Meanwhile, Antony Waste Handling Cell announced its Q4 March 2022 results on Thursday. On a consolidated basis, the company's net profit jumped 63% to Rs 25.5 crore on 22% increase in total operating revenue to Rs 146.4 crore in Q4 March 2022 over Q4 March 2021.

Adjusted EBITDA jumped 35% year-on-year to Rs 46.1 crore in Q4 March 2022. Adj. EBITDA margin stood at 23.9% in Q4 March 2022 lower than 24.7% in Q4 March 2021.

MSW C&T (Municipal Solid Waste Collection & Transportation) sales rose 31% to Rs 108 crore in Q4FY22 as against Rs 82.5 crore in Q4FY21. MSW processing sales rose 1% at Rs 38 crore in Q4FY22 compared with Rs 37.4 crore in Q4FY21.

Jose Jacob, chairman & managing director, Antony Waste Handling Cell said: "Our new contracts in Varanasi, Jhansi, and Noida are progressing well, as we begin full operations in these cities, resulting in a 31.4% increase in total operating revenue. In Q4FY22, our total operating revenue increased by 22% year on year, reflecting increased activity from our new Contracts and the price escalation benefit in our tipping fees.

In FY22, even after being impacted by COVID-19, we saw volume growth in our MSW C&T segment because of addition in contracts and increased activities in our new contracts. We expect the results of the contracts that we have submitted bids for, to be announced in the forthcoming months, and we are optimistic about the same. Our business visibility remains strong in a medium to long term perspective. We are confident of continued growth momentum on back of increase in urbanization and willingness of various municipal corporations to award solid waste management services to a strong technology-backed player like us. There are significant tailwinds and are confident that growth momentum will continue for all of our businesses in coming years."

Antony Waste Handling Cell provides full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across India, majorly catering to municipalities.