four-s india logistics track 25 dec 2012
TRANSCRIPT
9 D E C ’ 1 2 – 2 5 D E C ’ 1 2
Logistics Track 25 Dec ’12 For t n ight l y updat e o n L og is t i c s I ndust ry
Research4India is the research services arm of Four-S Services Pvt Ltd, a leading provider of high-end research, financial consulting and Investment banking services. For subscription / custom queries, please contact Seema Shukla at [email protected]
In The Spotlight Contents
A tough year drawing to a close
Logistics companies would be happy to put 2012
behind, another year which has not been too good for
India’s manufacturing & export sector, and by
extension, the logistics sector.
The going was tough even in FY12, when overall
EBITDA and net profit fell for the sector. In FY12,
aggregate EBITDA fell 4% and net profit fell a sharp
33% for the companies in our sample.
In fact, things may have improved marginally in
FY13. In Q2 for example, while aggregate EBITDA
was still down around 8%, reported net profit
improved 39% as some companies managed to turn
around operations, and also helped by other income
items. Revenue growth though was a mere 9%,
indicating that volume growth was under pressure.
(see table ‘Quarterly Results’ on page 10)
On the stock markets too, a majority of the
companies underperformed. Only about a third of the
sector companies managed to give a one-year return
greater than the market.
We have included a new table ‘Comparision with 52
Week high/lows and All Time High’ on Page 8. This
shows other than Blue Dart, all companies are
quoting significantly below their all-time-high prices.
Most of them are more than 50% lower than ATH
price.
The unlisted companies appear to have struggled as
well. Some of them were in the market to sell stake
in 2012, but could not do so, due to performance
deviating widely from projected numbers.
In the Spotlight 1
Investment Activity 3
News Update 4
Global News Update 6
Stock Market Update 8
Freight Indices 9
Peer Benchmarking 10
About Four-S Services 11
Four-S India
Logistics Report
2011-12
Our logistics
report is now
available for
purchase. A
100 page, hard
bound word
document,
presented by
Central, this is
India’s most
comprehensive
and rigorous
research report
on Logistics.
To buy the report, or to know
more about it, see Page 2.
Logistics Track
www.research4india.com 2
Central Logistics Intelligence presents
“Four-S India Logistics Report 2011-12”.
This is the first comprehensive, rigorous report on the
logistics sector. It brings a new analytical perspective
to the sector research coverage, which is plagued by
poor research. Incorrect notions like: the Indian
logistics sector is 13-14% of GDP; or there is multiplier
of 2x between logistics growth and GDP growth rate –
abound, and are often quoted by leading logistics
companies, industry associations and sector
consultants.
The report presents original data and analysis on several key
aspects of the sector, including size of various segments and
projections, and highlights investment potential. In the report
we have taken a comprehensive look at all the key segments
of logistics and supply chain.
We find EXIM and agri-logistics areas of great promise. The 3PL/contract logistics
space also has strong potential, which will get a push as and when the long awaited
goods and services tax (GST) reforms are implemented. We expect greater activity
from PE funds and MNCs in this decade compared to 2001-10.
The report includes information about the key players in the Indian logistic sector and its
various segments.
“Four-S India Logistics Report 2011-12” is prepared by the research of Four-S Services
(www.four-s.com), which has covered this sector in detail in India for several years now.
REASONS TO BUY
India’s first comprehensive report on the logistics and supply chain business
The report has original numbers and projections, backed by rigorous analysis, which would
compel you to question some of the established facts floating around about the sector.
Takes a detailed look at all key business segments, and highlights growth potential.
Mentions key listed and unlisted companies in the sector.
FOR WHOM
Companies in the supply chain and logistics business in India, logistics MNCs wanting to enter
India, private equity funds, industry associations, policy makers, independent consultants and
industry researchers
HOW TO BUY
Kindly write to Seema Shukla at [email protected] You can also call Ashutosh Sharma at
0124-425 1442, or Devendra Deole at 022-42153659 to book your copy.
