Aegis reported flattish nos, its good to see that their terminalling volumes are now consistently over 1mn MT and management is confident of 20%+ volume growth in FY25 (probably reaching 5mn MT). Concall notes below.
FY24Q3 concall
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Pipavav: Commissioned spheres of 3700 MT generated revenues in Q3
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Haldia: Industrial distribution is small here, will look to slowly build up
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Sourcing volumes: 1.79 lakh MT in Q3 (vs 2 lakh MT in Q3FY23)
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Terminaling volumes: 1’097’000 MT in Q3 (vs 988’000 MT in Q3FY23). Expect 20% volume growth in FY25 (from existing assets)
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Commercial & Industrial:
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144’000 in Q3 (vs 131’000 MT in Q2FY24, 157’000 MT in Q3FY23)
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Margins vary from 2500-3200 which causes volatility in reported EBITDA from gas segment
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Reduction is natural gas prices has not impacted volumes (QoQ basis).
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Customers have been using natural gas and propane as two alternate fuels. Have been focusing on converting more customers to have the dual fuel option
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Newer bottling plants that Aegis has been putting up has helped them increase their reach to smaller companies
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Current price differential between LPG and LNG is 10-15% (after accounting for calorific value)
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Liquid capacity: will reach 1.9 mn kl post current expansion (vs 1.6 mn kl in FY23). Will increase by further 300,000 kl in FY25
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Ammonia: Working on an active set of projects which will be announced when its confirmed
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Capex: announced projects of 1750 cr. will be finished in next 18-24 months
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Cash: 1700 cr. (debt: 1200 cr.)
Disclosure: Invested (position size here, bought shares in last-30 days)