four s fortnightly logistics track 7th august - 20th august 2012
TRANSCRIPT
7 A U G ’ 1 2 – 2 0 A U G ’ 1 2
Logistics Track Research4I nd ia For t n ight l y updat e o n L og is t i c s I ndust ry
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In The Spotlight Contents
Dempo buys majority stake in shipyard Modest
Infrastructure for ` 7bn
Goa-based Dempo Group, which in 2009 sold its core
mining business to Vedanta Resources and ventured
into shipping, has acquired a controlling stake in
Gujarat's shipyard company Modest Infrastructure in
a transaction valued at over ` 7bn. The acquisition
will catapult Demp Limited to making barges for iron
ore exports from Goa, into the national shipyard and
ship repair business and pitch it with larger
companies like L&T, ABG Shipyard, according to
people familiar of the development. Dempo's
transaction was done through the group's unlisted
subsidiary Dempo Shipbuilding and Engineering.
A recent study by industry body Assocham said that
the Indian shipbuilding industry, which is growing at
8% every year, will need to be expanded to cater to
cargo traffic of 1,230mn tonnes by 2015 and
3,000mn tonnes by 2020. Currently, the traffic at
major ports in India is about 600mn tonnes.
The ` 7.5bn, 70-year-old Dempo Group has interests
in iron ore mining, calcined petroleum coke, pig iron,
and shipbuilding and repair. The closely-held group
has two listed companies, Goa Carbon and Hindustan
Foods. In 2009, the group sold its mining business to
Sesa Goa, part of Vedanta Resources, for ` 17.5bn. It
focused on shipbuilding, by making barges used by
ore exporters from Goa, the largest ore exporter of
India.
News of the fortnight 1
Investment Activity 2
News Update 3
Global News Update 5
Stock Market Updates 9
Peer Benchmarking
10
About Four-S Services 11
About Research4India
Research4India is the research
services arm of Four-S Services Pvt
Ltd. Here we provide regular research
reports on key sectors of the Indian
economy, and large unlisted
companies in these sectors. These
reports will be available on our
upcoming site
www.research4india.com, as well as
from leading international research
sellers like Thomson Reuters,
Bloomberg, Research and Markets,
CapitalIQ etc.
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Research4India 2
PE Deals in 2012
Date Investor Target Stake
(%) Amount ($ mn)
Strategy
6-Jan General Atlantic Foursee Infrastructure Equipments Ltd.
NA 20.8 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 6.0 Early 26-Apr New Silk Route VRL Logistics NA 33.4 Late 19-Apr KKR, Goldman Sachs TVS Logistics 20.0 55.0 Growth 29-Jun Vertex Venture Holdings, KPCB,
Sherpalo Ventures Reverse Logistics NA NA Growth
25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74.0 NA Early 19-Aug GTI Capital Brattle Foods NA NA Growth
The space saw 10 deals till date raising a total disclosed amount of $185.1mn.
Mergers & Acquisitions in 2012
Date Investor Target Stake
(%) Amount ($ mn)
Business
1-Feb Oil Field Warehousing & Services Raamns Shipping & Logistics NA NA Logistics Services 20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd 24.0 NA Logistics Services 15-May DTDC Eurostar Express NA NA Courier Services 18-Jul SG Holdings Sindhu Cargo Services 40.0 NA* Logistics Services 18-Jul SG Holdings Sunlog Services 40.0 NA* Logistics Services
16-Aug Dempo Group Modest Infrastructure NA 140.0 Ship-building & Repair *SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns
The space saw 6 deals till date but the transaction details were disclosed for one only.
Dempo Group acquired ship-building & repair company Modest Infrastructure for $
140mn in August 2012.
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.
