Antony Waste Handling Cell Ltd

- 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.

- 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.

- 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.

- 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).

- 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.