Aegis Vopak Terminals Limited — Q4 FY26

Aegis Vopak Terminals Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=UX2zDBr2FQs Published: 6 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to Ages Wak Terminals Limited Q4 0:08 8 seconds MSI 26 earnings conference call. This conference call may contain forward-looking statements about the company which are based on the beliefs, 0:16 16 seconds opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risk and 0:25 25 seconds uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you 0:33 33 seconds to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and 0:41 41 seconds zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:49 49 seconds Raj Chandaria, chairman and managing director. Thank you and over to you Chandara. 0:57 57 seconds Right. Thank you very much everybody. Uh good afternoon. Um welcome to the Aegis VOPAC terminals limited Q4 and fullear 1:06 1 minute, 6 seconds uh FY26 earnings call. Uh I'm joined today by Mr. Murad Molyina director and 1:12 1 minute, 12 seconds Miss Pel Durve from MUFG corporate markets. 1:18 1 minute, 18 seconds So we published our full uh first year uh full year results uh since listing and I hope you've had an opportunity to 1:26 1 minute, 26 seconds review the investor presentation which has been uploaded on the exchanges and our company uh website and let me start 1:34 1 minute, 34 seconds with a word of appreciation. uh we really uh uh value the trust that our shareholders uh partners and 1:41 1 minute, 41 seconds stakeholders uh have placed in us and as a tangible expression of that we have uh the board has recommended a final 1:49 1 minute, 49 seconds dividend of uh 0.2 rupees per share which uh really is around 2% uh on the 1:56 1 minute, 56 seconds face value of 10 rupees share uh for for the uh FY26. 2:03 2 minutes, 3 seconds Now um I just like to review the um uh the market and competitive uh edge of 2:11 2 minutes, 11 seconds AG's fourpack terminals. Uh we've established uh ourselves as uh one of India's leading independent uh providers 2:20 2 minutes, 20 seconds of storage and logistics infrastructure for LPG, petroleum, chemicals and other 2:27 2 minutes, 27 seconds liquid products. Our strategically located network uh uh now spans key 2:33 2 minutes, 33 seconds ports across India uh supported by integrated multimodal evacuation 2:41 2 minutes, 41 seconds uh that means pipelines, railways and road uh placing us at the center of India's energy and industrial supply chain. 2:51 2 minutes, 51 seconds What really sets us apart uh is the complimentary strength of our two founding partners uh which is Aegis 2:57 2 minutes, 57 seconds Logistics Limited uh who brings uh deep domestic market uh insight and Royal 3:05 3 minutes, 5 seconds VOPAC uh from the Netherlands uh contributes globally recognized operational excellence 3:12 3 minutes, 12 seconds and together uh this combination drives consistently high standards of safety, reliability and environmental stewardship. 3:23 3 minutes, 23 seconds And we believe it creates a durable competitive advantage uh advantages actually that are difficult to uh replicate. 3:35 3 minutes, 35 seconds Um and some of you may remember uh that we had embarked on project gati uh 3:41 3 minutes, 41 seconds that's uh gati and uh this is really scaling uh for structural growth and as 3:50 3 minutes, 50 seconds um uh India's energy consumption and industrial activity continue to expand. 3:57 3 minutes, 57 seconds uh we are investing to stay ahead of that demand through uh project uh gati which is gateway stands for gateway 4:04 4 minutes, 4 seconds access to India G a ti and the results to date are clear uh since our joint 4:11 4 minutes, 11 seconds venture formation in November of 2021 uh we have grown our liquid capacity uh 4:18 4 minutes, 18 seconds liquid storage capacity 3.75 times and our LPG static capacity 4.5 times. 4:27 4 minutes, 27 seconds And the by the end of next year our aggregate capital expenditure will reach approximately US 1.2 billion. 4:36 4 minutes, 36 seconds And looking further ahead we have a planned capex pipeline of roughly $5 billion by uh 2030. 4:45 4 minutes, 45 seconds Uh investments which are aligned with supporting uh both traditional energy demand and emerging energy transition value chains. 4:55 4 minutes, 55 seconds Now we are funding this growth with discipline. Our strategy combines um internal acrals with a measured use of 5:04 5 minutes, 4 seconds debt uh targeting a gearing ratio of approximately 0.6 uh ensuring that we sustain both 5:12 5 minutes, 12 seconds momentum and financial stability and I'm sure Mr. Moladina will uh enlighten us more on that particular subject. 5:22 5 minutes, 22 seconds Now if I can just run through the uh operational uh update port by port. Um 5:29 5 minutes, 29 seconds at uh uh at Haldia uh we have uh completed a significant strategic step during the 5:37 5 minutes, 37 seconds year by acquiring a 75% stake in Hindustan Aegis LPG Limited. This 5:44 5 minutes, 44 seconds transaction uh added uh approximately 25,000 metric tons of LPG storage capacity and marked our entry into the 5:54 5 minutes, 54 seconds east coast LPG market uh an important new uh growth frontier and the asset is 6:01 6 minutes, 1 second anchored by a long-term exclusive terminaling agreement with uh Hindustan 6:08 6 minutes, 8 seconds Petroleum HPCL uh which runs through 2038 uh and therefore providing strong revenue visibility. 