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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Future Supply Chain set to raise `1bn in
second round funding
Future group’s consumer logistics company
Future Supply Chain Solutions will be raising `
1bn this year through a second round of private
equity placement. This will form part of the
funds needed to double the warehousing
capacity of the company. According to
Anshuman Singh, MD & CEO, Future group’s
consumer logistics company Future Supply
Chain Solutions will be raising ` 1bn this year
through a second round of private equity
placement. This will form part of the funds
needed to double the warehousing capacity of
the company. The company had earlier in 2009
received $30mn from Fung Capital, the private
equity arm of Hong Kong-based Li and Fung
group, diluting 26% stake in the company. This
time, it would either look for a new equity
partner or raise additional funds from the
existing partner. The funds will be utilised to
double the warehousing capacity to 10mn sq ft
in next two years. The company has made a
total investment of ` 3bn since its inception and
in the past two years it has added a storage
space of two million sq ft. Expanding storage
space was necessitated after the company
started servicing external clients three years
back. Currently, 70% of the company’s revenue
comes from serving the group companies and
the rest from external clients. By the end of this
year the revenue share from the external
clients are expected to go up to 50% as the
company has been witnessing good growth in
the business in the past three years. The
company clocked ` 4bn revenue last year hopes
a 50% growth in the topline this fiscal.
New CFS to add muscle to Gateway
Distriparks
Despite the dip in net profit in the first quarter
of the current year, Gateway Distriparks
expects a better year due to the commissioning
of two new container freight stations — at Navi
Mumbai and Kochi. For the first quarter of
2012-13, Gateway Distriparks achieved a
turnover of ` 558mn (against ` 610mn in the
same period last year) and a net profit of `
180mn (` 223mn) on standalone basis. The
company is expected to ramp up its CFS
capacity to 560,000 TEUs in the current
financial year with the resumption of full
operations at Punjab Conware CFS. Its current
capacity stands at 516,000 TEUs. Construction
of the building of Punjab Conware CFS has
begun and partial operations from the facility
will commence by November-end. The facility
will be fully operational towards the year-end.
The Kochi CFS has also commenced partial
operations (on wheel operations) and is likely to
commence full-fledged operations on
completion of the construction of warehouse,
which is expected to happen next month.
Gateway Distriparks is broadly divided into
three — CFS, container rail (through Gateway
Rail Freight Ltd) and cold storage (Snowman
Logistics). The company operates container
freight stations at Navi Mumbai, Chennai,
Visakhapatnam and (soon in) Kochi. It also
operates Inland Container Depots (ICD) at
Garhi (Haryana), Sahnewal (Ludhiana),
Kalamboli (Mumbai) and a new ICD at Asaoti
(Fardibad, to be operational in the current
year).
GTI Capital invests in Brattle Foods
Financial services and investment firm GTI
Capital has invested in foods company Brattle
Foods. Brattle and its subsidiaries are engaged
in the business of contract manufacturing of
food products and providing logistics solutions,
including cold and ambient temperature storage
and transport. The investment will be utilised in
expanding Brattle's facilities. The amount of
investment was not disclosed. Almost three
years back, Brattle Foods had announced an
investment of ` 8bn to set up three
manufacturing units for dairy, meat and
processing of fruits and vegetables. At that
time, the company had said it was allocating `
News Update
Logistics Track
Research4India 4
3bn for setting up a dairy plant, and ` 1bn for
its vegetables and fruit processing business. But
the majority investment of ` 4bn had been
allocated for the company's meat processing
division.
Japan-aided DMIC likely to bring ` 750bn
investment to UP
The Delhi-Mumbai Industrial Corridor (DMIC)
project is estimated to facilitate investments of
` 750bn in the Greater Noida investment zone
of Uttar Pradesh. The zone, comprising Dadri-
Noida-Ghaziabad, would attract food,
electronics, auto, IT and other sunrise
industries that is likely to create 1.2mn job
opportunities. The Centre would also spend `
30bn in the region under the DMIC. The much-
awaited industrial corridor project is a ` 5tn
mega infrastructure project with financial and
technical aid from Japan. Seven investment
centres and 13 industrial areas have been
identified along the upcoming industrial
corridor, of which an investment centre
(Greater Noida) and an industrial area (Meerut-
Muzaffarnagar) would fall in UP. On either side
of these centres, a ‘150-200 km area’ has been
identified as dedicated freight corridor (DFC).
