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Logistics Track
25 Dec12 Fortnightly update on Logistics Industry

In The Spotlight
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 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 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.

Contents

In the Spotlight Investment Activity News Update Global News Update Stock Market Update Freight Indices Peer Benchmarking About Four-S Services

1 3 4 6 8 9 10 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 Indias most comprehensive and rigorous research report on Logistics.

To buy the report, or to know more about it, see Page 2.

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 seema@four-s.com

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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 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 seema@four-s.com You can also call Ashutosh Sharma at 0124-425 1442, or Devendra Deole at 022-42153659 to book your copy.

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Investment Activity
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 9-Jan 6-Jan 23-Feb 23-Feb 28-Mar 30-Mar 26-Apr 19-Apr 29-Jun 25-Jul 19-Aug 19-Nov 28-Nov

Investor Nalanda Capital General Atlantic IDFC Private Equity Global Super Angels Ambit Pragma VenturEast, Zephyr Peacock New Silk Route KKR, Goldman Sachs Vertex Venture Holdings, KPCB, Sherpalo Ventures Ambit Pragma GTI Capital Everstone Capital, ICICI UTI Capital

Target Great Eastern Shipping Fourcee Infrastructure StarAgri Warehousing & Collateral Mgmt Chhotu.in (Santa Claus Couriers) Spear Logistics e2E Rail VRL Logistics TVS Logistics Reverse Logistics Mehta Frozen Foods Carriers Brattle Foods Sohan Lal Commodity Management Pristine Logistics and Infraprojects Pvt. Ltd.

Stake (%) 0.16 NA NA NA NA NA NA 20 NA 74 NA 32.48 Na

Amount ($ mn) NA 104 30.0 NA 1.7 6 33.4 55 NA NA NA 23.5 10.79

Strategy PIPE Growth Growth Angel Growth Early Late Growth Growth Early Growth Growth Growth

Mergers & Acquisitions in 2012 Date 26-Jan 1-Feb 1-Feb 13-Feb 20-Apr 4-May 14-Jun 25-Jun 25-Jun 15-Sep Buyer Sattva Business Group Farnair Switzerland AG Oil Field Warehousing & Services Kintetsu World Express Inc. DHL Express (India) Pvt Ltd Deutsche Post AG a2z Shopping Ltd. SG Holdings Co. Ltd. SG Holdings Co. Ltd. Nissin Corporation Target Sattva CFS & Logistics Pvt. Ltd. Quikjet Cargo Airlines Pvt. Ltd. Raamns Shipping & Logistics Gati Kintetsu Express Pvt. Ltd. DHL Lemuir Logistics Pvt Ltd DHL Logistics Pvt. Ltd. SSN Logistics Pvt. Ltd. Sunlog Services Pvt. Ltd. Sindhu Cargo Services Ltd. Nissin ABC Logistics Pvt. Ltd. M&A Type Domestic Inbound Domestic Inbound Inbound Inbound Domestic Inbound Inbound Outbound Amount ($ mn) 1.4 NA 53.97 24.0 40 40.0 -

*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

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News Update
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 www.research4india.com 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 allweather, 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 capacities Rs 150 crore on new

Transport Corporation of India is investing Rs 150 crore on expanding services and infrastructure to meet the demand from multibrand 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 Indias 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, TCIs 40-45 per cent revenues come from freight, while supply chain, express cargo and seaways divisions account for the rest. 4

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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 Pristines 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 65,000km network. Moreover, business of PFTs is expected to increase by offering rail-based transportation services. www.research4india.com 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 5

Logistics Track
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.

Global News Update

$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, ecommerce, 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. Norways 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 Srl, a euro-denominated joint venture. The venture will acquire a portfolio of highquality 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 6

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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) coinvestment 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 USs 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 www.research4india.com 7 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 containers (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 IBCs 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, Pallecons EBITDA and EBIT margins averaged 33% and 18% respectively over the same period. The transaction price represents a multiple of 7.4 times Pallecons EBITDA and 11.8 times EBIT for the 12 months to 30th September 2012.

