Antony Waste Handling Cell Ltd

- No explicit mention of any new fundraising through debt or equity in the current discussion. - The company has a net debt of INR343 crores with a net debt to equity ratio of around 0.5x. - They have a steady cash flow from operations expected to comfortably service and repay debt as per schedule. - If no new waste-to-energy contracts are won, the group aims to be debt-free within 4 years using cash flows. - The company completed recent capex using internal cash accruals, particularly for the Maharashtra waste-to-energy project. - No indication of near-term plans to raise fresh equity or debt; focus appears to be on utilizing existing financial resources and operational cash flows.

- The company is planning capex for a waste-to-energy plant at the Kanjurmarg site; discussions with BMC are ongoing, with expected updates around June. - Vehicle scrapping and tire recycling businesses are in progress, with land lease deals and equipment suppliers being finalized; initial capex for vehicle scrapping is about INR 20 crores. - There is investment underway in the Panvel biomining project, CIDCO biomining, and a construction and demolition plant in Mumbai, contributing to incremental revenue. - Future capex for the Chennai waste processing tender, including waste-to-energy and Bio CNG modules, is under evaluation with details expected in upcoming calls. - Capex for PCMC waste-to-energy project was absorbed as equity, prioritized over debt, with ongoing efforts to get increased tipping fee approvals to cover cost overruns. - Overall, capex is modular and focused on scaling new ventures like vehicle scrapping and new waste processing plants over the next 2-3 years.

- Core operating revenue grew 19% YoY in FY '24, reaching INR766 crores, with 21% growth including recyclable and RDF sales. - Anticipate continued core revenue growth driven by: - Full-year operations from the waste-to-energy (WTE) plant contributing INR45-55 crores annually. - Commissioning of the construction and debris (C&D) processing plant in Mumbai, expected to generate about INR30 crores annually. - Increased ramp-up of Panvel Municipal Corporation (PMC) operations. - Positive traction in new tenders post-elections, especially from July/August onwards. - Volumes managed increased by 12% YoY to 4.67 million tons in FY '24. - Waste-to-energy plant aims to improve plant load factor to ~80%. - Revenue guidance includes approximately 20% CAGR over the next 2 years, with EBITDA margins of 22-24%. - Vehicle scrapping business to start with cars and trucks, targeting ~50 vehicles/day and potential revenue of INR80-100 crores.

- Core operating revenue grew 19% in FY '24, reaching INR766 crores, with a 21% growth excluding contract revenue. - Core EBITDA grew 29% YoY to INR198 crores with a 23% margin, aligning with company expectations. - Revenue growth drivers include the full-year contribution from the waste-to-energy plant, new construction and demolition (C&D) plant commissioning, and ramp-up of Panvel operations. - Management expects a 20% CAGR in core operating revenue over the next two years, driven by ongoing contracts and new tender activities. - EBITDA margins are anticipated between 22-24%, with PAT margins improving marginally to around 10.5%-11.25%, albeit impacted by interest and depreciation due to recent capex. - Continued incremental revenues from projects like CIDCO biomining (INR35-40 crores) and Panvel C&T (INR35-36 crores) support growth. - ROE and ROCE likely to improve over 3-4 years as new assets stabilize and dividends reduce equity base.

- The company is actively bidding for several Construction & Transportation (C&T) contracts, with a major tender in Chennai currently open. - Tender activities have been deferred due to elections, but significant tendering is expected to resume from July and August. - The company is pursuing a waste-to-energy and biomining project tender requiring setting up minimum 1,400 tons per day of waste-to-energy capacity and 300 tons per day of biomining. - Proposals for some tenders, including the one mentioned above, are expected to be submitted around July. - New contracts and tender wins are expected to provide positive traction post-elections, supporting business expansion efforts.