Aegis Logistics Q4 Review - Mixed-Bag Results; Gas Logistics Outlook Unchanged: Motilal Oswal
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Motilal Oswal Report
Aegis Logistics Ltd. reported a miss on our estimates, primarily due to a drop in the gas business, while the liquids business performed robustly.
The gas logistics business was impacted as the company reported a shift in Bharat Petroleum Corp. volumes from its Haldia liquefied petroleum gas terminal to its recently commissioned terminal.
The company clocked higher movement of LPG wagons at its Pipavav railway gantry and signed BPCL as a second customer (apart from Indian Oil Corp.).
The Mumbai LPG terminal is operating at the maximum level since December 2020.
The liquids business saw margin expansion in Q4 with the handling of higher margin products.
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