Aegis Logistics Q2 results came in on Monday evening, October 26, and the split is the interesting part. Revenue slipped, profit jumped. The liquid and gas terminal operator reported consolidated net profit attributable to shareholders of ₹260.59 crore for the July-September quarter, up 45.1% from ₹179.63 crore a year earlier, according to its board-meeting outcome filed with NSE.
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Aegis Logistics Q2 results: the key numbers
Consolidated revenue from operations fell 3.5% year on year to ₹2,213.34 crore from ₹2,294.01 crore, and was 6.1% lower than the ₹2,356.86 crore of the June quarter. Profit for the period, including the share of minority holders, rose 31.3% to ₹320.50 crore from ₹244.02 crore.
Operating profit is where the quarter really shows up. CNBC-TV18’s results liveblog put EBITDA up 49.4% at ₹434 crore against ₹291 crore, with the EBITDA margin widening 695 basis points to 19.62% from 12.67%. Those figures tie back to the filing: profit before tax of ₹420.27 crore, plus finance costs of ₹57.19 crore and depreciation of ₹55.29 crore, minus other income of ₹98.43 crore, gives about ₹434 crore.
Basic earnings per share were ₹7.42 for the quarter, against ₹5.12 a year ago.
Gas sells less, earns more
The gas terminal division brings in the bulk of the revenue, ₹2,026.01 crore this quarter, or about 91.5% of the total. That revenue was 5.3% lower than last year’s ₹2,139.45 crore. Yet the division’s segment result (profit before interest and unallocated items) rose roughly 41.6% to ₹277.70 crore from ₹196.15 crore. So the top-line drop is not hurting earnings here; it is the per-unit profitability that moved.
The liquid terminal division grew on both lines. Its revenue rose 21.2% to ₹187.33 crore from ₹154.56 crore, and its segment result climbed 31.4% to ₹120.47 crore from ₹91.68 crore.
Two other items stand out. Finance costs more than doubled to ₹57.19 crore from ₹24.31 crore a year ago, while interest income rose to ₹90.59 crore from ₹52.49 crore. For the first half of FY27, profit attributable to shareholders was ₹745.03 crore against ₹310.95 crore in the same period last year.
The Pipavav ammonia terminal transfer
In its standalone results, Aegis said it moved a specialised ammonia storage terminal at Pipavav to its step-down subsidiary Aegis Terminal (Pipavav) Ltd on a slump-sale basis during the quarter. It booked a profit of ₹198.52 crore on that transfer, shown under other income in the standalone numbers. We would keep that in mind before comparing standalone profit across quarters, since it is a one-off.
Listed subsidiary Aegis Vopak Terminals, in which the group’s effective holding is 44.71%, reported separately earlier on Monday. CNBC-TV18 reported its net profit down 2.3% at ₹86.6 crore, revenue up 16.6% at ₹271 crore and EBITDA up 20.2% at ₹197 crore, with a 72.6% margin.
What it means for investors
When revenue falls and profit rises in the same quarter, the revenue line on its own tells you very little. The better reads here are EBITDA and segment results, and both were strong. The things to watch next quarter: whether the gas division holds its improved margin, and how much the higher finance cost bites as the balance sheet grows. Total segment assets stood at ₹15,647.53 crore at the end of September, up from ₹12,050.21 crore a year earlier.
If you want to read a results filing like this one yourself, start with our guide on how to analyse quarterly results of a company and the explainer on EBIT margin in results. Our Q2 results calendar for this week lists other companies reporting.
Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.
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