6:19 6 minutes, 19 seconds And today uh we operate 226,890 cubic meters of storage liquid storage here uh to prepare for the next phase. 6:30 6 minutes, 30 seconds We have acquired an additional 3 acres of land uh enabling further uh you know 6:38 6 minutes, 38 seconds expansion of liquid storage and allied handling capabilities. 6:43 6 minutes, 43 seconds Now moving to JNPT. Uh the current liquid storage capacity stands at 6:51 6 minutes, 51 seconds 106,900 cubic m. 6:55 6 minutes, 55 seconds Uh but we are in the midst of a major expansion here. Uh adding approximately 318,100 7:02 7 minutes, 2 seconds cubic m of additional liquid storage and 77,236 metric tons of LPG capacity. 7:12 7 minutes, 12 seconds uh along with an LPG bottling plant of 35,000 metric tons annual capacity. 7:19 7 minutes, 19 seconds The total capex uh for this uh program is approximately 1,675 crores and the first phase of the new 7:29 7 minutes, 29 seconds liquid capacity is expected to be operational in Q1 of FY27 in other words 7:35 7 minutes, 35 seconds this this quarter uh uh which uh will begin to contribute revenues uh from from that point on from effectively from Q2 onwards. 7:47 7 minutes, 47 seconds Uh we're also evaluating a a further cryogenic gas tank at JNPT in the range of 36,000 to 50,000 metric tons which 7:57 7 minutes, 57 seconds will further uh deepen our gas handling capabilities on the west coast. No final decision has been taken but we are certainly uh uh evaluating. 8:09 8 minutes, 9 seconds Um moving to uh Kochi, uh we operate uh uh roughly 82,545 8:16 8 minutes, 16 seconds cubic meters of liquid storage. We have plans to add up to 60,000 cubic meters uh of additional capacity on newly 8:24 8 minutes, 24 seconds allotted land in this port and um and very important for uh serving the rising demand in South India and we will 8:33 8 minutes, 33 seconds provide detailed quite uh timelines on this once the plans are uh fully finalized. 8:40 8 minutes, 40 seconds Uh moving to Kandla uh Kandla remains uh one of our largest and most strategically critical hubs. Uh 8:49 8 minutes, 49 seconds approximately 952,000 cubic meters of liquid storage and 48,000 metric tons of 8:56 8 minutes, 56 seconds LPG capacity. Uh here several uh significant milestones were achieved this year. In December, um, we 9:05 9 minutes, 5 seconds successfully received a VLGC at Kandla, uh, which has been, uh, you know, we've been hoping for some time that the, uh, 9:13 9 minutes, 13 seconds the jetty would be ready and indeed we received that cargo. Uh, and this makes it a VGC compliant terminal, a major capability enhancement. 9:24 9 minutes, 24 seconds Uh the uh Jamagar Loni LPG pipeline is now complete and uh the Kla Gor LPG 9:33 9 minutes, 33 seconds pipeline connection is expected in H1 FY 27 further improving evacuation efficiency and throughput. 9:44 9 minutes, 44 seconds Uh on the expansion front uh the CRL4 liquid terminal uh adding uh a further 9:53 9 minutes, 53 seconds 94,148 cubic meters is on track for commissioning next year. Uh we have also 9:59 9 minutes, 59 seconds signed uh a non-binding memorandum of understanding with Larsson and Tubro for the potential joint 10:08 10 minutes, 8 seconds development of ammonia terminals at Kandla with discussions uh progressing 10:14 10 minutes, 14 seconds uh towards a formal uh framework agreement. 10:20 10 minutes, 20 seconds Uh turning to Pivaral uh Pivar has an has had a milestone year um very important year. We commissioned our uh 10:30 10 minutes, 30 seconds cryogenic LPG terminal with 48,000 metric tons of capacity in June 2025 bringing the total LPG capacity at this 10:38 10 minutes, 38 seconds port to 70,800 metric tons and the terminal is ramping up well. A new VGC 10:46 10 minutes, 46 seconds compliant jetty is expected to be completed within this calendar year delivering a worldclass integrated LPG 10:54 10 minutes, 54 seconds platform uh which comprises of BLGC handling uh cryogenic storage bottling 11:01 11 minutes, 1 second facility an LPG uh rail entry 16 truckloading bays and a pipeline 11:08 11 minutes, 8 seconds connection to the central India uh KGPL pipeline which is expected as I said in Q2 of FY 2027. 11:18 11 minutes, 18 seconds The LPG the this is the connection on the uh liquid side. Uh we have 11:25 11 minutes, 25 seconds secured a 15-year takepay agreement with a leading uh conglomerate for petroleum 11:32 11 minutes, 32 seconds product handling. Uh and they have committed volumes exceeding 0.5 million metric tons per year and operations are 11:41 11 minutes, 41 seconds expected to commence commence by year end. And this uh again provides strong long-term revenue visibility. 