Antony Waste Handling Cell (AWHCL) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated total income rose 39% YoY to ₹666.8 crore; PAT increased 41% to ₹90.4 crore, with record quarterly performance in Q4.

• Growth reflected higher tonnage and contract activity at Varanasi, Noida, NDMC and Jhansi; the live-contract order book was estimated at ₹8,250 crore.

• Operating cash flow before working-capital changes was ₹165.6 crore; net debt was ₹100.6 crore at March 2022.

Financial highlights

• Consolidated operating revenue increased 32% YoY; total income reached ₹666.8 crore versus ₹480.8 crore in FY21.

• Consolidated EBITDA was ₹166.5 crore versus ₹130.3 crore; PBT was ₹112.7 crore versus ₹70.6 crore.

• Consolidated PAT rose to ₹90.4 crore from ₹64.1 crore; basic and diluted EPS increased to ₹24.00 from ₹17.14.

• Finance cost declined to ₹20.5 crore from ₹28.5 crore, while average borrowing cost fell to 8.1% from 14.2%.

Outlook and guidance

• Targeted bidding for municipal MSW projects and geographic expansion are priorities, with broader service diversification and operating-efficiency gains planned.

• Management expects core operating margins, excluding Ind AS 115 effects, to remain in the 23–25% range despite higher C&T O&M costs and an aging fleet.

• PCMC WtE was expected to commence operations from March 2023; the target was to operationalize a second WtE site by FY24.

• The estimated live-contract order book stood at ₹8,250 crore; ongoing projects increased to 20 from 15 in FY21.