Stock Report

Antony Waste Handling Cell Limited - Q4 and FY2024 business update

Posted On : 2024-04-19 23:11:56( TIMEZONE : IST )

Antony Waste Handling Cell Limited has announced business update highlighting the continued and consistent performance of the Company for the quarter and twelve months ended March 31, 2024 ("Q4 FY24" & FY24):

For the fiscal year 2024, in alignment with our initial projections, the team has successfully achieved strong operational performance, resulting in ~17% YoY upsurge in primary core revenues. The Waste to Energy plant, at Pimpri, has achieved an impressive Plant Load Factor (PLF) of ~71% during its inaugural full quarter of operation, marking a significant milestone. Our objective is to stabilize this performance at around 80% moving forward.

Additionally, the Hon'ble National Company Law Tribunal (NCLT) has granted approval for the Company Scheme Application filed w.r.t. Scheme of Merger, entailing the absorption of two wholly owned subsidiaries, namely Antony Infrastructure and Waste Management Services Private Limited, and KL EnviTech Private Limited, into AG Enviro Infra Projects Private Limited (our wholly owned material subsidiary company). This strategic decision is aimed at rationalizing the group's organizational framework.

In the fourth quarter, we managed ~1.14 million tonnes of waste, reflecting a robust growth of ~9% compared to the previous year. This surge can be attributed to the full ramp-up of operations in recently secured contracts and expansion of our existing Collection & Transportation (C&T) and processing contracts. Over the twelve-month span of FY24, our total waste management amounted to ~4.66 million tonnes, signifying an impressive ~11% increase from the corresponding period last year.

Within the C&T business segment in Q4 FY24, the Company efficiently handled ~0.47 million tonnes, showcasing a notable growth of ~14% compared to the previous year. Additionally, our Waste Processing division adeptly managed ~0.67 million tonnes, demonstrating a commendable 5% growth year-on-year. Please note that the tonnage handled by the C&T business excludes projects billed based on fixed shifts, trips, or household counts.

Operational Highlights

1. Total Core Operating Revenue, which includes tipping revenue from C&T & Waste Processing, and revenue from sale of power, the Company witnessed a remarkable improvement of ~14% in Q4 FY24 compared to the previous year. This improvement accounts for various escalations in tipping fees and revenues from fixed shifts, trips, and household fees. We are also beginning to see contribution from our new C&T project at Panvel and from the first full quarter of sale of power from our WtE project. For FY24, the core operating revenue has risen by ~17%.

2. Moreover, our momentum remains robust as we announce another groundbreaking achievement with the sale of Refuse Derived Fuel (RDF), reaching ~42,000 tonnes during the quarter, a significant surge from around 19,200 tonnes in the corresponding period last year. Throughout FY24, the Company successfully shipped ~146,500 tonnes of RDF, reinforcing circularity principles and aiding cement companies in fulfilling their Alternate Fuel Requirement objectives.

3. Compost sales for the quarter amounted to ~1,700 tonnes vs. ~1,100 tonnes sold in the year-ago period.

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

Our Company remains steadfast in its commitment to promoting environmental sustainability and delivering value to stakeholders. In the months ahead, we anticipate achieving significant milestones, including the launch of a Construction and Debris processing project in Mumbai and increased power sales in PCMC. During the first quarter of FY25, we are scheduled to commence commercial operations at the CIDCO biomining site.

Updates on these efforts will be provided at the end of every quarter throughout the current financial year.

Shares of Antony Waste Handling Cell Limited was last trading in BSE at Rs. 507.50 as compared to the previous close of Rs. 501.65. The total number of shares traded during the day was 14176 in over 869 trades.

The stock hit an intraday high of Rs. 511.95 and intraday low of 493.00. The net turnover during the day was Rs. 7122063.00.