11:51 11 minutes, 51 seconds Uh we're also making uh strong progress on India's first independent ammonia terminal at Pipawa uh which is of 36,000 11:59 11 minutes, 59 seconds metric tons static capacity and this is backed by a 15-year takeor pay agreement with Hindustan zinc for their upcoming 12:09 12 minutes, 9 seconds DAP plant which is expected to be commissioned in H1 of this fiscal year. 12:15 12 minutes, 15 seconds And this uh really positions us squarely within India's green hydrogen and energy uh transition uh agenda. 12:26 12 minutes, 26 seconds uh to strengthen our capabilities in this emerging segment we welcomed Ichou Corporation of Japan uh as a strategic 12:34 12 minutes, 34 seconds partner and they have acquired an initial 10% stake in Aegis Terminal Pipal Limited uh which is the ammonia uh 12:43 12 minutes, 43 seconds subsidiary uh with plans to raise that to 25% over the next three years. 12:52 12 minutes, 52 seconds uh in Mangalore uh we commissioned our cryogenic LPG terminal with uh 82,000 metric tons capacity in June of 2025. 13:01 13 minutes, 1 second The LPG rail gantry there is under active construction and 75,000 cubic meters of liquid capacity was also added 13:09 13 minutes, 9 seconds last year and is now fully operational bringing the total liquid storage to 193,000 cubic meters. 13:18 13 minutes, 18 seconds And we have secured additional land in Mangalore for a further 60,000 cubic meters of liquid capacity with a formal 13:26 13 minutes, 26 seconds announcement to follow once the plans are are finalized. 13:31 13 minutes, 31 seconds And finally um uh new new the new proposed port at uh Vadovan uh we have 13:38 13 minutes, 38 seconds signed a non-binding memorandum of understanding to participate in the development of worldclass liquid and gas handling facilities with a potential 13:47 13 minutes, 47 seconds project outlaw outlay of approximately 20,000 crores. Uh this is of course subject to um all approvals and land 13:55 13 minutes, 55 seconds allocation and if uh successful then we would um this project would uh add meaningful scale to our network and 14:04 14 minutes, 4 seconds significantly expand our geographic reach. 14:08 14 minutes, 8 seconds So let me summarize before I hand over to Mr. Moladina. Uh we are executing a clear well-funded growth strategy, 14:16 14 minutes, 16 seconds scaling infrastructure ahead of demand, diversifying our portfolio into new products and geographies, and 14:24 14 minutes, 24 seconds maintaining a disciplined balance sheet with liquid capacity growing uh 3.75 times and LPG capacity growing 4.5 times 14:33 14 minutes, 33 seconds since our joint venture formation and a $5 billion uh capex road map ahead of 14:40 14 minutes, 40 seconds us. the foundation for a s for sustained value creation uh we believe is is firmly in place and I really want to 14:48 14 minutes, 48 seconds thank all our uh employees and partners and and stakeholders for their continued support. 14:54 14 minutes, 54 seconds So with that uh I'm going to hand over to Mr. Murad Moladina uh who will take us uh through um the financial 15:01 15 minutes, 1 second performance for the quarter and uh for the full year. Uh Muran. 15:06 15 minutes, 6 seconds Yeah, thank you. Thank you Mr. Raj. Uh good afternoon everyone. A brief housekeeping note before I begin. The 15:14 15 minutes, 14 seconds FY25 and FY26 financials have been restated following the consolidation of 15:22 15 minutes, 22 seconds Hindustan Ages LPG Limited in accordance with applicable accounting standards. We have to note this please for the fullear FY26 performance. 15:32 15 minutes, 32 seconds FY26 was a strong year across revenue, profitability and triplet. Revenue from 15:39 15 minutes, 39 seconds operations grew 17% yearonear to 923.1 crores. Within that, liquid terminal was 15:49 15 minutes, 49 seconds 440.5 crores up 27.8% 8% year-on-year over fastest growing segment driven by 15:58 15 minutes, 58 seconds capacity additions and an improved product mix. Gas terminal was 482.6 16:05 16 minutes, 5 seconds crores up 8.6% yearonear supported by cumulative gas throughput rising from 16:12 16 minutes, 12 seconds 3.3 million tons in FY25 to 3.9 million tons in FY26. Profitability improved significantly. 16:21 16 minutes, 21 seconds Operating with the car rose 19.4% to 686.5 cr and net profit grew 52.1% 16:29 16 minutes, 29 seconds to 341.9 crores reflecting improved operating leverage as the new capacity came online. 16:38 16 minutes, 38 seconds Now to look at Q4 FY uh 26 performance. 16:44 16 minutes, 44 seconds The fourth quarter continues the momentum. Revenue from operations increased to 22.2%. 2% yearonear to 16:52 16 minutes, 52 seconds 243.5 uh crores. Liquid terminal was 121.1 16:59 16 minutes, 59 seconds cr up 31% driven by higher volumes capacity additions and a more favorable product mix. Gas terminal was 122.4 17:10 17 minutes, 10 seconds crores up 14.6% with quarterly gas throughput reaching 1 million metric tons. Q4 operating grew 17:19 17 minutes, 19 seconds 24.2% yearonear to 179.2 crores. Net profit increased 15.3% 273.9 crores. 