Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript. The company has indicated that the bulk of capex is behind them, suggesting limited immediate need for new funding. Discussions hint at possible refinancing of existing debt (specifically waste-to-energy project debt) to reduce interest rates, but not new debt raising. The company is focused on stabilizing operations and cash flows before considering dividend policy or further financial moves. No direct plan or announcement for equity fundraising was indicated in the available

Any current/future capex/capital investment/strategic investment?

The company’s bulk of capex is behind them, leading to a drop in IND AS revenue and shift in revenue mix towards core operating revenue. Incremental capex for the Kanjur project and Collection & Transportation (C&T) operations caused a slight increase in interest cost. Waste-to-energy projects are operational, with steady-state depreciation around Rs.17 Crores and interest approx. Rs.13 Crores annually. Plans to set up tire recycling facilities at the auto recycling site; equipment identified and development targeted around Q3 of next financial year. Focus on end-of-life vehicle scrapp

Future growth expectations in sales/revenue/volumes?

Core operating revenue growth expected at around 20% to 24% year-on-year based on existing projects. Q4 core operating revenue anticipated in the range of Rs. 200 to Rs. 210 Crores. Construction & Debris (C&D) processing projects to start contributing from FY2025, aiming to grow revenue share and diversify. Plan to adjust revenue mix to achieve approximately 50:50 split between collection & transportation (C&T) and processing projects in coming years (historically C&T was 60-65%). Non-municipal revenue to increase from current 2% to about 5% over the next couple of years through value-

Future growth expectations in earnings/operating earnings/profits/EPS?

Core operating revenue growth is expected at 20% to 24% annually, supported by ramp-up of underlying projects (Page 20). Q4 core operating revenue guidance is Rs. 200-210 Crores (Page 20). EBITDA margins have improved to around 22%, with core EBITDA margins stable and expected to sustain (Pages 5, 10). Interest and depreciation costs will remain elevated due to waste-to-energy projects but expected to taper over 1-2 years (Page 17). The company anticipates stable tax rates around 25-27% going forward (Page 20). Sustainable 20% to 25% CAGR rate in core operating revenue outlook is tar

Current/ Expected Orderbook/ Pending Orders?

The company is actively working on commissioning the Construction & Demolition (C&D) processing project in Mumbai, expected to contribute to revenues from Q4 FY2024 onwards. Long-term contracts include a Construction & Transportation (C&T) business with annual revenue potential around Rs.30 Crores per year, with a 21-year term. There is potential for revenue growth as tonnage and tipping fees escalate. The company has identified locations for a car scrapping/recycling project with plans to start by Q3 FY2025, in discussions with OEM partners. Waste-to-energy projects have recently commen

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Antony Waste Handling Cell LtdQ4 FY25Other Utilities

Antony Waste Handling Cell Ltd Q4 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹472P/E: 22.3Market Cap: ₹1.4K CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Core operating revenue growth expected at around 20% to 24% year-on-year based on existing projects.
→Q4 core operating revenue anticipated in the range of Rs. 200 to Rs. 210 Crores.
→Construction & Debris (C&D) processing projects to start contributing from FY2025, aiming to grow revenue share and diversify.
→Plan to adjust revenue mix to achieve approximately 50:50 split between collection & transportation (C&T) and processing projects in coming years (historically C&T was 60-65%).
→Non-municipal revenue to increase from current 2% to about 5% over the next couple of years through value-added products like auto scrap and tire recycling.
→Tonnage growth of around 12% year-on-year noted, with potential upside in C&T revenues due to escalation and volume growth from new contracts like Panvel.
→Waste-to-energy project power sales expansion expected to contribute positively in coming quarters.

Margin guidance

Category 3

→Core operating revenue growth is expected at 20% to 24% annually, supported by ramp-up of underlying projects (Page 20).
→Q4 core operating revenue guidance is Rs. 200-210 Crores (Page 20).
→EBITDA margins have improved to around 22%, with core EBITDA margins stable and expected to sustain (Pages 5, 10).
→Interest and depreciation costs will remain elevated due to waste-to-energy projects but expected to taper over 1-2 years (Page 17).
→The company anticipates stable tax rates around 25-27% going forward (Page 20).
→Sustainable 20% to 25% CAGR rate in core operating revenue outlook is targeted (Page 6).
→Waste-to-energy plant operations are stabilizing with increasing revenues, leading to improved profitability (Pages 6, 16).
→Variability in quarterly EPS is currently due to administrative delays but expected to stabilize post municipal elections (Page 18).

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Fundraise plans

→There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
→The company has indicated that the bulk of capex is behind them, suggesting limited immediate need for new funding.
→Discussions hint at possible refinancing of existing debt (specifically waste-to-energy project debt) to reduce interest rates, but not new debt raising.
→The company is focused on stabilizing operations and cash flows before considering dividend policy or further financial moves.
→No direct plan or announcement for equity fundraising was indicated in the available sections.
→The management appears focused on operational efficiency, project stabilization, and organic growth rather than active capital raising.

Order book

Yes

→The company is actively working on commissioning the Construction & Demolition (C&D) processing project in Mumbai, expected to contribute to revenues from Q4 FY2024 onwards.
→Long-term contracts include a Construction & Transportation (C&T) business with annual revenue potential around Rs.30 Crores per year, with a 21-year term. There is potential for revenue growth as tonnage and tipping fees escalate.
→The company has identified locations for a car scrapping/recycling project with plans to start by Q3 FY2025, in discussions with OEM partners.
→Waste-to-energy projects have recently commenced commercial operations, contributing to revenues and margins going forward.
→The company targets increasing non-municipal revenues from about 2% to 5% over the next few years by adding value-added products from new recycling projects.
→Overall revenue growth guidance for FY2025 is around 20% to 24%, supported by the current and upcoming projects backlog.

Capex plans

Yes

→The company’s bulk of capex is behind them, leading to a drop in IND AS revenue and shift in revenue mix towards core operating revenue.
→Incremental capex for the Kanjur project and Collection & Transportation (C&T) operations caused a slight increase in interest cost.
→Waste-to-energy projects are operational, with steady-state depreciation around Rs.17 Crores and interest approx. Rs.13 Crores annually.
→Plans to set up tire recycling facilities at the auto recycling site; equipment identified and development targeted around Q3 of next financial year.
→Focus on end-of-life vehicle scrapping with land identification underway and discussions with OEMs for partnerships.
→No partnership planned for tire recycling; initiatives being developed in-house.
→Internal target to increase non-municipal revenue from 2% to 5% in the next couple of years through value-added products including construction debris projects, auto scrap, and tire recycling.

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