Logistics Track
www.research4india.com 3
PE Deals in 2012
The space saw 13 deals till date raising a total disclosed amount of $264.4mn. In 2011, there were
11 PE deals in Logistics space worth $278.1mn. The largest among came from Warburg Pincus
which invested $100mn in Continental Warehousing Corporation for un-disclosed stake.
Date Investor Target Stake (%)
Amount ($ mn)
Strategy
9-Jan Nalanda Capital Great Eastern Shipping 0.16 NA PIPE
6-Jan General Atlantic Fourcee Infrastructure NA 104 Growth
23-Feb IDFC Private Equity StarAgri Warehousing & Collateral Mgmt
NA 30.0
Growth
23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers) NA NA Angel
28-Mar Ambit Pragma Spear Logistics NA 1.7 Growth
30-Mar VenturEast, Zephyr Peacock e2E Rail NA 6 Early
26-Apr New Silk Route VRL Logistics NA 33.4 Late
19-Apr KKR, Goldman Sachs TVS Logistics 20 55 Growth
29-Jun Vertex Venture Holdings, KPCB, Sherpalo Ventures
Reverse Logistics NA
NA Growth
25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74 NA Early
19-Aug GTI Capital Brattle Foods NA NA Growth
19-Nov Everstone Capital, ICICI Sohan Lal Commodity Management 32.48 23.5 Growth
28-Nov UTI Capital Pristine Logistics and Infraprojects Pvt. Ltd.
Na 10.79 Growth
Mergers & Acquisitions in 2012
Date Buyer Target M&A Type
Amount ($ mn)
26-Jan Sattva Business Group Sattva CFS & Logistics Pvt. Ltd. Domestic 1.4
1-Feb Farnair Switzerland AG Quikjet Cargo Airlines Pvt. Ltd. Inbound -
1-Feb Oil Field Warehousing & Services
Raamns Shipping & Logistics Domestic
NA
13-Feb Kintetsu World Express Inc. Gati Kintetsu Express Pvt. Ltd. Inbound 53.97
20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd Inbound 24.0
4-May Deutsche Post AG DHL Logistics Pvt. Ltd. Inbound -
14-Jun a2z Shopping Ltd. SSN Logistics Pvt. Ltd. Domestic -
25-Jun SG Holdings Co. Ltd. Sunlog Services Pvt. Ltd. Inbound 40
25-Jun SG Holdings Co. Ltd. Sindhu Cargo Services Ltd. Inbound 40.0
15-Sep Nissin Corporation Nissin ABC Logistics Pvt. Ltd. Outbound -
*SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns
The space has seen 10 deals in 2012. In the same year, 8 M&A deals in Logistics space. TVS
Logistics acquired 100% stake in US based MESCO for un-disclosed amount. Amongst the
disclosed, the largest was 100% stake by Royal Vopak in CRL Terminals for $61.8mn
Investment Activity
Logistics Track
www.research4india.com 4
JM Baxi looking to raise equity from PE
funds
Mumbai-based logistics company JM Baxi & Co
is engaged in discussions with PE players to
raise fund to meet its expansion plans, reports
Business Standard. The management of JM Baxi
has appointed IDFC Capital, the investment
banking arm of IDFC, to find suitable buyers.
Sources said JM Baxi plans to raise Rs 150-200
crore by selling minority stake in the company.
JM Baxi runs services such as a shipping
agency, ship brokerage and chartering, bulk
cargo operations, clearing and forwarding,
container logistics, port development, tanker
operations and ship management.
ABC India reduces stake in JV
BC India Limited has sold 44% stake to its
partner Nissin Corporation in the JV – Nissin
ABC Logistics Private Limited.Earlier this month
ABC India had sold 19% stake for R16.3 Cr
(holding 24% at that time) in the JV forming
part of the overall stake sale.
