This S&P BSE Smallcap Stock Jumped 6.3% on Monday within the first hour of markets opening after an announcement regarding its Q2 Business Performance. The company has a market cap of Rs. 1212 crore and is 2% away from its 52 week high, trading at Rs. 428.65 versus Rs. 409.85 at previous close.
The company’s shareholding has a high concentration of FII holding at 13%. It also has a sizable DII holding of 6%.
In a filing dated 16th October 2023, Antony Waste handling Cell Ltd (“AWHC”) announced business update highlighting the strong performance of the Company for the quarter and half year ended September 30, 2023.
The total tonnage handled for Q2FY24 stood at ~1.15 million tonnes representing a robust growth of ~9% YoY. This growth is driven by the full-scale implementation of operations in recently acquired contracts and the expansion of our existing Collection & Transportation (C&T) sites. For H1FY24, the company managed a total of ~2.35 million tonnes, marking a ~12% increase YoY.
In the C&T business segment during Q2FY24, AWHC effectively managed ~0.45 million tonnes, showing a ~7% growth YoY. Additionally, the Waste Processing business expertly handled ~0.70 million tonnes, demonstrating an ~11% growth YoY. Notably, during the quarter, we successfully completed the biomining of legacy waste at GNIDA, a groundbreaking achievement that cleared 2.19 lakh tonnes of legacy waste and reclaimed ~19 acres of landfill space for future use.
In terms of Total Core Operating Revenue, which includes tipping revenue from C&T, Waste Processing, and Mechanical Power Sweeping operations, AWHC witnessed a remarkable improvement of ~20% growth in Q2FY24 YoY. This improvement accounts for various escalations in tipping fees and revenues from fixed shifts, trips, and household fees, building on the 14% YoY growth reported in Q1FY24.
Furthermore, the company reported record-breaking sales of Refuse Derived Fuel (RDF), with total RDF sales reaching ~29,000 tonnes, a substantial increase compared to around 10,400 tons in Q2FY23 and ~27,700 tons in Q1FY24. Compost sales for the quarter amounted to ~2,200 tons, although these figures are lower on a YoY basis due to lower offtake of fertilizers in the states of Maharashtra and Gujarat, primarily attributable to weaker-than-expected monsoon in these regions.
Expansion wise, the company announced the inauguration of India’s first Waste to Energy plant selling power under Green Energy Open Access Rules. This milestone project was inaugurated by the esteemed Prime Minister, Shri Narendra Modi.
Further, the company also announced the commencing commercial power sales by initially providing up to 8 MW of power to two infrastructure assets of PCMC: the Ravet water pumping station and the Chikali sewage treatment plant. The power supply will see a gradual increment by the end of the financial year, and the power sale will be ramped up to 11.76 MW
AWHC engages in municipal solid waste (MSW) management business in India. In FY23, the company’s revenue grew 4% YoY from Rs. 55 crore to Rs. 56 crore. Net profits during the same period degrew 32% YoY from Rs. 19 crore to Rs. 13 crore.
Written by Sandeep R
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