Antony Waste Handling Cell Limited - Updates for Q1 FY2023-24

Antony Waste Handling Cell Limited has announced the business update highlighting the strong performance of the Company for the first quarter ended June 30, 2023 ("Q1 FY24"):

The Company is delighted to announce yet another impressive quarter, demonstrating its consistent growth. This quarter has been particularly significant, as the Company achieved a record-breaking volume of municipal solid waste (MSW) tonnage handled and the highest ever quarterly core operating revenue.

The total tonnage handled for Q1FY24 stood at ~1.20 million tonnes representing a remarkable growth of ~14% compared to the previous year. This success can be attributed to the full-scale implementation of operations at the recently acquired contracts, ramping up our existing Collection & Transportation (C&T) sites and the increased tonnage processed at the Waste Processing Operations.

In the C&T business segment for Q1FY24, the Company effectively handled ~0.45 million tonnes, reflecting a growth of ~11% compared to the previous year. Additionally, the Waste Processing business expertly managed ~0.75 million tonnes, demonstrating a growth of ~16% compared to the previous year. It is important to note that the tonnage handled by the C&T business excludes projects that are billed based on fixed shifts, trips, or household counts.

It's important to note that the total tonnage handled by the C&T business excludes those projects whose billing is based on fixed shifts/trips/household counts.

Operational Highlights:

1. In terms of Total Core Operating Revenue, which includes tipping revenue from C&T, Waste Processing, and Mechanical Power Sweeping operations, the Company witnessed a significant improvement of ~15% in Q1FY24 compared to last year taking into account various escalations on tipping fees and revenues from fixed shifts, trips, and household fees.

This quarter showcased the benefits derived from the complete roll-out of operations in Nashik, along with the advantages of rate escalation, resulting in increased tipping fees.

2. Furthermore, the quarter saw a remarkable achievement with record-breaking sales of Refuse Derived Fuel (RDF). The total RDF sales reached ~27,720 tonnes, a substantial increase compared to ~4,417 tonnes in the same period last year and ~19,226 tonnes in Q4'23.

However, due to monsoon conditions, the Company anticipates a softer RDF dispatch number for Q2FY24 and part of Q3FY24. On the other hand, compost sales for the quarter amounted to ~2,873 tonnes, and the Company expects this number to improve as the monsoon season further unfolds in Maharashtra and Gujarat.

3. In line with its commitment to sustainability and comprehensive resource recycling, the Company successfully recycled ~365 tonnes at its Varanasi site in Q1FY24, following the recycling of ~68 tonnes in Q4FY23. Through this screening and recovery process, the Company prevented a significant volume of waste from ending up in local landfill.

Please note that while computing core operating revenues, the Company excludes revenue from Contract income under Ind AS 115 - Revenue from Contracts with Customers. The above information is on a consolidated basis and subject to a limited review by the management team.

The Company remains dedicated to promoting a sustainable and clean environment while delivering value to all its stakeholders. In the coming months, the Company expects to achieve significant milestones, including the operationalization of two power sweeping contracts in Nagpur and PCMC, as well as the commencement of the Waste-to-Energy (WtE) plant at PCMC.

Shares of Antony Waste Handling Cell Limited was last trading in BSE at Rs. 311.80 as compared to the previous close of Rs. 313.25. The total number of shares traded during the day was 9810 in over 916 trades.

The stock hit an intraday high of Rs. 316.65 and intraday low of 309.05. The net turnover during the day was Rs. 3061889.00.

Source : Equity Bulls

Keywords

AntonyWasteHandlingCell INE01BK01022 Business OperationalUpdate Q1FY2024