These would be self-sustaining industrial
townships with world-class infrastructure viz
road, rail/air connectivity, quality social
infrastructure and provide a competitive
business environment. Indian Railways intends
to develop Multi-modal Logistics Parks (MMLP)
through the public-private partnership (PPP)
route along the eastern DFC at strategic
locations. An MMLP was also proposed at
Kanpur.
JNPT likely to scrap deal with DBC Port
The country's largest container port, Jawaharlal
Nehru Port Trust (JNPT), is likely to scrap a
contract with Arvind Dubash-owned DBC Port
Logistics, formerly Speedy Multimodes, after
JNPT's auditors found discrepancies in the rates
charged by the company. Speedy Multimodes
had won the licence in 2007 to operate the
container freight station (CFS) at JNPT, spread
across 68 acres, and are the largest CFS facility
at the port. The terms and conditions of the
agreement said that the rates at the CFS were
to be governed by the ones approved by the
Tariff Authority for Major Ports (TAMP). But
after complaints raised by board members and
customers that DBC was charging higher rates,
JNPT had appointed a chartered accountant to
look into the allegations. Later in May, the
auditors submitted their report which said that
the rates charged were higher than those
mandated by TAMP. DBC Ports Logistics
defended itself, saying it didn't overcharge
customers, and concerns were raised mainly by
competitors since DBC's rates were much lesser
than others. It has also warned of strong legal
action if their contract is terminated.
Incidentally, DBC has been seeking a revision in
its rates at the CFS facility and had requested
for a massive 180% hike in rates.
7 firms keen to develop Kochi port’s
proposed ship repair unit
As many as seven firms have responded to a
proposal by the Kochi Port to develop a ship
repair facility on a PPP basis within the port.
Cochin Shipyard Ltd and the Bahrain-based
Sultan Marine International are among the
firms that have evinced interest at the
Expression of Interest floated by the port for
the public-private partnership project.
Encouraged by the response, the port had
invited global bids in May in a two cover system
for ‘Development and Operation’ of an
international ship repair facility with private
sector participation. According to the senior
official, the port will position its existing ship
repair facility as a ‘modern ship repair yard’
with additional facilities for ship building. The
idea is to develop the existing facility on par
with international standards for maintenance,
repair and overhaul of small and medium size
vessels by ensuring fast turnaround, high
quality and excellent service. Figures from the
port show that around 1,000 ships call at the
port every year . The number will nearly double
over the next three years, brightening the
prospects for the ship repair facility.
Chennai Port Trust woos Coimbatore
trading companies
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The Chennai Port Trust (ChPT), which is getting
into containerisation in a big way, will set up a
marketing cell and a help desk in the city to
increase its share in shipments from the region.
It is also ready to offer volume-based
discounts, storage and stevedoring (loading and
unloading) facilities for exporters and importers
in the region. With several private container
train operators commencing container train
services from Chennai to other parts of the
state, the export-import trade in Coimbatore
can get easier. About 350 containers of cargo
are sent to the Chennai Port every month from
Coimbatore. This can go up to 1,000 tonnes
according to senior official. More than 500 items
are being exported from Coimbatore and there
are over 300 registered exporters. The Chennai
Port was the major export terminal for the
region till the early 90s. However, it lost out its
prime position to other ports over a period of
time. But with the ChPT shedding dirty and
break bulk cargo, it is now trying to win back
patronage from the trade and industry in the
region.