ABC now holds 5% stake with the rest 95%
lying with Nissin Corp. Nissin ABC Logistics,
operating out of Kolkata, was formed in 1999
as a provider of in-plant logistics at Haldia. It
later diversified into 3PL services that include
warehousing, distribution and transportation to
automobile sector at Noida. It provides both
domestic and international logistics services
with air freight, sea freight and customs
clearing forming part of its international
operations.
Essar Ports commissions dry bulk terminal
at Paradip
Essar Ports has commissioned its 16 million
tonnes a year (mtpa) dry bulk terminal at
Paradip, taking the aggregate handling capacity
of Essar Ports to 104 mtpa. The project
involved the upgradation and mechanisation of
the existing 230-metre-long CQ3 berth at
Paradip, with the installation of a fully
mechanised ship loading system with a capacity
of 5,000 tonnes an hour.
It is an all-weather terminal with a capability to
handle large size ships. The terminal is
connected to the stockyard by a 9-km-long
conveyor system having a capacity of 5,000
tonnes/hour. The stock yard has been equipped
with two reclaimers with a capacity of 2,500
tonnes/hour each.
The terminal will handle iron ore pellets for its
anchor customer Essar Steel, which has
commissioned a pellet plant of 6 mtpa and is in
advanced stages of construction of the second
unit of 6 mtpa, taking the total pelletisation
capacity to 12 mtpa.
Essar Ports plans to expand its capacity to 158
mtpa over the next few years from the present
104 mtpa. Apart from the Paradip terminal,
Essar Ports has two operational ports at Hazira
and Vadinar.
The Hazira port is an all-weather, deep-draft
port with 30 mtpa of dry bulk and break bulk
cargo handling capacity. Vadinar is also an all-
weather, deep-draft port with 58 mtpa of liquid
cargo handling capacity.
Essar Ports is currently developing one terminal
at Paradip which will be a coal berth of 14
mtpa.
The company is also setting up a dry bulk
terminal at Salaya with a capacity of 20 mtpa.
Additionally, the company plans to expand its
Hazira port capacity by 20 mtpa – taking its
capacity to 50 mtpa.
TCI to invest Rs 150 crore on new
capacities
Transport Corporation of India is investing Rs
150 crore on expanding services and
infrastructure to meet the demand from multi-
brand retail that is expected to grow rapidly
following the government move to allow foreign
direct investment in the sector.
The company will invest about Rs 60-70 crore
on setting up new warehouses across the
country and about Rs 40 crore on buying new
trucks, Transport Corporation of India’s Joint
Managing Director Vineet Agarwal told PTI.
He said TCI is looking to achieve 15-20 per cent
growth in the next 3 years as the business
climate is improving and the supply chain
division will contribute about one-third of the
revenues for the company.
At present, TCI’s 40-45 per cent revenues come
from freight, while supply chain, express cargo
and seaways divisions account for the rest.
News Update
Logistics Track
www.research4india.com 5
Moreover, the company is also expecting 10 per
cent growth in its profits level for the current
year.
In 2011-12, TCI had reported a net profit of Rs
51.84 crore and revenue of Rs 1,828.98 crore.
For the quarter ended September 30, 2012, the
company had reported a net profit of Rs 13.14
crore and revenue of Rs 470.37 crore.
The company operates a fleet of 7,000 trucks a
day, of which it owns 1,500 vehicles. It also has
3 ships and is planning to buy fourth ship,
which will be deployed for cargo shipments
between Chennai and Port Blair.
Pristine Logistics aims to set up 4 PFTs
Pristine Logistics plans to set up 4 private
freight terminals (PFT) in Indore, Ludhiana,
Patna and Cuttack. In PFT business — rights of
which are given by the Railways — operators
are allowed to handle various types of goods for
the Railways, roads and various value-added
services. To become PFT operators, companies
have to pay Rs 2 crore to the Railways, out of
which Rs 1 crore is paid back after the
notification.
The Railway Board already has close to 35
proposals from 22 companies for setting up
PFTs. The companies include Concor, Kribhco
Rail Infrastructure, Lloyd Steel and Hind
Terminals, amongst others.