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Stock Market Update

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

Company Name Market Cap (Rs mn) Price (Rs) Percentage Change

Container Corporation Of India 121,187 Blue Dart Express 47,970 Redington India 35,715 Shipping Corporation of India 25,619 Allcargo Logistics 16,212 Gateway Distriparks 15,218 Arshiya International 7,450 Aegis Logistics 5,962 Transport Corporation of India 5,627 Mercator 5,069 Aqua Logistics 4,266 Sical Logistics 3,636 Gati 3,014 BSE Sensex BSE 500

932.4 2,021.5 89.5 55.0 127.2 140.4 120.4 178.5 77.3 20.7 14.2 65.4 34.8

1w 1m 1.5 (1.6) (0.2) (1.7) 0.6 11.7 3.2 6.1 2.1 (1.7) 8.0 8.5 2.0 0.3 (4.8) 5.6 (5.7) 13.5 3.0 7.5 (5.8) 37.3 (1.6) 0.3 (0.4) (5.1) (0.4) (0.3) 3.9 4.8

3m 6m (1.6) 7.2 19.7 5.7 23.5 14.7 (0.5) 1.7 (2.2) (3.2) 0.4 6.1 (11.5) (10.9) 38.0 39.0 28.8 34.3 (3.9) 13.4 51.1 56.3 (0.2) (2.5) (7.5) (2.4) 2.6 5.1 13.4 15.0

12m 11.8 35.8 27.4 6.8 4.2 13.6 (7.2) 60.8 37.2 18.6 51.3 (5.4) 20.0 22.3 27.5

19,242 7,492

As on 21 Dec12 Comparision with 52 week hi/lows and All Time High

Company Name 52 week High 1097.0 2205.0 94.0 81.7 155.5 159.9 171.4 210.7 89.7 33.8 16.1 78.0 49.5 52WH Date Diff 52 Week from Low 52WH -15 805.0 -8 1407.1 -5 65.0 -33 46.6 -18 109.1 -12 119.5 -30 111.5 -15 100.1 -14 52.6 -39 15.8 -11 7.9 -16 65.0 -30 25.1 52WL Date Diff from 52WL Dec 30 Dec 22 Aug 13 Jan 2 Jun 5 Dec 22 Aug 28 Jan 2 May 31 Dec 28 Dec 22 Nov 5 Dec 22 2011 2011 2012 2012 2012 2011 2012 2012 2012 2011 2011 2012 2011 16 44 38 18 17 17 8 78 47 31 81 1 39 All ATH Date Time High 1500 Apr 22 2010 2205 Apr 19 2012 102 Jul 29 2011 221.33 Jan 3 2008 271.02 Jan 12 2007 241 Nov 14 2005 424 Jan 10 2008 416.8 Oct 12 2010 185 Jan 1 2008 184.95 Jan 3 2008 67.53 Sep 30 2010 574.75 May 3 2006 215.2 Jan 2 2008 Diff from ATH -38 -8 -12 -75 -53 -42 -72 -57 -58 -89 -79 -89 -84

Container Corporation Of India Blue Dart Express Redington India Shipping Corporation of India Allcargo Logistics Gateway Distriparks Arshiya International Aegis Logistics Transport Corporation of India Mercator Aqua Logistics Sical Logistics Gati

Oct 23 Apr 19 Apr 23 Feb 17 Feb 21 Mar 30 Feb 9 Dec 7 Dec 12 Feb 22 Dec 11 Feb 15 Feb 13

2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012

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

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Freight Indices
Baltic Dry Index

1800 1600 1400 1200 1000 800 600 400 200 0 Jan-12 Jan-12 Mar-12 Mar-12 Jun-12 Oct-12 May-12 May-12 Apr-12 Aug-12 Oct-12 Nov-12 Nov-12 Feb-12 Jul-12 Jul-12 Sep-12 Dec-12

Source: www.bloomberg.com

Road Freight Index

178 177 176 175 174 173 172 171 May-11 May-12 Nov-11 Sep-11

Jul-12

Jul-11

Mar-11

Source: Transport Corporation of India

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Mar-12

Sep-12

Jan-11

Jan-12

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Financial Benchmarking
Quarterly Results Q2 FY 13, ending 30th September, 2012
Revenue (Rs mn) JAS'12
Container Corporation Of India Blue Dart Express Redington India Shipping Corporation of India Allcargo Logistics Gateway Distriparks Arshiya International Aegis Logistics Transport Corporation of India Mercator Aqua Logistics Sical Logistics Gati 10,548.6 4,180.8 58,596.9 10,286.5 10,136.7 2,158.9 3,725.7 8,826.0 4,703.7 8,222.6 783.2 1,955.3 2,980.3

EBITDA (Rs mn) JAS'12

2,575.7 449.6 1,451.6

PAT (Rs Mn) YoY (%)

(2.0) 2.0 7.6

JAS'11 YoY (%)

9,945.5 3,888.4 51,889.0 10,242.4 8,115.9 2,041.4 2,453.9 9,980.4 4,526.7 7,811.6 921.7 1,963.2 3,201.4 6.1 7.5 12.9 0.4 24.9 5.8 51.8 (11.6) 3.9 5.3 (15.0) (0.4) (6.9)