17:31 17 minutes, 31 seconds Balance sheet during the year we raised 660 crores through series 1 non-commotable deentures and 1,30 cr 17:41 17 minutes, 41 seconds through series 2 NCD both where NS listed. These issuances reflect strong 17:48 17 minutes, 48 seconds investor confidence in our growth strategy and have enabled us to diversify our funding base locking 17:57 17 minutes, 57 seconds long-term capital at competitive rates and further strengthen our balance sheet. Overall, our financial position 18:04 18 minutes, 4 seconds remains robust supported by lower leverage and healthy cash flow and a resilient balance sheet providing a 18:13 18 minutes, 13 seconds strong platform for executing the capex program that lies ahead. Thank you all of you for your time today. We 18:21 18 minutes, 21 seconds appreciate your continued trust in agat communities limited. We remain focused on exhibiting our growth strategy with 18:28 18 minutes, 28 seconds discipline, expanding capacity, enhancing efficiency and deepening our role in India's energy transition. We 18:36 18 minutes, 36 seconds look forward to updating you regularly on the continued progress. We will now open the call for questions. Thank you. 18:45 18 minutes, 45 seconds Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 18:52 18 minutes, 52 seconds and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 18:59 18 minutes, 59 seconds two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Qseles. 19:17 19 minutes, 17 seconds The first question comes from the line of Anil Sin with K16 advisor. Please go ahead. 19:25 19 minutes, 25 seconds Uh good afternoon everybody on the call. 19:27 19 minutes, 27 seconds Congratulations on the superb performance. I just have one small question. You have referenced capacity increase in Kochi, Mangalore, Kipaw etc. 19:39 19 minutes, 39 seconds This capacity increase is done by VOAC direct AIS VOPAC directly or is it done by AGIS logistics? 19:50 19 minutes, 50 seconds Uh so uh so this is these are land uh which are under lease with AGES VOPAT 19:57 19 minutes, 57 seconds terminals limited and the infrastructure is being constructed by its parent AIS logistics limited because of the 20:06 20 minutes, 6 seconds in-house capability and efficiencies uh that they bring. So the construction will be under the supervision of Ages 20:15 20 minutes, 15 seconds Logistics Limited for uh the terminals that will be owned and operated by Ages Bopac Terminals Limited. 20:27 20 minutes, 27 seconds Okay, great. So, so all this capeex which is like $5 billion going from here till the end of fiscal 30 all that will 20:36 20 minutes, 36 seconds be first developed by Aegis logistics and then transferred to Aegis WAC. Yes, that in-house capability is with the 20:44 20 minutes, 44 seconds parent and the effic cost efficiencies are also with the parent. So it makes sense uh for ages to construct it at the 20:53 20 minutes, 53 seconds least cost uh through the efficiencies of its parent. Fair fair enough. That's a very good explanation. Thank you. Just 21:00 21 minutes one more thing, sir. $5 billion to be invested within that is 27, 28, 29, 30. 21:09 21 minutes, 9 seconds That is quite a uh massive uh outlay. Uh what gives you the confidence that you 21:17 21 minutes, 17 seconds know so far you have invested only 1.2 billion over the past 3 four years. Now in the coming four years it is $5 21:25 21 minutes, 25 seconds billion. So if you can just at a high level elaborate what what do you see uh yes that merits such a big investment. 21:34 21 minutes, 34 seconds Yes. Yes. Of course. Uh so we have uh we have said in the past and if you look historically we started in 22 2022 21:42 21 minutes, 42 seconds we have tripled in 3 years from 22 to 25 uh by the time we came out with the IPO. 21:50 21 minutes, 50 seconds So we we we we had tripled our capex and from there onwards from 25 21:57 21 minutes, 57 seconds and now we will be in 27 we would have doubled from that point of view. So you know 200 million went to 600 million 600 22:05 22 minutes, 5 seconds million to 1.2 billion USD the pace of capex increases as we grow stronger and 22:13 22 minutes, 13 seconds the opportunities present themselves. We always follow demand. We are not uh somebody who will do flat planting and 22:22 22 minutes, 22 seconds do anything prematurely. Uh we don't let demand follow us. So you see uh this 22:28 22 minutes, 28 seconds capex going forward will gain pace and uh uh you know as as we progress so you 22:36 22 minutes, 36 seconds will see lot of big capex coming in at the last two years of this 5year period. 22:43 22 minutes, 43 seconds uh now we we are doing it at a pace of let's say 4,000 cr or 5,000 cr a year 22:50 22 minutes, 50 seconds this may continue for next 2 years then uh as we would have grown our IETA and 22:57 22 minutes, 57 seconds as we would have done and finished our second phase uh QIP that is equity dilution and uh we have money uh by way 23:07 23 minutes, 7 seconds of equity withdraft then you will see what follows will be larger capex and uh 23:14 23 minutes, 14 seconds we expect to reach uh 5 billion uh by end of 2013. 23:21 23 minutes, 21 seconds Thank you so much and wish you all the best sir. Thank you. 23:28 23 minutes, 28 seconds Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Raj Patel with SK Finance. Please go ahead. 