The size of each of Pristine’s private freight
terminals would be about 50 acres and land has
been acquired by the company. The company
has received Rs 60-crore investment from India
Infrastructure Development Fund of UTI Capital
recently.
Pristine Logistics is a start-up backed by Amit
Kumar, Rajnish Kumar, and Sanjay Mawar.
Both Amit and Rajnish were earlier in railway
traffic service, and have worked in Container
Corporation of India and Gateway Distriparks
Ltd, the private container train operator, before
starting this venture.
According to Railways’ policy, brownfield PFT
operators have to share 50 per cent of cargo
handling revenue or Rs 20 a tonne — whichever
is higher — with the Railways, after two years
of operation; while greenfield PFT operators
have to share the same five years after
commencing operations.
The Railways asks for this revenue share
because it provides access to its over 65,000-
km network. Moreover, business of PFTs is
expected to increase by offering rail-based
transportation services.
Holcim employs track and trace software
in India
Holcim Services (South Asia) Limited, a unit of
Holcim Group (Switzerland), announced that it
will deploy the Trimble Trako Fleet Management
and Visual Cargo solutions for the outbound
logistics fleet that transports cement to
customers in India.
Trimble will provide the Visual Cargo solution to
Holcim's ACC Limited and Ambuja Cements
Limited plant operations and the GPS/GPRS
based Fleet Management solution for use by
their contracted transport vendors. Visual Cargo
provides advanced dashboard and reporting
features that allow logistics managers to
monitor, track and manage delivery exceptions.
The Fleet Management solution will provide
online tools for transport vendors to manage
their fleet utilization and driver safety. (Source:
Cemnet)
Cabotage rules’ relaxation to attract more
ships to Vallarpadam terminal
The trade and industry welcomed the formal
orders in relaxing Cabotage rules, saying that it
would help Vallarpadam terminal for optimum
utilisation of installed capacity. With these
relaxations announced by the Shipping Ministry,
the ICTT at Vallarpadam would able to attract
more cargo and ships.
Instead of insisting of 100 per cent X-ray
scanning of all containers, now 100 per cent
radiological scanning is made mandatory for all
containers routed through ICTT.
Air India still losing too much money
Air India is still losing cash by the bucketful,
according to the Union Minister of Civil Aviation
Ajit Singh. The cash flow during the period
shows a net shortfall of Rs 404 crore per month
with inflows being at Rs 1,348 crore and
outflows estimated at Rs 1,752 crore, said a
Ministry statement after a review meeting.
The Minister said that though there was an
overall improvement in the performance of Air
India, it is important that the revenue
generated should meet the costs incurred.
He asked Air India to go into minute operational
details to cut costs including those incurred on
overseas offices, salaries, fuel and office
expenses. He further asked Air India to
negotiate with public sector oil marketing
Logistics Track
www.research4india.com 6
companies for the same discount they are
providing to international and domestic carriers.
Cargo berths at Chidambaranar port evoke
strong bidding interest
Seven companies have reportedly expressed
interest in two berths being auctioned by V.O.
Chidambaranar port (formerly Tuticorin port).
The Port Trust plans to build North Cargo Berth
(NCB) – III for handling thermal coal and rock
phosphate cargo through public-private
partnership on design, build, finance, operate
and transfer (DBFOT).
Similarly, NCB-IV is being developed to handle
thermal coal and copper concentrate. The bid
for both the projects will be finalised on
Thursday and Friday.
The berths have attracted interest from Marg
Ltd, Sterlite Ports, Adani Ports, besides
consortiums including the Hyderabad-based
Transstroy (India) and Russian company OJSC
and SEW Infra and Malaysian company
Pembinan Radzai Sdn Bhd.
The overall berth capacity for coal will be of 30
million tonnes per annum against the floating
cargo of 3.5 mpta. The capacity is being
enhanced keeping in mind the proposed power
projects coming up near the region, said an
industry source.
