four-s logtrack 25dec 2012

7/30/2019 Four-S LogTrack 25Dec 2012

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Logistics Track25 Dec 12 For tn igh t ly update on Log is t i c s Indus t 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 SeemaShukla at [email protected]

In The Spotlight ContentsA tough year drawing to a close

Logistics companies would be happy to put 2012

behind, another year which has not been too good for

Indias 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 sharp33% 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 tableQuarterly Resultson 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, hardbound word

document,

presented by

Central, this is

Indias most

comprehensive

and rigorous

research report

on Logistics.


2/12

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 thelogistics 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 andprojections, 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

Indias 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.
http://www.four-s.com/mailto:[email protected]:[email protected]://www.four-s.com/


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Logistics Track


PE Deals in 2012The 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

NA30.0

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 VenturesReverse Logistics

NANA

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 &

ServicesRaamns Shipping & Logistics

DomesticNA

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


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JM Baxi looking to raise equity from PE

funds

Mumbai-based logistics company JM Baxi & Cois engaged in discussions with PE players toraise fund to meet its expansion plans, reportsBusiness Standard. The management of JM Baxihas appointed IDFC Capital, the investmentbanking arm of IDFC, to find suitable buyers.Sources said JM Baxi plans to raise Rs 150-200crore by selling minority stake in the company.JM Baxi runs services such as a shippingagency, ship brokerage and chartering, bulkcargo operations, clearing and forwarding,container logistics, port development, tankeroperations and ship management.

ABC India reduces stake in JV

BC India Limited has sold 44% stake to itspartner Nissin Corporation in the JV NissinABC Logistics Private Limited.Earlier this monthABC India had sold 19% stake for R16.3 Cr(holding 24% at that time) in the JV formingpart 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 1999as a provider of in-plant logistics at Haldia. Itlater diversified into 3PL services that includewarehousing, distribution and transportation toautomobile sector at Noida. It provides bothdomestic and international logistics serviceswith air freight, sea freight and customsclearing forming part of its internationaloperations.

Essar Ports commissions dry bulk terminalat Paradip

Essar Ports has commissioned its 16 milliontonnes a year (mtpa) dry bulk terminal atParadip, taking the aggregate handling capacityof Essar Ports to 104 mtpa. The projectinvolved the upgradation and mechanisation ofthe existing 230-metre-long CQ3 berth atParadip, with the installation of a fullymechanised ship loading system with a capacityof 5,000 tonnes an hour.It is an all-weather terminal with a capability tohandle large size ships. The terminal isconnected to the stockyard by a 9-km-long

conveyor system having a capacity of 5,000

tonnes/hour. The stock yard has been equippedwith two reclaimers with a capacity of 2,500tonnes/hour each.The terminal will handle iron ore pellets for itsanchor customer Essar Steel, which hascommissioned a pellet plant of 6 mtpa and is inadvanced stages of construction of the secondunit of 6 mtpa, taking the total pelletisationcapacity to 12 mtpa.

Essar Ports plans to expand its capacity to 158mtpa over the next few years from the present

104 mtpa. Apart from the Paradip terminal,Essar Ports has two operational ports at Haziraand Vadinar.The Hazira port is an all-weather, deep-draftport with 30 mtpa of dry bulk and break bulkcargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58 mtpa of liquidcargo handling capacity.Essar Ports is currently developing one terminalat Paradip which will be a coal berth of 14mtpa.The company is also setting up a dry bulk

terminal at Salaya with a capacity of 20 mtpa.Additionally, the company plans to expand itsHazira port capacity by 20 mtpa taking itscapacity to 50 mtpa.

TCI to invest Rs 150 crore on newcapacities

Transport Corporation of India is investing Rs150 crore on expanding services andinfrastructure to meet the demand from multi-brand retail that is expected to grow rapidly

following the government move to allow foreigndirect investment in the sector.The company will invest about Rs 60-70 croreon setting up new warehouses across thecountry and about Rs 40 crore on buying newtrucks, Transport Corporation of Indias Joint

Managing Director Vineet Agarwal told PTI.He said TCI is looking to achieve 15-20 per centgrowth in the next 3 years as the businessclimate is improving and the supply chaindivision will contribute about one-third of therevenues for the company.At present, TCIs 40-45 per cent revenues comefrom freight, while supply chain, express cargoand seaways divisions account for the rest.

News Update


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Logistics Track


Moreover, the company is also expecting 10 percent growth in its profits level for the currentyear.In 2011-12, TCI had reported a net profit of Rs51.84 crore and revenue of Rs 1,828.98 crore.

