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Aegis Logistics Ltd. reported earnings in line with our estimates, as robust performance in the liquids division continues to countervail the subdued gas business.
The gas business was affected by the second wave of Covid-led lockdowns, with clogged ports impacting throughput volumes, while demand for auto liquefied petroleum gas and cylinders (from hotels/restaurants) were low due to restrictions.
Aegis Logistics’ management said the gas division would recover to pre-Covid-19 levels in H2 FY22, with June-July 2021 already seeing a bounce back in volumes.
Factoring in the same, we forecast FY22E/FY23E gas logistics volumes at 3.2 million metric tonne/4mmt (from 3.5mmt/4.3mmt earlier) and 4.5mmt in FY24E.
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