Gail will receive first cargo at Dabhol LNG
terminal on Dec 28
Gas Authority of India (GAIL) on Monday said it
will receive the cargo at LNG terminal at Dabhol
by December 28, and expects commissioning
by early February.
“We will get the first cargo on December 28. We
expect the terminal to be commissioned in the
next month-and-a-half,” GAIL Chairman and
Managing Director B C Tripathi told reporters on
the sidelines of a FICCI event here. He further
said the company expects to get 25 cargos in
the next calendar year.
$2.13bn logistics park coming up in North
China
The foundation stone laying ceremony for
Liaoning Donggang Yicheng International
Logistics Park was held on Dec 18 in Donggang
of Dandong, China.
Developed as a large storage and logistics
project, the park will focus on overseas
container logistics. It will mainly handle the
transaction, intermediary trade, storage and
logistics of grain, ores, steels, wood and coal in
the eastern part of Northeast China.
The park aims to develop into the most
influential international logistics harbor in
Northeast Asia, a bulk commodity transaction
center in Northeast China, and China's base for
international trade to South Korea.
The logistics park will provide services including
technological research and development, e-
commerce, bulk community transactions, spot
goods delivery and information services. Built to
the standards of more than 30 regional modern
logistics centers across the country, the park
will consist of five centers: a grain logistics and
distribution center, a financial service center, a
price information publishing center, a fund
settlement center, and an agricultural products
research and development center.
With a planned area of 3.2 million square
meters and a total investment of 13.3 billion
yuan ($2.13 billion), the park is expected to
attract 100 enterprises and generate operating
revenue of 100 billion yuan annually after
construction.
Norway’s sovereign fund takes 50% stake
in $3.1bn warehouse JV which will own 49
million square feet of space in Europe
Prologis, Inc. one of the leading global owners,
operators and developers of industrial real
estate, has signed a definitive agreement to
form Prologis European Logistics Partners Sàrl,
a euro-denominated joint venture.
The venture will acquire a portfolio of high-
quality distribution facilities wholly owned by
Prologis in 11 target European global markets.
Prologis’ partner is Norges Bank Investment
Management (NBIM), which is the manager of
the Norwegian Government Pension Fund
Global News Update
Logistics Track
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Global. Prologis European Logistics Partners will
be structured as a 50 / 50 joint venture with an
equity commitment of €2.4 billion ($3.1 billion),
which includes a €1.2 billion ($1.55 billion) co-
investment by both NBIM and Prologis.
Upon closing, the venture will acquire a
stabilised portfolio of 195 properties totaling
approximately 49 million square feet (4.5
million square meters); about 75 percent of the
properties coming from the former ProLogis
European Properties (PEPR) fund and the
remaining 25 percent coming from other
Prologis wholly owned assets.
The venture may grow through acquiring
strategic portfolios in target markets and,
where appropriate, properties that complement
the existing asset base. In connection with the
transaction, NBIM will receive a warrant to
acquire 6 million shares of Prologis common
stock based on the closing price of $35.64 per
share on Wednesday, December 19th, 2012.
The warrant will have a three-year term.
“This joint venture is a significant milestone for
Prologis, as it completes our European
recapitalisation ahead of schedule,” said Hamid
R. Moghadam, co-CEO and chairman, Prologis.
“Our Private Capital business serves as a
powerful growth engine for the company,
allowing us to continue to serve our growing
global customer base, while redeploying capital
efficiently and increasing and diversifying our
revenue.”
"Our participation in the Prologis European
Logistics Partners venture advances our
strategy of investing in high-quality properties,”
said Karsten Kallevig, chief investment officer
for real estate, NBIM. “We are very pleased to
be teaming up with a partner of Prologis’ caliber
as we enter the market for industrial real
estate, and we look forward to working together
on future endeavors.”
The venture has an initial term of 15 years,
which may be extended for additional 15-year
periods. Prologis will have the ability to reduce
its ownership to 20 percent following the
second anniversary of closing.
