MOSL: AEGIS LOGISTICS (Buy)-Volume growth across
AEGIS LOGISTICS: Volume growth across
(AGIS IN, Mkt Cap USD0.8b, CMP INR175, TP INR243, 39% Upside, Buy)
- 2QFY20 revenue came in 10% lower than est. at INR18.2b (+27% YoY), led by 10% lower-than-expected gas business revenue.
- Company has issued ESOPs of INR1.5b, which led to EBITDA loss of INR0.3b (v/s gain of INR0.9b in 2QFY19). Adjusting for the ESOPs, EBITDA was higher than est. by 10% at INR1.2b.
- Company has also taken INR20m provision on commission to managing directors (totaling INR40m for 1HFY20) in other expenses for the quarter.
Aegis Logistics Limited is a holding company, which is engaged in providing logistics and supply chain services to the oil, gas and chemical industry. The Company is engaged in the sale of liquefied petroleum gas (LPG), wholesale of solid, liquid and gaseous fuels and related products, and storage and warehousing of products, such as general merchandise warehouses and warehousing of furniture, automobiles, gas and oil, chemicals and textiles. Its segments include Liquid Terminal Division and Gas Terminal Division. The Liquid Terminal Division undertakes storage and terminaling facility of oil and chemical products. Its Gas Terminal Division relates to imports, storage and distribution of petroleum products, such as LPG and propane. It markets LPG packed in cylinders, which are used for domestic, commercial and industrial applications. It operates a network of filling plants, distribution points and dealers under the Aegis Puregas brand.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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