Any current/future new fundraising through debt or equity?

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 appe

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

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

Future growth expectations in sales/revenue/volumes?

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

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

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

Current/ Expected Orderbook/ Pending Orders?

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 prov

Antony Waste Handling Cell LtdQ4 FY24Other Utilities

Antony Waste Handling Cell Ltd Q4 FY24 Earnings Call Analysis

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

Price: ₹276.6P/E: 13.4Market Cap: ₹785 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 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.

Margin guidance

Category 3

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.

See what Antony Waste Handling Cell Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

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.

Order book

Yes

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.

See what Antony Waste Handling Cell Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

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.

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