Railways wants FDI for industry corridors
In a move that seeks to overturn the Railways’
policy against foreign direct investment in its
core business of laying tracks and running
trains, the Railways Ministry has proposed that
the Cabinet allow FDI to build dedicated lines
for industries. Accepting that its current plans
to boost connectivity to sectors such as mining
and industry have not succeeded, the ministry
has forwarded its proposal for FDI in a cabinet
note sent to the committee on infrastructure
headed by Prime Minister Manmohan Singh.
Foreign direct investment in its core areas has
been an absolute no-no for the fourth largest
rail network in the world despite a huge
shortage of funds to finance expansion. The
Railways allows FDI only in the manufacture of
components by private companies that supply
to the network. Between 2000 and 2012, the
total FDI into the Railways has been ` 13.5bn
according to the Department of Industrial Policy
and Promotion. Under the model, the
concessionaire would build lines and maintain
them while the railways will have joint equal
right to use the infrastructure to ferry goods.
Rail Bhawan expects the project concession
period will run for 30 years with the return on
equity linked to the interest rate on 10-year G-
Secs.
Railway freight traffic to grow 5.2% this
fiscal: CMIE
Railway freight traffic is likely to clock a 5.2%
growth this fiscal on higher demand from coal
and iron ore meant for domestic steel plants,
according to a forecast by Centre for Monitoring
Indian Economy (CMIE). In 2012-13, the
revenue-earning freight traffic of the Indian
Railways is projected to rise by 5.2%. About
1,020mn tonnes of commodities are likely to be
transported during the year. The freight traffic
during the June quarter increased 4.8%
compared to the same period year ago. Noting
that the growth will be supported by coal and
iron ore meant for domestic steel plants, the
report said country's coal imports are expected
to rise 28.3% to 134.4mn, which will create a
need for transporting. There is a strong demand
for coal from the power and steel sectors. Since
the domestic output is not sufficient to meet the
demand of the power sector, coal is imported.
Global shipping Q2 volumes hit by Europe's
economic crisis
Global shipping volumes fell in the second
quarter of the year as Europe's economic
difficulties continued to act as a burden on
demand, according to the latest report from
Container Trade Statistics (CTS). The data
shows that exports from Europe (in terms of
TEU) grew three per cent in the second quarter
of 2012, a marked slowdown from the revised
first quarter figure of 9.7%, while imports to
Europe fell 5.3% in the second quarter. Asia's
weaker economic performance in the second
quarter (compared with a stronger first quarter)
is reflected in the figures. Initial data shows
imports to the region fell 4.2% in the second
quarter, compared with growth of 5.8% in the
first quarter. Meanwhile export volumes
Global News Update
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Research4India 6
increased just 2.8%, according to Transport
Intelligence. Container exports from North
America decreased 6.5% in the second quarter,
while exports in the first quarter of the year
were almost flat at minus -0.6%. However,
import figures indicate a much more positive
picture, up 9.9% in the second quarter,
compared with growth of 3.7% in the first
quarter. Negative export growth was reported
in South America, the Middle East and Africa. In
terms of imports, growth rates slowed
considerably, however, they remained in
positive territory. As the global economic
recovery remains weak and uncertain, it seems
the second half of the year is likely to remain
tough for shippers.
C.H. Robinson boosts buyback program by
10mn shares
C.H. Robinson Worldwide Inc. (CHRW) had
added 10mn shares to its share-repurchase
program as the logistics company looks to
boost shareholder return. The latest
authorization represents about 6.2% of shares
outstanding as of Friday. The company had
about 2.5mn shares remaining under its prior
authorization. C.H. Robinson has posted
improved results since the recession, with
particular strength seen in its key trucking
business. Last month, the company reported its
second-quarter earnings increased 3.2% as
revenue in its sourcing and payment services
segments rose, though sales in its key trucking
segment slipped slightly. Shares were up by
three cents at $54.26 after hours Friday. The
stock has fallen 10% over the past three
months.
