Aegis Group's net for June quarter rises to Rs 17 cr

Aegis Group has reported a 92% jump in net profit at Rs 16.61 crore for the quarter ended June 30, 2011, as against Rs 8.67 crore in the same period last year on robust earnings from gas business.

The Earnings Per Share (EPS) for the quarter rose to Rs 4.83 from Rs 2.77 of the same period last year.

Revenues from the company's gas business increased to Rs 807 crore in Q1 FY 12 as against Rs 95 crore in the year ago period largely due to substantial growth in sales volume, a company statement said here.

The primary contributors to this higher volume and profit in Aegis' gas business are roll-out of new autogas stations, addition of volumes from petrochemical sector and national oil companies as well as sourcing business of its overseas subsidiary, Aegis Group International, it said.

Revenue from liquid logistics rose 13% to Rs 23 crore (Rs 20 crore) and profitability by 3% to Rs 9.85 crore (Rs 9.53 crore).

The oil and gas logistics businesses continue to show great potential, driven by rising consumption of petroleum, LPG, and chemicals in India, the release said.

The company continues to pursue growth plans and new business opportunities in these sectors, and seeks to leverage its existing port infrastructure and distribution network, it added.

The group company, Aegis Logistics Ltd, provides supply chain management services to oil and gas, and chemical industries in India. It engages in liquid logistics, gas logistics, industrial gas distribution, and auto LPG retailing. The company undertakes storage and terminalling of oil and chemical products.