PE fund acquires US’s largest car carrier
Charlesbank Capital Partners announced its
acquisition of United Road Services (“United
Road”) from The Gores Group.
Headquartered in Romulus, Michigan, United
Road is the premier provider of vehicle
transport and logistics in North America. United
Road serves 10,000 customers annually —
including OEM suppliers, rental agencies,
auctions, web-based logistics firms and
individuals — transporting nearly 2 million new,
remarketed and specialty vehicles each year.
Founded in 1998, United Road Services, Inc. is
the premier finished vehicle logistics company
in North America. Each year, coast to coast and
across borders, United Road manages the
transport of nearly 2 million vehicles.
Headquartered in Romulus, Michigan, the
company operates an integrated national
network, has nearly 1,000 employees and more
than 1,200 vehicle carriers.
Customers include all major global vehicle
manufacturers, remarketers, financial
institutions, car auctions, car dealers, rental
companies and on-line sales organizations. Its
patented, industry-leading OVISS logistics
system provides real time order visibility for
customers.
CEVA sells bulk container business
Freight and supply chain support group, Ceva
Logistics, has announced the sale of both its
CEVA Pallecon European container logistics
business and its Asia Pacific Pallecon business
to Australian company Brambles Limited for
€135 million. Both subsidiaries provide a full
range of intermediate bulk container’s (IBC) for
the packaging of liquid, dry products and
general security use.
The Pallecon brand operates mainly in Western
Europe, Australia and New Zealand, providing
IBCs primarily for the transportation of liquids
in the food, cosmetic and chemical industries. It
has been operating for more than 30 years and
controls a pool of approximately 180,000 IBC’s
worldwide.
With business generated sales revenue of €53
million in the year ended 30th September 2012,
and with compound annual sales growth in
excess of 7% over the three calendar years to
31st December 2011, Pallecon’s EBITDA and
EBIT margins averaged 33% and 18%
respectively over the same period. The
transaction price represents a multiple of 7.4
times Pallecon’s EBITDA and 11.8 times EBIT
for the 12 months to 30th September 2012.
Logistics Track
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Stock Market Update
Share Price Performance – Change in share price in the last 12 months
As on 21 Dec’12
Comparision with 52 week hi/lows and All Time High
As on 21 Dec’12. SCI net profit adjusted for extraordinary items
Company Name Market Cap
(Rs mn)
Price
(Rs)
1w 1m 3m 6m 12m
Container Corporation Of India 121,187 932.4 1.5 (1.6) (1.6) 7.2 11.8
Blue Dart Express 47,970 2,021.5 (0.2) (1.7) 19.7 5.7 35.8
Redington India 35,715 89.5 0.6 11.7 23.5 14.7 27.4