23:39 23 minutes, 39 seconds Yeah. Hi. Am I audible? Yes please. 23:44 23 minutes, 44 seconds Yeah, thank you for the opportunity. So my questions were more with regards to the revenue side. So just wanted to understand that can you describe your uh 23:52 23 minutes, 52 seconds current revenue structure with your major customer and uh what would be the percentage revenue which are under long-term versus spot agreement. 24:03 24 minutes, 3 seconds Oh, we do not track uh such uh uh statistics that is we you we normally 24:10 24 minutes, 10 seconds like to operate as an open-source terminal. Uh we are not product dependent therefore not customer dependent. In fact, we are not even 24:18 24 minutes, 18 seconds trade dependent. We can handle number of products uh and therefore there is no dependency on any one product that we 24:27 24 minutes, 27 seconds may need long-term uh contracts. uh we we can handle exports, imports and also 24:34 24 minutes, 34 seconds postal movement. uh so therefore we are well uh diversified and we have number of units you know currently we are 24:42 24 minutes, 42 seconds operating close to 25 units all over India liquid LPG and now ammonia is is is coming in but that does not mean we 24:51 24 minutes, 51 seconds don't have long-term contracts but they are more they they are not normal normal is being open source India uh it is a 25:00 25 minutes developing country there is a huge demand and uh it makes no sense uh to get into long-term uh contract uh 25:09 25 minutes, 9 seconds and be dependent on one product or one customer. 25:14 25 minutes, 14 seconds Got it. Uh my next question was with regards to the port side. So just wanted to understand that are we expecting any 25:22 25 minutes, 22 seconds lease to be expire getting uh expired to be soon and uh secondly what uh specific 25:29 25 minutes, 29 seconds ports which are being closer to peak capital util capacity utilization on liquid and the gas side. 25:37 25 minutes, 37 seconds No. So these uh most of these are uh not very old. So we have still long time to 25:44 25 minutes, 44 seconds go before uh the lease uh maturity happens. But as you are aware under the land policy uh the uh lensy has got a 25:54 25 minutes, 54 seconds last look. So we we are not uh when we don't have to be unrely worried when the lease is mature. There is only one lease 26:02 26 minutes, 2 seconds of people port which is dependent on the concessional which which is in 2029 26:09 26 minutes, 9 seconds otherwise I think it's a long time to go for most of our other uses. 26:17 26 minutes, 17 seconds Got it sir. And sir in the future in uh let's say next three year how do we expect the business mix to evolve? Let's 26:25 26 minutes, 25 seconds say between liquid gas and ammonina I think uh gas will be more dominant 26:32 26 minutes, 32 seconds going forward. Uh but it will usually be 5545 or 6040. The higher higher of course uh would be gas. 26:44 26 minutes, 44 seconds Would be gas. Got it. That was all from my side. Thank you. Thank you. 26:53 26 minutes, 53 seconds Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question 26:59 26 minutes, 59 seconds comes from the line of below Paul Sahu with GM Financial. Please go ahead. 27:06 27 minutes, 6 seconds Hi, good afternoon sir. Thank you for the opportunity. Am I audible? Yes, please. Go ahead. 27:13 27 minutes, 13 seconds Uh so I had three questions. Uh firstly can you give a high level uh view on how is LPG import situation in the country 27:22 27 minutes, 22 seconds and uh how has India diversified its sources of those imports. 27:28 27 minutes, 28 seconds Uh yes. Uh so of course u in in LPG uh the national oil companies uh had uh 27:37 27 minutes, 37 seconds supply source problem when uh the ships were stranded in straight off almost uh since uh the war began in March. volumes 27:46 27 minutes, 46 seconds were affected uh from March uh where you know it it was generally uh 50% down but 27:56 27 minutes, 56 seconds from May onwards I think uh things are getting uh much better uh now it's no 28:03 28 minutes, 3 seconds more 50% like 30 35% uh as far as May is concerned we expect the things to get normalized soon 28:12 28 minutes, 12 seconds however in case of Agis Bukat we have a uh a situation where again the parent uh 28:20 28 minutes, 20 seconds with this logistics uh being in distribution and uh as uh you would have seen in the presentation of the parent 28:28 28 minutes, 28 seconds the distribution volumes have grown uh substantially in uh uh Q4 has helped utilization of a book at LPG terminal. 28:40 28 minutes, 40 seconds So being vertically integrated in LPG business helps uh uh ages BOPAC as well as AGis logistics and the group as a whole uh to get over this uh situation. 