Antony Waste Handling Cell Limited: Q3 & 9M FY25 Results
Antony Waste Handling Cell Limited (AWHCL), leading player in the Indian Municipal Solid Waste Management Industry, announced its financial results for the quarter and nine months ended December 31, 2024
Consolidated Financial Highlights:
Achieving a Plant Load Factor (PLF) of 76% at the Waste-to-Energy (WtE) facility, coupled with the commercial launch of the Construction & Demolition (C&D) waste project, significantly contributed to a record-high quarterly operating revenue and a robust EBITDA margin. These operational efficiencies and strategic initiatives in waste processing and energy recovery have optimized financial performance, demonstrating effective asset utilisation and a commitment to sustainable waste management practices.
Commenting on the results, Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, said, "We are pleased to report a strong quarter, with operating revenue registering a growth of 15% year-over-year, bringing our core revenue to Rs 221 crore. Key drivers included higher volumes, better compost/RDF revenues, increased tipping fees (adjusted for inflation), and greater green energy generation from WtE. We achieved an 18% year-over-year growth in our EBITDA, reaching Rs 59 crore, with a 120-basis point improvement in the EBITDA margin, which now stands at 23.5%. The standalone Company’s performance during the quarter has been weak and this is primarily because Antony Waste had initially submitted bids for various projects and executed them through multiple SPVs, as mandated by tender conditions. Over time, due to the operational excellence of these SPVs and evolving technical qualification criteria, projects began to be awarded directly to material subsidiaries. As newer contracts are now received directly by the material subsidiary companies, it is more appropriate to assess the Company's performance on a consolidated basis. Additionally, we are actively working to optimize our operations and streamline our group structure to enhance overall efficiency and sustainability.
Adding to this, Jose Jacob highlighted, “During the quarter, the PCMC Waste-to-Energy Plant achieved an impressive PLF of around 76%, setting a new benchmark for the industry. This along with innovations in utilizing end-of-life plastics for road construction, a collaborative project with IIT Bombay, enhances our ability to leverage cutting-edge technology and research initiatives. Furthermore, the recent project re-win in Navi Mumbai strengthens our position and has replenished our order book.”
The Company showcases its dedication to sustainable waste management through the effective processing and utilization of waste materials. During the quarter, the Company sold approximately 38,500 tonnes of Refuse Derived Fuel (RDF) and 6,400 tonnes of compost, bringing the nine-month total for FY25 to around 103,000 tonnes of RDF and 16,400 tonnes of compost. Additionally, of the over 20,000 MT of Construction and Demolition waste that has been processed at our Dahisar plant in Mumbai, an impressive 96% has been successfully recycled into valuable resources.
We continue to play a vital role in helping cities achieve their circularity goals by implementing efficient waste management solutions that transform waste into valuable resources. Our commitment to sustainability enhances environmental health, promotes responsible urban development, and aligns with ESG principles. By reducing landfill dependency and improving resource recovery, Antony Waste is driving meaningful progress toward a circular economy. These advancements, coupled with emerging opportunities in the MSW sector, position us for long-term sustainable growth, reinforcing our leadership in responsible waste management and circular economy initiatives.
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