Antony Waste han

Antony Waste Handling Cell Limited reported a robust Q4 FY25, with operating revenue growing 14% year-on-year to ₹223 crores. Full-year FY25 operating revenue reached ₹842 crores, a 10% increase from FY24. EBITDA for Q4 FY25 stood at ₹58 crores, marking a 33% year-on-year growth with a 23% margin, consistent with the full-year EBITDA of ₹220 crores (9% YoY growth, 23% margin). The company also recorded an exceptional gain^📎 of ₹23.9 crores from a favorable arbitration settlement, contributing to a 53% YoY PAT growth in Q4 to ₹46 crores, though full-year PAT saw only a marginal 1% growth to ₹101 crores.

The PCMC Waste-to-Energy facility demonstrated exceptional operational efficiency, achieving an impressive 82% average plant load factor for FY25 and generating over 26 million green units in Q4 FY25, avoiding 2,629 tons of CO2 equivalent. The construction and demolition waste recycling initiative set a new industry benchmark with a 96% recycling rate. Total MSW volume managed for FY25 grew 6% year-on-year to 4.93 million tons, while waste processed in Q4 FY25 increased 30% YoY to 0.87 million tons, showcasing strong operational capabilities and asset utilization.

The company is actively pursuing diversification beyond municipal contracts, including advanced discussions for a waste-to-steam project with a large Indian corporate for captive manufacturing. In the processing segment, Antony Waste has submitted bids for 3 waste-to-energy tenders and is working on 2 more. Progress is also being made on the end-of-life vehicle scrapping project, with land identified and a deal expected to close in the next couple of months, targeting operationalization from FY27, further reducing B2G dependency.

Antony Waste maintains a healthy order book of approximately ₹8,300 crores, providing long-term revenue visibility. About 58% of this order book has a long tail, expiring by 2040, with the remaining balance to be executed over the next 12 years, averaging 13-14 years for execution. Management emphasized a focus on 20-25% CAGR growth rather than linear year-on-year growth, given the project-based nature of their business where revenue recognition occurs after 8 months for C&T and 2.5 years for processing projects.

As of March 2025, the company's gross debt stood at ₹473 crores, with cash and bank balances of ₹132 crores, resulting in a net debt of ₹341 crores and a net debt to equity ratio of 0.4x. The weighted cost of debt was 9.1%. Cash flow from operations post taxes improved significantly by 34% year-on-year to ₹187 crores for FY25. The company utilized ₹28 crores from arbitration proceeds and ₹45 crores of Viability Gap Funding (VGF) for PCMC WTE for debt reduction and collateral, with the balance ₹5 crores of VGF expected in the next 6 months.

The Bombay High Court set aside the 2009 denotification of the Kanjurmarg landfills, restoring its protected forest status. The State Government and BMC intend to challenge this order in the Supreme Court, citing the essential nature of the service and lack of immediate alternatives. Antony Waste's concession agreement protects its rights, and the company is engaging a 'big four' audit firm for an independent valuation to determine potential compensation for invested capital and foregone revenue in case of project termination.

For FY25, MSW Collection & Transportation contributed 61% of the revenue, Processing accounted for 27%, and Contracts & Other for 12%, reflecting a slight shift from FY24's mix (62%, 23%, 14% respectively). The company achieved record annual sales for both compost and Refuse Derived Fuel (RDF), with RDF sales increasing to 148,000 tons and compost sales nearly doubling to 21,200 tons for FY25 compared to FY24, underscoring growing market acceptance for its high-quality sustainable products.