28:52 28 minutes, 52 seconds So therefore we we have done good we have done 3.9 million tons for the year of course counting as we are together 29:01 29 minutes, 1 second and uh I think uh from Q2 of the current year things should be back on track 29:18 29 minutes, 18 seconds we can't hear you properly uh any guidance you would like to highlight for the current year. 29:25 29 minutes, 25 seconds Uh no, we don't give guidance but I think uh what what we have always uh 29:30 29 minutes, 30 seconds said uh generally we do uh a a 30 to 40% 29:37 29 minutes, 37 seconds uh growth uh as far as throughout is concerned year on year uh we continue to 29:43 29 minutes, 43 seconds say so. So I think uh we should do a between 30 to 40% growth uh as far as uh 29:52 29 minutes, 52 seconds throughput is concerned in this year also. 29:55 29 minutes, 55 seconds Uh got it sir. Thank you. And two bookkeeping questions. Uh can you quantify our capex plans for the next two years that is FI 27 and 28? 30:05 30 minutes, 5 seconds Uh 27 of course we have already said we'll reach 1.2 billion uh capex. uh 28 there are uh still some uh things to be 30:14 30 minutes, 14 seconds firmed up. We will uh soon come up with uh uh the numbers for FY28. Uh but I 30:22 30 minutes, 22 seconds think it will definitely be uh generally in the range of close to 5,000 cr. 30:30 30 minutes, 30 seconds Got it sir. And in your opening remarks you mentioned that J&P phase one of liquids is expected to be commissioned in FI27. 30:38 30 minutes, 38 seconds How much would this capacity be out of the 318,000 cbm expansion? 30:44 30 minutes, 44 seconds I think we will do most of it in H1 of the uh FI FI27. 30:50 30 minutes, 50 seconds Most of it will be up and running in uh H1. 30:56 30 minutes, 56 seconds So we can assume the full capacity to be running uh by the end of the year. in that way. 31:02 31 minutes, 2 seconds Well, uh yeah, maybe some of it would start in October, but yes, generally speaking, 380,000 18,000 should be 31:11 31 minutes, 11 seconds running for 6 months in the current year. 31:16 31 minutes, 16 seconds Got it, sir. Thank you. Those are my questions. Thank you. 31:24 31 minutes, 24 seconds Thank you. Next question comes from the line of Vinitar with Bajage Alternates. Please. 31:32 31 minutes, 32 seconds Thank you. Good afternoon, sir. And thank you for the opportunity. So, a couple of questions from my side like uh how much is your future capex of around 31:40 31 minutes, 40 seconds $5 billion uh if committed to let's say ammonia, LPG and other green molecules 31:47 31 minutes, 47 seconds versus a traditional LPG and liquid. Uh and also what visibility do you have on 31:54 31 minutes, 54 seconds long-term opt contracts for the ammonia terminal at tawa? 32:00 32 minutes So ammonia terminal tawwork you've already said we have uh uh we have given uh on long-term contract to Hindustan 32:07 32 minutes, 7 seconds zinc uh almost uh one/ird of our capacity for 15 year time period. As far as 5 billion uh caps is concerned we 32:16 32 minutes, 16 seconds have said it in past that we are only in seven ports. We expect to go to 12 ports by end of 2030. So that is more uh 32:25 32 minutes, 25 seconds presence in more ports. We also expect to do more of ammonia terminal uh putting up more of ammonia terminals 32:33 32 minutes, 33 seconds going forward. We expect also uh to get into uh newer uh uh products maybe 32:42 32 minutes, 42 seconds ethane and propane as well as natural gas uh infrastructure. We are at port. 32:49 32 minutes, 49 seconds We also intend to go in in inroads into inland depots also backward into 32:56 32 minutes, 56 seconds jetties. Uh so there are uh number of uh things that we intend to do. Maybe strategic storage, industrial terminals. 33:05 33 minutes, 5 seconds Uh there is a lot to do and uh that is what uh great an opportunity India is. 33:12 33 minutes, 12 seconds Understood. And uh like we we know like uh the we are thinking increased interest in chemical gas storage from both domestic as well as global peers. 33:22 33 minutes, 22 seconds Uh what is AGOPAC's key differentiator in winning new long-term contracts versus our competitors? 33:31 33 minutes, 31 seconds So the best is uh that as a group uh we construct in house our own infrastructure cheapest quickest uh we 33:40 33 minutes, 40 seconds have technical technical skill uh of our parent who's a ESG company has been 33:47 33 minutes, 47 seconds doing this business last 400 years present in 23 countries have long relationships with who's who of the 33:54 33 minutes, 54 seconds world uh all big multinationals so uh and and they've done all of these new uh 34:02 34 minutes, 2 seconds uh infrastructure for new energy uh elsewhere in the world. So we have an edge uh by having uh uh skill set uh for 34:12 34 minutes, 12 seconds constructing infrastructure quickly, cheaply and for new products uh as as well as being funded and structured uh 34:22 34 minutes, 22 seconds uh very well with a disciplined balance sheet and uh uh history is is a proof on 34:30 34 minutes, 30 seconds the execution ability of the group. So I think we are well poised focused uh we do nothing else except this. So there is 34:39 34 minutes, 39 seconds a lot of focus and ownership uh in this business which gives us uh an edge. 34:46 34 minutes, 46 seconds Uh and Vat if I can just add to your comments here. I would say that the um uh safety and environmental uh standards 34:56 34 minutes, 56 seconds uh that uh uh Roac brings to the table which are global standards of course uh and and of course in conformity with 35:03 35 minutes, 3 seconds Indian standards. I mean these uh are very important considerations when it comes to dealing with global 35:08 35 minutes, 8 seconds multinational uh customers uh because um uh and and of course uh Indian customers 35:16 35 minutes, 16 seconds as well but definitely for uh uh you know so our ability to leverage that uh capability that Bopac brings to the 35:24 35 minutes, 24 seconds table is definitely winning us a lot of business. Yeah. Thank you so much. Thank you. 35:35 35 minutes, 35 seconds Thank you. Next question comes from the line of Kunal Mata with Incredities. Please go ahead. 