Aegis Logistics Ltd

- Ongoing Rs.1,750 crores investment program announced in June 2023. - New liquids capacity expansions at Mangalore and Kochi expected operational by end of FY '24. - Two major cryogenic LPG projects at Pipavav (45,000 MT) and Mangalore (85,000 MT) on budget and on time. - Additional LPG spheres at Pipavav (3,700 MT capacity) completed and commissioned in Q2, ready for Q3. - LPG bottling plant at Kandla completed in Q2. - New liquids 110,000 kiloliter terminal at JNPT progressing well, expected operational by end of FY '24. - Company is actively seeking acquisitions, brownfield expansions, greenfield sites, and opportunities in sustainable fuel and new energy. - Growth projects expected to contribute significantly to FY '26 and FY '27 performance. - Target project IRR/hurdle rate around 15%, aiming for ~20% EBITDA and 30-40% ROE with gearing of 0.6.

- LPG throughput volumes reached a lifetime high of 1.02 million metric tons in Q2 FY '24, a 23% increase YoY, with continued natural growth expected at terminals like Pipavav, Kandla, and Haldia. - Distribution volumes grew 13% in Q2 FY '24; stable growth anticipated with operational stabilization of Kandla terminal. - The company targets around 20-25% growth year-on-year, with 25% growth expected in the next financial year driven by maturing assets and new CAPEX. - New capacity expansions include cryogenic LPG projects at Pipavav and Mangalore, and new liquids capacity at Mangalore and Kochi, operational by end FY '24. - The Rs.1,750 crore investment program primarily supporting bulk liquid and LPG capacity expansion is expected to contribute more significantly starting FY '26 and FY '27. - EBITDA margins expected to remain between Rs. 2,500 to 3,500/ton blended basis. - Distribution volume exit targets for FY '24 are stable or slightly improving compared to current run rates.

- Aegis Logistics expects a 25% year-on-year growth in the next financial year driven by maturing current assets, growth at existing terminals, and new CAPEX (Page 11). - Liquid division capacity expansion to reach 2 million KL (20% increase), contributing to a 20% growth (Page 11). - New LPG terminal capacities at Pipavav and Mangalore on budget and on time, adding to growth potential (Page 4). - Q2 FY '24 EBITDA was Rs. 231 crores, a 26% increase YoY; Profit after Tax was Rs. 150 crores, a 48% increase YoY; EPS up 36% to Rs. 3.62 (Page 4). - The company targets around 30% return on equity with a hurdle rate of 15% and expects EBITDA margins of ~20% on CAPEX (Page 12). - Guidance for FY '24 growth maintained between 20-25% (Page 15).

- The transcript does not explicitly mention the current or expected order book or pending orders for Aegis Logistics Limited. - Focus of discussion is more on operational performance, volume growth, and capacity expansion projects. - Mentioned expansion projects include: two additional spheres at Pipavav (3,700 metric tons capacity) now commissioned; LPG bottling plant at Kandla completed; a new liquids 110,000 kiloliter terminal at JNPT expected operational by end of FY '24. - Company projects continued momentum in infrastructure and expects steady volume growth, indicating ongoing and future business activity. - No direct commentary or quantitative data on order book or pending orders was provided in the transcript.

- No explicit mention of any new fundraising through debt or equity in the transcript. - The company highlights a robust financial position with low debt, strong cash flows, and a solid balance sheet (Page 5). - They are executing a Rs. 1,750 crore investment program funded from existing financial resources (Page 4). - Discussions focus on organic growth, capacity expansions, and strategic projects without reference to new capital raising. - The company aims to maintain a gearing of around 0.6 and targets strong returns on equity (Page 11). - No concrete announcements or guidance have been given about near-term fundraising through debt or equity.