JAS'11
2,628.0 440.6 1,349.5

JAS'12
2,324.8 322.0 24,681.7 2,972.6 2,160.7 264.2 1,607.2 681.5 131.4 1,007.1 622.1 1,200.3 257.3

JAS'11
1,754.2 297.5 682.8 (1,406.0) 592.1 343.8 318.5 (193.2) 137.5 104.8 63.3 40.1 45.0

Margins (%) YoY (%) EBITDA PAT

32.5 8.2 3,514.8 (311.4) 264.9 (23.2) 404.6 24.4 10.8 2.5 (1.8) 10.5 26.9 29.0 (5.0) 7.4 20.6 7.9 11.0 4.1 22.0 7.7 42.1 28.9 21.3 12.2 43.1 7.7 2.8 12.2 79.4 61.4 8.6

(183.9) 981.4 1,068.9 1,042.1 580.3 602.5 1,081.8 647.2 (443.2) (288.1) 345.8 1,692.9 61.5 214.6 122.3 368.4 1,459.6 24.8 244.2 265.5

2.6 (3.7) 67.2

(6.1) 16.0 148.0 (12.1) (53.9)

(4.4) 861.0 882.8 2,893.3 471.8

Annual Results - FY12

Revenue (Rs mn) FY12
Container Corporation Of India Blue Dart Express Redington India Shipping Corporation of India Allcargo Logistics Gateway Distriparks Arshiya International Aegis Logistics Transport Corporation of India Mercator Aqua Logistics Sical Logistics Gati 40,609.3 14,922.7 211,928.0 40,334.3 42,711.5 8,173.0 10,493.4 44,634.8 19,537.5 36,999.1 3,682.3 7,796.3 11,771.0

EBITDA (Rs mn) YoY (%)

5.9 29.8 26.9 11.3 25.8 36.4 27.7 146.4 5.5 30.8 (28.7) 1.3 (2.2)

PAT (Rs Mn) YoY (%)

1.7 15.6 33.5 (76.1) 30.3 49.9 73.0 (104.5) 12.9 (6.1) (55.2)

FY11
38,334.4 11,498.9 167,036.2 36,245.0 33,963.0 5,990.8 8,215.2 18,111.1 18,512.6 28,288.8 5,165.0 7,694.6 12,029.8

FY12
10,237.3 1,798.6 6,043.7 1,892.4 5,197.0 2,484.2 2,716.6 (37.8) 1,579.9 5,829.1 222.8 844.0 567.3

FY11
10,062.5 1,556.3 4,527.7 7,909.1 3,987.2 1,656.7 1,570.5 833.4 1,400.0 6,210.4 497.4

FY12
8,778.8 1,227.8 3,390.4

FY11
8,759.4 946.5 2,647.7

Margins (%) YoY (%) EBITDA PAT

0.2 29.7 28.1 (175.5) 25.5 36.0 47.0 (52.5) 18.4 (64.9) (83.2) 25.2 12.1 2.9 4.7 12.2 30.4 25.9 (0.1) 8.1 15.8 6.1 10.8 4.8 21.6 8.2 1.6 (10.6) 7.0 16.6 11.5 0.5 3.0 0.8 1.5 2.0 3.5

(4,282.1) 5,673.5 2,976.9 1,356.2 1,208.0 223.8 593.4 301.4 55.6 156.1 415.1 2,372.7 997.1 822.0 470.9 501.2 858.6 330.5

(25.7) (3,384.0) (38.6) 924.6

(110.9) (240.8) 194.4 141.0

Valuation Table
Market Cap (Rs mn) Container Corporation Of India Blue Dart Express Redington India Shipping Corporation of India Allcargo Logistics Gatew ay Distriparks Arshiya International Aegis Logistics Transport Corporation of India Mercator Aqua Logistics Sical Logistics Gati 121,187 47,970 35,715 25,619 16,212 15,218 7,450 5,962 5,627 5,069 4,266 3,636 3,014 EV (Rs mn) 94,152 47,568 51,483 74,424 22,546 14,826 29,675 7,936 8,730 37,849 4,197 8,848 6,230 P/E (x) 13.8 39.1 10.5 -6.0 5.4 11.2 6.2 26.6 9.5 16.8 76.7 23.3 7.3

EV/ EBITDA (x) 7.0 23.6 8.1 11.3 3.9 5.6 10.6 7.9 5.4 5.9 16.8 10.2 3.8

P/CEPS (x) 11.7 33.2 9.7 14.2 3.8 7.7 4.9 15.0 5.6 1.2 39.1 7.4 3.8

P/Sales (x) 3.0 3.2 0.2 0.6 0.4 1.9 0.7 0.1 0.3 0.1 1.2 0.5 0.3

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