Boardwalk to buy PL Midstream from PL
Logistics for $625mn
Boardwalk Pipeline Partners has formed a joint
venture (JV) with an affiliate of its general
partner, which entered into an agreement to
acquire PL Midstream from PL Logistics, a
portfolio company of Lindsay Goldberg for
$625mn in cash. With this acquisition, the
company will enter into the natural gas liquids
market with well-run and strategically-located
assets. BPHC will own 67% of the joint
venture's equity, while remaining 33% will be
owned by Boardwalk. They are likely to
contribute about $268mn and $132mn,
respectively, to fund the acquisition. The deal is
expected to close in late September or early
October. PL Midstream provides salt-dome
storage, pipeline transportation, fractionation
and brine supply services for producers and
consumers of petrochemicals, natural gas
liquids (NGLs) and natural gas through two
hubs in southern Louisiana.
Concord's Cardinal Logistics acquired by
NY private equity firm
Cardinal Logistics Management Inc. has been
bought by Centerbridge Partners, a New York-
based private-equity firm. Financial terms of
the acquisition were not disclosed. Cardinal,
which is based in Concord, specializes in
shipping, warehousing and distribution. The 15-
year-old company’s clients include AutoZone
Inc. and Office Depot Inc. Cardinal's
management will remain intact, according to a
spokeswoman. Centerbridge Partners manages
approximately $ 20bn in capital.
Tesoro buys BP refinery, logistics in
California for $2.5bn
BP has agreed to sell its 266,000 bpd Carson
refinery in California and related logistics and
marketing assets in the region to Tesoro for
$2.5bn in cash. The deal value includes the
estimated value of hydrocarbon inventories and
subject to post-closing adjustments. The
company noted that the sale is part of a
previously-announced plan to reshape BP’s US
fuels business. Subject to regulatory and other
approvals, Tesoro will acquire the Los Angeles-
area refinery as well as the associated logistics
network of pipelines and storage terminals and
the ARCO-branded retail marketing network in
Southern California, Arizona and Nevada. The
sale also includes BP's interests in associated
cogeneration and coke calcining operations. The
sale is expected to close before mid-2013.
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XPO Logistics acquires Kelron ops for
$8mn
XPO Logistics on Monday, Aug. 6, announced its
acquisition of the freight brokerage operations
of Kelron Logistics, a Canadian nonasset third-
party logistics business, for $8mn in cash,
excluding working capital adjustments. Kelron
Logistics serves more than 1,000 customers
through locations in Toronto, Vancouver,
Montreal and Cleveland. Kelron Logistics
generated trailing 12 months revenue of about
$100mn as of June 30. XPO Logistics is a
leading, non-asset based, third-party logistics
provider in North America.
Unified Logistics acquires McTyre Trucking
Unified Logistics Holdings has acquired McTyre
Trucking Company, Inc., based in Orlando,
Florida, USA. Headquartered in Bethesda,
Maryland, Unified Logistics is a specialized
logistics company focused primarily on the
handling, transport and delivery of hard-to-
deliver freight, particularly highly urgent and/or
over-dimensional freight. McTyre, founded in
1947, primarily provides engineered transport
of large structures (bridge steel, power grid
equipment, highway and airport structures).
McTyre also transports mega-heavy shipments
in the nuclear and electrical power industries,
including industrial machinery and processing
equipment. McTyre will join other specialized
rigging and hauling companies acquired by
Unified since 2008, including Silk Road
Transport, Silk Road Translink, Benchmark
Logistics, Great Lakes Heavy Haul and
Specialized Carriers.
Wilbur Ross’ firm buys majority stake in
shipping magnate
WL Ross & Co., which is headed by Palm
Beacher Wilbur Ross Jr., recently agreed to buy
the shipping firm Navigator Holdings out of
bankruptcy. The New York investment company
made a deal with Lehman Brothers to purchase
4.4mn shares of Navigator Holdings for
$110mn, giving Ross more than 50%
ownership. WL Ross already had 3.5mn shares
of the gas transporter. Navigator has offices in
New York and London, and delivers gas to
mostly developing countries. Ross Jr. is ranked
by Forbes as the 206th wealthiest person in the
country.
