3 July 2019 Oil & Gas LPG demand in India is expected to increase from ~23mmt in FY19 to ~40mmt in FY35 (a conservative estimate) due to (a) increased LPG penetration in the country, (b) rise in average consumption per household, and (c) growing urbanization. AGIS handled ~2.52mmt (19%) of the total ~13.2mmt (FY19) LPG imports in India. The company plans to increase its market share to ~33% by creating a network of terminals; these will focus on (a) congestion free ports with increase in throughput (turns), (b) possibility of anchoring Very Large Gas Carriers (VLGCs), and (c) adequate storage capacity and proper evacuation facility. currently contributes ~75% to the total EBITDA; gas business mix ~80% terminalling, 13% distribution and ~7% sourcing. The company enjoys EBITDA margin of ~65%, generating an IRR of ~20-25%. Such high IRR for liquids is sufficed by AGIS lower handling loss of ~0.05% as against industry norm of ~0.