Antony Waste Handling Cell (AWHCL) Q4 24/25 earnings summary

Executive summary

• Achieved strong operational performance in FY25, with high plant load factors, industry-leading recycling rates, and management of 1.36 million tonnes of waste in Q4FY25.

• Secured favorable arbitration and court settlements, resulting in one-time gains of INR 28 crore and INR 2,388.64 lakhs, strengthening financial stability.

• Strategic renewal and merger of key municipal contracts and subsidiaries to enhance operational synergy and cost-effectiveness.

• Continued focus on sustainable waste management, operational excellence, and expansion into new business areas such as tire recycling and vehicle scrapping.

• Maintained leadership in the Indian municipal solid waste management industry, operating in 9 states with 26 ongoing projects.

Financial highlights

• FY25 total revenue was ₹959 crore, up 7% year-over-year; Q4FY25 revenue was ₹249.6 crore, up 15% YoY.

• FY25 operating revenue was INR 842 crore, up 10%; Q4 operating revenue was INR 223 crore, up 14% YoY.

• FY25 EBITDA was INR 220 crore (9% YoY growth, 23% margin); Q4 EBITDA was INR 58 crore (33% YoY growth, 23% margin).

• FY25 PAT was INR 101 crore (1% YoY growth); Q4 PAT was INR 46 crore (53% YoY growth).

• Net cash from operating activities in FY25 was ₹187.2 crore; cash and cash equivalents at ₹120.1 crore as of March 2025.

Outlook and guidance

• Anticipates steady and sustainable progress, supported by a robust order book of INR 8,300 crore, with 58% expiring by 2040.

• Guides for 20-25% CAGR in operating cash flow over a 3-5 year period.

• Focus on cluster-based project bidding, expansion into new states, and rational project selection to drive growth.

• Management expects continued recoverability of overdue municipal receivables, supported by legal opinions and ongoing repayments.