Toyota to set up KES 1.28bn logistics
centre in Nairobi
It is reported that auto maker Toyota is setting
up a KES 1.28bn logistics hub in Nairobi that
will be used by 13 countries in sub Saharan
Africa to source vehicles directly from Japan.
Through its trading and investment arm Toyota
Tsusho Corporation, the firm signed a
memorandum of understanding with the Vision
2030 delivery board that will facilitate the
establishment of the centre and support
collaborations with the Kenyan government in
the automobile, power and energy, petroleum
and mineral resource, environmental
infrastructure, agricultural industrialization
fields. Companies in the Sub Saharan region
will be saved from importing vehicles directly
from Japan with the establishment of the
facility. It is expected that the center will
reduce their cost and other importation
inconveniences experienced because of the long
distance.
Private sector invests $33.4bn in
transportation infrastructure - Abdib -
Brazil
Between 2003 and 2011, the private sector
invested 67.6bn reais ($33.3bn) in
transportation and logistics projects in Brazil,
making up 40% of all investments throughout
the nine year period, infrastructure and basic
industries association (Abdib) said in a release.
Throughout the period, a total of 1.04tn reais
was invested in overall infrastructure projects.
Of this, 169bn reais, being 16.3%, was
dedicated to transportation and logistics work
which included highways, railways, metros,
ports, airports, and waterways. A total of 60%
of this came from the public sector and the rest
from the private sector. In recent years, overall
infrastructure project investments have seen
slight increases. A total of 173bn reais was
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Research4India 8
reported in 2011, representing a 2% uptick
from the 170bn reais in 2010.
Kuehne + Nagel opens new warehouse
facility in NZ
Kuehne + Nagel has opened a new warehouse
facility in Auckland to meet the growing
demand for integrated logistics services. The
new site has an available space of 86,000 sq.
ft., including a specifically designed 65,000 sq.
ft. outdoor secure yard for the handling and
storage of bulk cargo. It is the third facility
managed by Kuehne + Nagel in New Zealand
and complements the company’s two existing
facilities with 108,000 sq. ft. and 54,000 sq. ft.
warehouse space. The premises are centrally
located with fast access to the city’s key
infrastructure facilities.
Germany loses out as logistics location:
Experts
Germany is moving further away from the top
spot as a logistics location it once held in a
World Bank ranking. A German trade expert
warns that not enough resources are being
provided for more efficient infrastructure.
Germany is losing its reputation globally as a
splendid logistics location, a transportation
expert from the Federation of German
Wholesale, Foreign Trade and Services (BGA),
Gerhard Riemann said in a statement. He
claimed that the German government had been
giving short shrift to important traffic
infrastructure projects and increased the
financial burdens on haulers. He also hinted the
current toll system might be expanded to
include other major roads. the ranking in
question now saw Germany in fourth position
after Singapore, Hong Kong and Finland. He
particularly complained about the government
not having given the green light yet to
gigaliners or super-trucks on selected roads,
praising their economic and ecological
advantages. Riemann maintained that not
enough money was being provided to maintain
or expand the current traffic infrastructure in
Germany, saying there was a lack of 5bn euros
($6.16bn) annually for road transportation
projects alone. The trade expert also feared
that a renewed delay of Berlin's new
international airport would mean irreparable
image damage for the country abroad.
World's oldest shipping company closes
after 300 years
The world's oldest shipping firm, Stephenson
Clarke Shipping Ltd., has gone into liquidation
after nearly 300 years of trading, becoming a
casualty of the worsening global downturn.
