Shares of this logistic company skyrocketed after announcing a 100 per cent interim dividend
Along with declaring a 100 per cent interim dividend the company is also increasing its production capacity.
The share price of Aegis Logistics rose from its opening price of Rs 271.90 on Wednesday to a high of Rs 292.25, a gain of around 8 per cent. The company's 52-week high is Rs 303.60, and its 52-week low is Rs 167.45. The stock's volume on BSE increased by almost a factor of 3.80 times. The highlight for the rise came after the company's board of directors declared an interim dividend of 100 per cent, that is Rs 1 per equity share with a face value of Rs 1 for the fiscal year 2022-2023, with the record date for the payment of the dividend set for September 23, 2022.
Aegis Logistics is a storage and terminalling facility for LPG and chemical products as well as an importer and distributor of LPG. It distributes its wares and services through a system of bulk liquid handling terminals, LPG terminals, filling plants, pipelines, and LPG gas stations.
With an anticipated project cost of Rs 350 crore, the Kandla port capacity upgrade with a static capacity of 45,000 MT and a potential throughput capacity of 4,000,000 MT was finished in FY22. Additionally, in FY22, the additional 54,500 KL of bulk liquid terminals were put into operation at Haldia, bringing the total capacity to 1,20,000 KL. Kochi's facility expansion, which would increase storage capacity by 20,000 KL, is scheduled for completion in fiscal year 23.
The promoters own 58 per cent of the company as of June 2022, followed by foreign institutional investors (FIIs) with 15.11 per cent, domestic institutional investors (DIIs) with 2.36 per cent, and the public with the remaining.
Revenue in Q1 of FY23 rose to Rs 2235 crores, an increase of 230 per cent year over year. Net income of Rs 107 crore represents an annual growth of 49.0 per cent as compared to the previous quarter. As a percentage of the company's total assets, receivables have increased from 3 per cent in FY21 to 19 per cent in FY22. The company's reinvestment, measured as Capex/CFO for FY22, is 194 per cent, which is also encouraging.