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Motilal Oswal Report
Aegis Logistics Ltd.'s Ebitda miss was due to weak performance in the sourcing and distribution business, as public sector undertakings reduced liquefied petroleum gas (LPG) imports over May–June due to the overbooking of LPG cargoes in April 2020.
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Higher imports in April 2020 were attributed to an expected boost in demand led by Pradhan Mantri Ujjwala Yojana (PMUY) scheme, which did not pan out as estimated.
Also, refiners ramping up throughput led to a domestic LPG supply glut. Aegis expects some improvement in LPG volumes from the current quarter (Q2 FY21), highlighting Q1 FY21 as a trough for FY21.
On the other hand, expect a boost in gas volumes in H2 FY21 from the Uran–Chakan pipeline and Pipavav Railway Gantry.
The company has been a key beneficiary of the government's initiative to boost the penetration of LPG in the country. Although, for Aegis, investors have been wary of capacity utilization amid increasing competition.
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