35:43 35 minutes, 43 seconds Yeah. Hello. Hi sir. Very good afternoon. Uh so I have two questions. 35:47 35 minutes, 47 seconds One is uh on the Sorry for interrupting. We cannot hear you. Can you speak a little louder? Hello. Yeah. Can you speak a little louder? 35:55 35 minutes, 55 seconds Thank you. Am I audible now? Yes, please go ahead. 35:59 35 minutes, 59 seconds Yeah. Uh so so I have two questions. One is on the liquid capacity uh utilization. So what is the current 36:08 36 minutes, 8 seconds liquid capacity that we have 526? 36:14 36 minutes, 14 seconds Oh, so liquid terminals are always uh u earning 100% of the capacity. Physical 36:21 36 minutes, 21 seconds occupancy is not very important here. uh because we also hire out uh capacities 36:29 36 minutes, 29 seconds uh rather than uh uh uh contract on volume. So uh liquid capacity has uh 36:37 36 minutes, 37 seconds liquid liquid business has to be generally seen uh as uh what is the earning or CBM uh of the capacity that 36:45 36 minutes, 45 seconds the company has. So that is the uh that that that is what one has to look at. uh it's it's not important whether 36:53 36 minutes, 53 seconds the tank has a product or not. It should earn and 3,000 generally 37:00 37 minutes for CBM is what is uh regarded as a very good uh blended earning uh from liquid. 37:11 37 minutes, 11 seconds Okay. Uh answer one question is on the multiple modes of evacuation lines are going live. I think uh Kandla Gorapur uh 37:21 37 minutes, 21 seconds which has a capacity of 8.25 25 uh Jam Nagaloni which is on gone live. Uh what about the other two which you have 37:28 37 minutes, 28 seconds mentioned in the uh presentation? What are the capacities for that and have they already gone live or is it expected to go live in Cherapali? 37:40 37 minutes, 40 seconds Yeah. So Bangalore in Cherapali is still some time away. Uh so when we correct we will uh share more details. We are also 37:48 37 minutes, 48 seconds building a liquid rail gantry. We are building a LPG rail gantry in Mangalore and a liquid rail gantry in Pipawa. So 37:55 37 minutes, 55 seconds this is something we uh we do on a regular basis. We keep enhancing uh the efficiency of our terminal with 38:03 38 minutes, 3 seconds multimodel uh evacuation uh uh capabilities uh that we keep adding uh 38:10 38 minutes, 10 seconds uh where we see an opportunity uh to do so. But uh for now I think Kanda Burakpur at Pipawa and Kanda and 38:20 38 minutes, 20 seconds Janaloni at Kanda uh will is is what will bring uh throughut more throughput and efficiencies uh in our LPG terminal. 38:30 38 minutes, 30 seconds Of course, uh getting JT also VGC compliant uh makes a difference and uh 38:37 38 minutes, 37 seconds the uh VGC uh capable uh JT that is coming up probably mid of this calendar 38:44 38 minutes, 44 seconds uh mid of this FY uh at PIP power should also be commissioned. So that also will bring uh more u efficiency and support 38:54 38 minutes, 54 seconds uh in the time ahead. So yes a lot of things happening and sir what is the capacity of Mangaru 39:02 39 minutes, 2 seconds Hassan and Uran Chakan both of them if you can give some flavor on that. 39:08 39 minutes, 8 seconds Uh Uran Shakan is it it depends because it is Mumbai to Chakan should be uh a 39:14 39 minutes, 14 seconds million uh million pounds and Bangalore we'll let you know when we are uh ready to be doing the project. It is changing. 39:25 39 minutes, 25 seconds We are extending Mangalore as Shirai. We are extending Mumbai Chakan. They are extending lot of pipeline uh uh grids. 39:33 39 minutes, 33 seconds So by the time we we are done the capacities will be something else only should be even more. 39:40 39 minutes, 40 seconds Yeah. Will it be there in F27 or will it be F28? If you think it's FY28 Manor UNI 39:49 39 minutes, 49 seconds believe uh should be uh should be operated in uh FY28. 39:55 39 minutes, 55 seconds Okay. Okay. Thank you. I'll call that in the queue. 39:57 39 minutes, 57 seconds Uh LPG Mangalore uh rail gantry should be earlier. Okay. Okay. Thank you. 40:08 40 minutes, 8 seconds Thank you. Next question comes from the line of Vishal Meta with Capital. Please go ahead. 