Antony Waste Handling Cell (AWHCL) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 operating revenue reached INR 198 crore, with total revenue at INR 232-233 crore, reflecting 11% year-over-year growth and strong operational efficiency, including record sales of 34,000 tons of RDF and 6,000 tons of compost.

• Waste-to-energy plant achieved a plant load factor of 89%, managed 1.18 million tons of waste, and generated over 27 million green units, with 3,353 tonnes of CO₂e avoided.

• The company operates the largest single-location waste processing plant in Asia, handling ~90% of Mumbai's waste, and has a presence across 9 states with 35+ projects.

• Launch of a construction and debris project in Mumbai, with regulatory support for recycled materials in construction.

• Strong ESG focus, with significant reductions in carbon emissions and a diverse workforce of 10,452 employees.

Financial highlights

• Q1 FY25 EBITDA was INR 55-55.3 crore, up 6% year-over-year and 27% sequentially, with an EBITDA margin of 23.8%.

• PAT for Q1 FY25 was INR 21 crore, down 29% sequentially and 6% year-over-year, with a PAT margin of 9.1%.

• Gross debt stood at INR 389 crore, net debt at INR 308 crore, and net debt/equity at 0.4x-0.5x.

• DSO improved to 79-86 days from over 100, reflecting better cash flow.

• Core EBITDA margin around 24%, with core EBITDA at approximately INR 47 crore for the quarter.

Outlook and guidance

• Core revenue growth guidance for FY25 is 14%-18%, with EBITDA margins expected to remain at 23%-24%.

• Construction and debris project expected to generate INR 30 crore annualized revenue with margins slightly above current averages.

• Focus remains on expanding in clusters, rational project selection, and moving up the MSW value chain, including WTE, segregation, and bio-mining.

• Sustainable growth of around 20% CAGR in core operating revenue anticipated.

• The company aims to capitalize on the doubling of India's MSW market in the next five years and increasing privatization trends.