Established in 1730 in Britain, Stephenson
Clarke had tried to sell its ships and cut costs in
the face of crashing rates for dry bulk shipping
on which it relied -- transporting cargoes such
as coal, grain and iron ore. Stephenson Clarke
thrived during Britain's industrial revolution,
shipping coal from its home in the northeastern
city of Newcastle and later diversifying to ship
other commodities including grain, fertilisers
and steel in northern Europe, the Mediterranean
and West Africa.
DHL launches online shipping portal
DHL Express has launched a new Internet portal
as part of its thrust to upgrade its technological
platform to facilitate online shipping, the latest
move geared especially towards small and
medium-sized enterprises. With the new portal
My DHL, customers will have greater control
over password management, and will have
access to a broad range of international
services. Applications that can be accessed on
the portal include DHL web shipping
international, a solution which allows customers
to create invoices, print export labels,
coordinate collections, store addresses and
monitor shipments. According to the senior
company officials, this portal is the last step
missing to offer small and medium enterprises a
full proposal that will help this sector in
particular. Customers are required to register at
www.dhl.com/mydhl to access the service.
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Research4India 9
Stock Market Update
Share Price Performance
Baltic Dry Index
Road Freight Index
U
As on 17th August 2012 Market Cap Price
(In ` mn) (In `) 1W 1M 3M 6M 12M
Container Corporation of India 123,003 946.30 0.4% 5.2% 8.1% -3.1% -1.3%
Blue Dart 47,927 2,019.85 0.4% 3.6% -3.1% 14.2% 21.4%
Essar Ports Ltd. 41,441 96.85 -2.1% 2.0% 8.1% 38.6% 34.7%
Great Eastern Shipping 39,550 259.70 -1.0% -0.1% 8.2% -4.3% 8.3%
Shipping Corporation of India 25,992 55.80 3.8% -2.6% 2.2% -27.5% -32.9%
Allcargo Logistics 17,671 138.60 -1.4% -1.7% 22.7% -2.5% -14.8%
Gateway Distriparks 14,687 135.50 0.0% -6.6% -8.5% -6.4% 4.7%
Arshiya International 7,341 125.75 2.8% -3.5% -6.5% -22.5% -3.9%
Mercator Ltd. 4,971 20.30 7.1% -1.9% 6.8% -34.6% -16.6%
Transport Corporation of India 4,647 63.90 0.2% -3.6% 13.3% -11.1% -20.0%
Aegis Logistics 4,035 120.80 5.0% -0.3% -6.8% -28.8% -39.2%
Sical Logistics 3,725 67.00 -0.1% -0.2% -0.2% -3.4% -15.9%
Gati 3,303 38.15 -1.3% 1.2% 14.2% -4.5% -37.5%
Aqua Logistics 3,000 10.00 0.0% -8.7% -11.1% -16.3% -30.8%
SEAMEC Ltd. 2,971 87.65 0.9% 2.3% 12.7% -12.5% -9.5%
Varun Shipping 2,363 15.75 4.3% -2.5% -4.0% -23.2% -20.3%
NSE Nifty - 5,366.30 0.9% 3.3% 10.2% -3.6% 6.1%
BSE Sensex - 17,691.08 0.8% 3.4% 10.1% -3.3% 5.1%
ET Logistics Index - 16,764.24 0.3% 2.3% 5.3% -4.5% 0.3%
ET Shipping Index - 6,385.98 0.9% -1.6% -0.8% -17.8% -5.8%
Baltic Dry Index (BDIY:IND) - 714.00 -7.8% -34.7% -37.2% -0.4% -47.9%