Shipping Corporation of India 25,619 55.0 3.2 6.1 (0.5) 1.7 6.8
Allcargo Logistics 16,212 127.2 2.1 (1.7) (2.2) (3.2) 4.2
Gateway Distriparks 15,218 140.4 8.0 8.5 0.4 6.1 13.6
Arshiya International 7,450 120.4 2.0 0.3 (11.5) (10.9) (7.2)
Aegis Logistics 5,962 178.5 (4.8) 5.6 38.0 39.0 60.8
Transport Corporation of India 5,627 77.3 (5.7) 13.5 28.8 34.3 37.2
Mercator 5,069 20.7 3.0 7.5 (3.9) 13.4 18.6
Aqua Logistics 4,266 14.2 (5.8) 37.3 51.1 56.3 51.3
Sical Logistics 3,636 65.4 (1.6) 0.3 (0.2) (2.5) (5.4)
Gati 3,014 34.8 (0.4) (5.1) (7.5) (2.4) 20.0
BSE Sensex 19,242 (0.4) 3.9 2.6 13.4 22.3
BSE 500 7,492 (0.3) 4.8 5.1 15.0 27.5
Percentage Change
Company Name 52 week
High
52WH Date Diff
from
52WH
52 Week
Low
52WL Date Diff from
52WL
All
Time
High
ATH Date Diff from
ATH
Container Corporation Of India 1097.0 Oct 23 2012 -15 805.0 Dec 30 2011 16 1500 Apr 22 2010 -38
Blue Dart Express 2205.0 Apr 19 2012 -8 1407.1 Dec 22 2011 44 2205 Apr 19 2012 -8
Redington India 94.0 Apr 23 2012 -5 65.0 Aug 13 2012 38 102 Jul 29 2011 -12
Shipping Corporation of India 81.7 Feb 17 2012 -33 46.6 Jan 2 2012 18 221.33 Jan 3 2008 -75
Allcargo Logistics 155.5 Feb 21 2012 -18 109.1 Jun 5 2012 17 271.02 Jan 12 2007 -53
Gateway Distriparks 159.9 Mar 30 2012 -12 119.5 Dec 22 2011 17 241 Nov 14 2005 -42
Arshiya International 171.4 Feb 9 2012 -30 111.5 Aug 28 2012 8 424 Jan 10 2008 -72
Aegis Logistics 210.7 Dec 7 2012 -15 100.1 Jan 2 2012 78 416.8 Oct 12 2010 -57
Transport Corporation of India 89.7 Dec 12 2012 -14 52.6 May 31 2012 47 185 Jan 1 2008 -58
Mercator 33.8 Feb 22 2012 -39 15.8 Dec 28 2011 31 184.95 Jan 3 2008 -89
Aqua Logistics 16.1 Dec 11 2012 -11 7.9 Dec 22 2011 81 67.53 Sep 30 2010 -79
Sical Logistics 78.0 Feb 15 2012 -16 65.0 Nov 5 2012 1 574.75 May 3 2006 -89
Gati 49.5 Feb 13 2012 -30 25.1 Dec 22 2011 39 215.2 Jan 2 2008 -84
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Freight Indices
Baltic Dry Index
Source: www.bloomberg.com
Road Freight Index
S
Source: Transport Corporation of India
0
200
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r-1
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Financial Benchmarking
Quarterly Results – Q2 FY ’13, ending 30th September, 2012
Annual Results - FY‘12
Valuation Table
JAS'12 JAS'11 YoY (%) JAS'12 JAS'11
YoY
(%) JAS'12 JAS'11
YoY
(%) EBITDA PAT
Container Corporation Of
India 10,548.6 9,945.5 6.1 2,575.7 2,628.0 (2.0) 2,324.8 1,754.2 32.5 24.4 22.0
Blue Dart Express 4,180.8 3,888.4 7.5 449.6 440.6 2.0 322.0 297.5 8.2 10.8 7.7
Redington India 58,596.9 51,889.0 12.9 1,451.6 1,349.5 7.6 24,681.7 682.8 3,514.8 2.5 42.1
Shipping Corporation of
India 10,286.5 10,242.4 0.4 (183.9) 981.4 2,972.6 (1,406.0) (311.4) (1.8) 28.9
Allcargo Logistics 10,136.7 8,115.9 24.9 1,068.9 1,042.1 2.6 2,160.7 592.1 264.9 10.5 21.3
