Aegis Logistics (AEGISLOG) Q2 24/25 earnings summary

Executive summary

• Achieved record consolidated normalized EBITDA of INR 487 crores in H1 FY25, the highest ever half-yearly performance, with both liquids and LPG divisions contributing strongly.

• Profit after tax for H1 FY25 reached INR 310 crores, up 10% year-over-year, and EPS stood at 7.33 compared to 6.92 in H1 FY24.

• Expansion through new capacity, acquisitions, and increased logistics volumes supported revenue and EBITDA growth.

• Consolidated revenue from operations for Q2 FY25 was ₹175,042 lakh, up 41.8% year-over-year; half-year revenue reached ₹335,176 lakh, nearly flat compared to the prior year.

• Interim dividend of ₹1.25 per share was declared and paid for FY25.

Financial highlights

• H1 FY25 group EBITDA rose 10% year-over-year to INR 487 crores; PAT at INR 310 crores, up 10% year-over-year.

• Q2 FY25 revenue grew 41.8% year-over-year to ₹175,042 lakh; normalized EBITDA at Rs. 237 Cr, up 3%.

• Liquids segment revenue grew 18% year-over-year to INR 273 crores; Liquids EBITDA rose 27% to INR 201 crores.

• Gas Terminal Division contributed ₹162,024 lakh in Q2 FY25 revenue and ₹307,884 lakh for the half-year.

• Cash and cash equivalents increased to Rs. 1,409 Cr at Sep 2024 from Rs. 1,032 Cr at Mar 2024.

Outlook and guidance

• Guidance of 25% CAGR over the next three years reaffirmed, supported by ongoing and upcoming capacity expansions.

• Revenue and profitability expected to rise as new capacities at Pipavav and New Mangalore come online by FY26.

• Continued focus on capacity expansion, network growth, and new energy projects under Project GATI.

• Five-year average CAGR growth of 25% targeted from FY22 to FY27, not necessarily linear each year.

• Plans to grow autogas stations to 200 across 20 states and expand commercial and domestic LPG distribution.