For the quarter ended September 30, 2012, thecompany had reported a net profit of Rs 13.14crore and revenue of Rs 470.37 crore.The company operates a fleet of 7,000 trucks aday, of which it owns 1,500 vehicles. It also has3 ships and is planning to buy fourth ship,which will be deployed for cargo shipmentsbetween 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 ofwhich are given by the Railways operatorsare allowed to handle various types of goods forthe Railways, roads and various value-addedservices. To become PFT operators, companieshave to pay Rs 2 crore to the Railways, out ofwhich Rs 1 crore is paid back after thenotification.The Railway Board already has close to 35proposals from 22 companies for setting upPFTs. The companies include Concor, Kribhco

Rail Infrastructure, Lloyd Steel and HindTerminals, amongst others.The size of each of Pristines private freightterminals would be about 50 acres and land hasbeen acquired by the company. The companyhas received Rs 60-crore investment from IndiaInfrastructure Development Fund of UTI Capitalrecently.Pristine Logistics is a start-up backed by AmitKumar, Rajnish Kumar, and Sanjay Mawar.Both Amit and Rajnish were earlier in railwaytraffic service, and have worked in ContainerCorporation of India and Gateway DistriparksLtd, the private container train operator, beforestarting this venture.According to Railways policy, brownfield PFT

operators have to share 50 per cent of cargohandling revenue or Rs 20 a tonne whicheveris higher with the Railways, after two yearsof operation; while greenfield PFT operatorshave to share the same five years aftercommencing operations.The Railways asks for this revenue sharebecause it provides access to its over 65,000-km network. Moreover, business of PFTs is

expected to increase by offering rail-basedtransportation services.

Holcim employs track and trace software

in India

Holcim Services (South Asia) Limited, a unit ofHolcim Group (Switzerland), announced that itwill deploy the Trimble Trako Fleet Managementand Visual Cargo solutions for the outboundlogistics fleet that transports cement tocustomers in India.

Trimble will provide the Visual Cargo solution toHolcim's ACC Limited and Ambuja CementsLimited plant operations and the GPS/GPRSbased Fleet Management solution for use bytheir contracted transport vendors. Visual Cargoprovides advanced dashboard and reportingfeatures that allow logistics managers tomonitor, track and manage delivery exceptions.

The Fleet Management solution will provideonline tools for transport vendors to managetheir fleet utilization and driver safety. (Source:Cemnet)

Cabotage rules relaxation to attract more

ships to Vallarpadam terminal

The trade and industry welcomed the formalorders in relaxing Cabotage rules, saying that itwould help Vallarpadam terminal for optimumutilisation of installed capacity. With theserelaxations announced by the Shipping Ministry,the ICTT at Vallarpadam would able to attractmore cargo and ships.

Instead of insisting of 100 per cent X-rayscanning of all containers, now 100 per centradiological scanning is made mandatory for allcontainers 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 periodshows a net shortfall of Rs 404 crore per monthwith inflows being at Rs 1,348 crore andoutflows estimated at Rs 1,752 crore, said aMinistry statement after a review meeting.The Minister said that though there was anoverall improvement in the performance of AirIndia, it is important that the revenuegenerated should meet the costs incurred.He asked Air India to go into minute operationaldetails to cut costs including those incurred onoverseas offices, salaries, fuel and office

expenses. He further asked Air India tonegotiate with public sector oil marketing


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Logistics Track


companies for the same discount they areproviding to international and domestic carriers.

Cargo berths at Chidambaranar port evoke

strong bidding interestSeven companies have reportedly expressedinterest 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 rockphosphate cargo through public-privatepartnership on design, build, finance, operateand transfer (DBFOT).Similarly, NCB-IV is being developed to handlethermal coal and copper concentrate. The bidfor both the projects will be finalised on

Thursday and Friday.The berths have attracted interest from MargLtd, Sterlite Ports, Adani Ports, besidesconsortiums including the Hyderabad-basedTransstroy (India) and Russian company OJSCand SEW Infra and Malaysian companyPembinan Radzai Sdn Bhd.The overall berth capacity for coal will be of 30million tonnes per annum against the floatingcargo of 3.5 mpta. The capacity is beingenhanced keeping in mind the proposed powerprojects 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 itwill receive the cargo at LNG terminal at Dabholby December 28, and expects commissioningby early February.

We will get the first cargo on December 28. Weexpect the terminal to be commissioned in thenext month-and-a-half, GAIL Chairman and

Managing Director B C Tripathi told reporters onthe sidelines of a FICCI event here. He furthersaid the company expects to get 25 cargos inthe next calendar year.

$2.13bn logistics park coming up in NorthChina

The foundation stone laying ceremony forLiaoning Donggang Yicheng InternationalLogistics Park was held on Dec 18 in Donggangof Dandong, China.Developed as a large storage and logisticsproject, the park will focus on overseascontainer logistics. It will mainly handle thetransaction, intermediary trade, storage andlogistics of grain, ores, steels, wood and coal inthe eastern part of Northeast China.

The park aims to develop into the mostinfluential international logistics harbor inNortheast Asia, a bulk commodity transactioncenter in Northeast China, and China's base forinternational trade to South Korea.The logistics park will provide services includingtechnological research and development, e-commerce, bulk community transactions, spotgoods delivery and information services. Built tothe standards of more than 30 regional modernlogistics centers across the country, the parkwill consist of five centers: a grain logistics and

distribution center, a financial service center, aprice information publishing center, a fundsettlement center, and an agricultural productsresearch and development center.With a planned area of 3.2 million squaremeters and a total investment of 13.3 billionyuan ($2.13 billion), the park is expected toattract 100 enterprises and generate operatingrevenue of 100 billion yuan annually afterconstruction.