40:14 40 minutes, 14 seconds Uh yeah hi um uh my I I have only one question u um sir you mentioned about uh 40:22 40 minutes, 22 seconds uh you know the J&P expansion uh 3A 18,000 CBM uh so uh last time uh usually 40:29 40 minutes, 29 seconds you know when we have our liquid expansions uh you know we probably see it starting with somewhat uh moderate 40:37 40 minutes, 37 seconds realizations and then ramping up on realizations would be would would it be similar for uh you know uh this particular capacity uh how should we 40:46 40 minutes, 46 seconds assume no full uh I think uh J&PA uh unlike 40:54 40 minutes, 54 seconds other ports uh has a more demand uh so we we don't expect it to uh gradually uh 41:02 41 minutes, 2 seconds increase realization it will be uh quite a good realization from the time it commisss it will start commissioning 41:10 41 minutes, 10 seconds from uh probably next month onwards And you will see by H1 most of the capacity 41:17 41 minutes, 17 seconds uh operators probably by October we should finish. Okay. Sure sir. Uh all the best. Thanks. 41:26 41 minutes, 26 seconds Yeah. 41:30 41 minutes, 30 seconds Thank you. Next question comes from the line of Dr. Amit Bora with the homeopathic clinic. Please go ahead. 41:37 41 minutes, 37 seconds Yeah. Good afternoon. Good afternoon. Yeah. Am I audible? 41:42 41 minutes, 42 seconds Yes, you are. So sir my question was regarding uh this there is lot of shortage of the BAP dammonium phosphate 41:50 41 minutes, 50 seconds which has been you know imported and uh with that act as a good import substitute and since we support we are 41:57 41 minutes, 57 seconds providing ammonia and we have a lot of ports at our location of ports and a lot of this and 42:05 42 minutes, 5 seconds in your presentation you shown that lot of this fertilizer factories are near ports will that help lower ammonia sales 42:12 42 minutes, 12 seconds or more ammonia in our our company. 42:20 42 minutes, 20 seconds Uh DME you're you're talking about DME, right? No, DAP diam. 42:29 42 minutes, 29 seconds Yeah. Yeah. Yeah. 42:32 42 minutes, 32 seconds Okay. Yeah. Yeah. So ammonia is not just of course BAP we already have contracted with Hindustan zinc for their DAP plant 42:40 42 minutes, 40 seconds but in addition there is a lot of requirement of ammonia for industrial customers speciality chemicals. So we we 42:48 42 minutes, 48 seconds are seeing a very uh uh robust uh uh you know scope uh for for ammonia business 42:57 42 minutes, 57 seconds to grow and mind you in ammonia like LPG we will be sourcing storing and distributing ammonia so it's we are 43:06 43 minutes, 6 seconds going to be uh vertically integrated uh in ammonia business also and the same infrastructure we will be able to use 43:14 43 minutes, 14 seconds for green ammonia when the time comes also. So it's it's a very exciting uh diversification that we are doing. Maybe 43:23 43 minutes, 23 seconds next month uh we would see the commissioning of the largest cryogenic third party ammonia terminal in the country and uh the journey starts now. 43:32 43 minutes, 32 seconds So in addition to liquid in addition to LPG now ammonia will also be an important play in the business that we conduct. 43:41 43 minutes, 41 seconds Yeah. Uh I I think just want to add to that um uh and thank you for asking that uh uh question uh Dr. Bora. Uh the the 43:50 43 minutes, 50 seconds prospects for the ammonia business are bright. Uh we believe that uh you know to go gradually and um carefully uh with 43:58 43 minutes, 58 seconds this first ammonia terminal. But uh I suspect that we would be uh expanding our ammonia footprint uh the moment that we have digested this this current one. 44:08 44 minutes, 8 seconds We will definitely be um you know uh expanding our ammonia footprint and that's one of the reasons why uh it 44:15 44 minutes, 15 seconds corporation decided to join hands with us in this journey uh as well. 44:23 44 minutes, 23 seconds Thank you so much. Thank you. 44:28 44 minutes, 28 seconds Thank you ladies and gentlemen. Due to time constraints we have reached the end of question and answer session. I now hand the conference over to management for closing comments. 44:40 44 minutes, 40 seconds Um, okay. So, can I just uh say thank you again. U just to summarize uh really it's been a a great start to our journey 44:50 44 minutes, 50 seconds as a listed uh company. Uh and um we have we are very uh uh excited and bullish on the prospects as we move 44:58 44 minutes, 58 seconds forward as we've said uh over the next few years. uh the um there will always be temporary ups and downs like we saw 45:07 45 minutes, 7 seconds with the situation with the with the Middle East uh conflict. Uh but in fact uh we believe that that has opened up um 45:16 45 minutes, 16 seconds enormous opportunities for infrastructure business like ours and u uh we hope that all the um investors and 45:25 45 minutes, 25 seconds stakeholders uh see it that way as well and uh we look forward to u uh going on this on this exciting journey. Thank you so much. 45:36 45 minutes, 36 seconds Thank you. 45:39 45 minutes, 39 seconds Thank you on behalf of Ages Wack Terminal Limited that controls this conference. Thank you for joining us. 45:45 45 minutes, 45 seconds You may now disconnect your lines.