Gateway Distriparks 2,158.9 2,041.4 5.8 580.3 602.5 (3.7) 264.2 343.8 (23.2) 26.9 12.2
Arshiya International 3,725.7 2,453.9 51.8 1,081.8 647.2 67.2 1,607.2 318.5 404.6 29.0 43.1
Aegis Logistics 8,826.0 9,980.4 (11.6) (443.2) (288.1) 681.5 (193.2) (5.0) 7.7
Transport Corporation of
India 4,703.7 4,526.7 3.9 345.8 368.4 (6.1) 131.4 137.5 (4.4) 7.4 2.8
Mercator 8,222.6 7,811.6 5.3 1,692.9 1,459.6 16.0 1,007.1 104.8 861.0 20.6 12.2
Aqua Logistics 783.2 921.7 (15.0) 61.5 24.8 148.0 622.1 63.3 882.8 7.9 79.4
Sical Logistics 1,955.3 1,963.2 (0.4) 214.6 244.2 (12.1) 1,200.3 40.1 2,893.3 11.0 61.4 Gati 2,980.3 3,201.4 (6.9) 122.3 265.5 (53.9) 257.3 45.0 471.8 4.1 8.6
PAT (Rs Mn) Margins (%)Revenue (Rs mn) EBITDA (Rs mn)
FY12 FY11
YoY
(%) FY12 FY11
YoY
(%) FY12 FY11
YoY
(%) EBITDA PATContainer Corporation Of
India 40,609.3 38,334.4 5.9 10,237.3 10,062.5 1.7 8,778.8 8,759.4 0.2 25.2 21.6
Blue Dart Express 14,922.7 11,498.9 29.8 1,798.6 1,556.3 15.6 1,227.8 946.5 29.7 12.1 8.2
Redington India 211,928.0 167,036.2 26.9 6,043.7 4,527.7 33.5 3,390.4 2,647.7 28.1 2.9 1.6
Shipping Corporation of
India 40,334.3 36,245.0 11.3 1,892.4 7,909.1 (76.1) (4,282.1) 5,673.5 (175.5) 4.7 (10.6)
Allcargo Logistics 42,711.5 33,963.0 25.8 5,197.0 3,987.2 30.3 2,976.9 2,372.7 25.5 12.2 7.0
Gateway Distriparks 8,173.0 5,990.8 36.4 2,484.2 1,656.7 49.9 1,356.2 997.1 36.0 30.4 16.6
Arshiya International 10,493.4 8,215.2 27.7 2,716.6 1,570.5 73.0 1,208.0 822.0 47.0 25.9 11.5
Aegis Logistics 44,634.8 18,111.1 146.4 (37.8) 833.4 (104.5) 223.8 470.9 (52.5) (0.1) 0.5
Transport Corporation of
India 19,537.5 18,512.6 5.5 1,579.9 1,400.0 12.9 593.4 501.2 18.4 8.1 3.0
Mercator 36,999.1 28,288.8 30.8 5,829.1 6,210.4 (6.1) 301.4 858.6 (64.9) 15.8 0.8
Aqua Logistics 3,682.3 5,165.0 (28.7) 222.8 497.4 (55.2) 55.6 330.5 (83.2) 6.1 1.5
Sical Logistics 7,796.3 7,694.6 1.3 844.0 (25.7) (3,384.0) 156.1 (110.9) (240.8) 10.8 2.0
Gati 11,771.0 12,029.8 (2.2) 567.3 924.6 (38.6) 415.1 141.0 194.4 4.8 3.5
Revenue (Rs mn) EBITDA (Rs mn) PAT (Rs Mn) Margins (%)
Market Cap
(Rs mn)
EV (Rs
mn) P/E (x)
EV/
EBITDA
(x)
P/CEPS
(x)
P/Sales
(x)
Container Corporation Of India 121,187 94,152 13.8 7.0 11.7 3.0
Blue Dart Express 47,970 47,568 39.1 23.6 33.2 3.2
Redington India 35,715 51,483 10.5 8.1 9.7 0.2
Shipping Corporation of India 25,619 74,424 -6.0 11.3 14.2 0.6
Allcargo Logistics 16,212 22,546 5.4 3.9 3.8 0.4
Gateway Distriparks 15,218 14,826 11.2 5.6 7.7 1.9
Arshiya International 7,450 29,675 6.2 10.6 4.9 0.7
Aegis Logistics 5,962 7,936 26.6 7.9 15.0 0.1
Transport Corporation of India 5,627 8,730 9.5 5.4 5.6 0.3
Mercator 5,069 37,849 16.8 5.9 1.2 0.1
Aqua Logistics 4,266 4,197 76.7 16.8 39.1 1.2
Sical Logistics 3,636 8,848 23.3 10.2 7.4 0.5
Gati 3,014 6,230 7.3 3.8 3.8 0.3
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