Norways sovereign fund takes 50% stake

in $3.1bn warehouse JV which will own 49million square feet of space in Europe

Prologis, Inc. one of the leading global owners,operators and developers of industrial realestate, has signed a definitive agreement toform Prologis European Logistics Partners Srl,a euro-denominated joint venture.The venture will acquire a portfolio of high-quality distribution facilities wholly owned byPrologis in 11 target European global markets.Prologis partner is Norges Bank Investment

Management (NBIM), which is the manager ofthe Norwegian Government Pension Fund

Global News Update


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Logistics Track


Global. Prologis European Logistics Partners willbe structured as a 50 / 50 joint venture with anequity 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 astabilised portfolio of 195 properties totalingapproximately 49 million square feet (4.5million square meters); about 75 percent of theproperties coming from the former ProLogisEuropean Properties (PEPR) fund and theremaining 25 percent coming from otherPrologis wholly owned assets.The venture may grow through acquiringstrategic portfolios in target markets and,where appropriate, properties that complementthe existing asset base. In connection with the

transaction, NBIM will receive a warrant toacquire 6 million shares of Prologis commonstock based on the closing price of $35.64 pershare on Wednesday, December 19th, 2012.The warrant will have a three-year term.

This joint venture is a significant milestone forPrologis, as it completes our Europeanrecapitalisation ahead of schedule, said HamidR. Moghadam, co-CEO and chairman, Prologis.

Our Private Capital business serves as apowerful growth engine for the company,allowing us to continue to serve our growingglobal customer base, while redeploying capitalefficiently and increasing and diversifying ourrevenue."Our participation in the Prologis EuropeanLogistics Partners venture advances ourstrategy of investing in high-quality properties,said Karsten Kallevig, chief investment officerfor real estate, NBIM. We are very pleased tobe teaming up with a partner of Prologis caliberas we enter the market for industrial realestate, and we look forward to working togetheron future endeavors.The venture has an initial term of 15 years,

which may be extended for additional 15-yearperiods. Prologis will have the ability to reduceits ownership to 20 percent following thesecond anniversary of closing.

PE fund acquires USs largest car carrier

Charlesbank Capital Partners announced itsacquisition of United Road Services (UnitedRoad) from The Gores Group.Headquartered in Romulus, Michigan, UnitedRoad is the premier provider of vehicletransport and logistics in North America. UnitedRoad serves 10,000 customers annually

including OEM suppliers, rental agencies,auctions, web-based logistics firms andindividuals transporting nearly 2 million new,remarketed and specialty vehicles each year.Founded in 1998, United Road Services, Inc. is

the premier finished vehicle logistics companyin North America. Each year, coast to coast andacross borders, United Road manages thetransport of nearly 2 million vehicles.Headquartered in Romulus, Michigan, thecompany operates an integrated nationalnetwork, has nearly 1,000 employees and morethan 1,200 vehicle carriers.Customers include all major global vehiclemanufacturers, remarketers, financialinstitutions, car auctions, car dealers, rentalcompanies and on-line sales organizations. Its

patented, industry-leading OVISS logisticssystem provides real time order visibility forcustomers.

CEVA sells bulk container business

Freight and supply chain support group, CevaLogistics, has announced the sale of both itsCEVA Pallecon European container logisticsbusiness and its Asia Pacific Pallecon businessto Australian company Brambles Limited for135 million. Both subsidiaries provide a full

range of intermediate bulk containers (IBC) forthe packaging of liquid, dry products andgeneral security use.The Pallecon brand operates mainly in WesternEurope, Australia and New Zealand, providingIBCs primarily for the transportation of liquidsin the food, cosmetic and chemical industries. Ithas been operating for more than 30 years andcontrols a pool of approximately 180,000 IBCsworldwide.With business generated sales revenue of 53million in the year ended 30th September 2012,

and with compound annual sales growth inexcess of 7% over the three calendar years to31st December 2011, Pallecons EBITDA andEBIT margins averaged 33% and 18%respectively over the same period. Thetransaction price represents a multiple of 7.4times Pallecons EBITDA and 11.8 times EBIT

for the 12 months to 30th September 2012.


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Logistics Track


Stock Market Update

Share Price Performance Change in share price in the last 12 months

As on 21 Dec12

Comparision with 52 week hi/lows and All Time High

As on 21 Dec12. SCI net profit adjusted for extraordinary items

Company Name Market Cap

(Rs mn)

Price

(Rs)

1w 1m 3m 6m 12m

Container Corporation Of I 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 Ind 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 In 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 -89Aqua 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

SSource: Transport Corporation of India

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Logistics Track


Financial Benchmarking

Quarterly Results Q2 FY 13, ending 30th September, 2012

Annual Results - FY12

Valuation Table

JAS'12 JAS'11 YoY (%) JAS'12 JAS'11

YoY

(%) JAS'12 JAS'11

YoY

(%) EBITDA PATContainer 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 61.4Gati 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)

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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