Percentage Change (%)
Source: Baltic Exchange
Source: Transport Corporation of India
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Financial Benchmarking
Quarterly Results – Q1 FY ’13, ending 30th June, 2012
Figures in Rs.`mn
Annual Results - FY‘12
Figures in Rs.`mn
Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY EBITDA NPM
Aegis Logistics 8,304 14,843 79% 274 (244) - 161 48 -70% - 0%
Shipping Corp. of Ind. 9,727 12,200 25% 1,181 1,624 38% (59) (549) - - -
Mercator Lines 7,992 10,952 37% 1,513 1,750 16% 147 171 16% 16% 2%
CONCOR 9,490 10,369 9% 2,597 2,671 3% 2,342 2,451 5% 26% 24%
Allcargo 8,541 9,752 14% 1,022 1,135 11% 664 556 -16% 12% 6%
GE Shipping 7,280 8,070 11% 3,183 2,879 -10% 1,626 1,810 11% 36% 22%
TCI 4,159 4,574 10% 344 370 8% 134 136 1% 8% 3%
Blue Dart 3,721 4,317 16% 510 574 13% 340 406 19% 13% 9%
Arshiya 2,226 3,418 54% 539 934 73% 236 346 47% 27% 10%
Gateway Distri. 1,978 2,320 17% 635 660 4% 334 352 6% 28% 15%
Sical Logistics 2,058 1,753 -15% 202 220 - 21 14 -34% 13% 1%
Varun Shipping 1,327 1,538 16% 345 937 172% (353) 1,452 - 61% -
Patel Integrated 1,130 1,191 5% 47 45 -3% 12 9 -25% 4% 1%
Aqua Logistics 1,107 773 -30% 91 63 -31% 42 15 -64% 8% -
SEAMEC Ltd 460 737 60% 127 138 - 86 137 - - -
Shreyas Shipping 319 462 45% 21 70 240% (14) 43 - 15% 9%
Gati 2,253 159 -93% 241 (62) - 38 638 1593% - 402%
Essar Ports 70 84 20% 33 12 -63% (213) (179) - 14% -
Company Revenue EBITDA PAT Margins Q1 FY’13
FY'11 FY’12 YoY FY'11 FY’12 YoY FY'11 FY’12 YoY EBITDA NPM
Aegis Logistics 18,129 44,725 147% 833 49 -94% 467 197 -58% 0.1% 0.4%
Shipping Corp. of Ind. 35,434 43,086 22% 7,098 4,644 -35% 5,674 (4,282) - 11% -
CONCOR 38,266 40,609 6% 10,226 10,237 0% 8,301 8,779 6% 25% 22%
Mercator Lines 28,289 36,999 31% 6,385 5,829 -9% 468 206 -56% 16% 1%
GE Shipping 25,580 29,555 16% 9,945 10,804 9% 4,687 3,166 -32% 37% 11%
TCI 18,527 19,553 6% 1,400 1,580 13% 501 595 19% 8% 3%
Blue Dart 11,507 14,954 30% 1,556 1,799 16% 947 1,242 31% 12% 8%
Gati 9,330 12,093 30% 870 988 14% 95 141 48% 8% 1%
Essar Ports 19,408 11,088 -43% 7,667 8,910 16% 702 639 -9% 80% 6%
Arshiya 8,215 10,547 28% 1,580 2,701 71% 820 1,176 43% 26% 11%
Allcargo 6,998 8,263 18% 1,679 2,481 48% 1,211 1,513 25% 30% 18%
Gateway Distri. 6,034 8,235 36% 1,640 2,504 53% 968 1,320 36% 30% 16%
Sical Logistics 5,384 5,015 -7% (45) 341 - 108 133 24% - -
Patel Integrated 4,284 4,524 6% 139 166 20% 32 29 -8% 4% 1%
Aqua Logistics 5,165 3,683 -29% 497 233 -53% 288 83 -71% 6% 2%
Varun Shipping 8,368 3,645 -56% 3,670 888 -76% 147 92 -38% 24% 3%
Shreyas Shipping 1,904 2,708 42% 308 245 -21% 183 56 -69% 9% 2%
SEAMEC Ltd 1,024 1,818 78% (551) 94 - (672) (132) - - -
Company Revenue EBITDA PAT Margins FY’12
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Research4India 11
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