbai terminal (which was 100% retained by Aegis) to company’s profitability.
FY21 Liquid division revenue: 234 cr.
- Haldia: revenue: 27.01 cr.; net worth: 197.09 cr.; slump sale at 240 cr. (capacity: 174’690 kl) (link)
- Kandla (LPG storage + liquid): revenue: 40.66 cr.; net worth: 486.35 cr.; slump sale at 830 cr. (capacity: 140’000 kl) (link)
- Mangalore: revenue: 8.79 cr.; net worth: 97.49 cr.; slump sale at 120 cr. (capacity: 25’000 kl) (link)
- Pipavav: revenue: 4.05 cr.; net worth: 78.36 cr.; slump sale at 170 cr. (capacity: 120’120 kl) (link)
- Kochi: revenue: 8.39 cr.; net worth: (-) 16.72 cr.; slump sale at 18.5 lakhs (capacity: 54’000 kl) (link)
- Implied Mumbai sales ~ (234-27.01-40.66-8.79-4.05-8.39) ~ 145 cr (capacity: 273’000 kl).
So Mumbai contributes >60% of revenues and probably higher profitability (because of mix of more complex chemicals). No wonder why this was not merged into the Vopak JV.
Disclosure: Invested (position size here)