Consolidated net sales (including other operating income) of Antony Waste Handling Cell has for the quarter ended Dec 2021 increased 30.64% to Rs 161.32 crore gained by improvement
in volumes and the price escalation benefit in our tipping fees.Operating profit margin has declined from 26.43% to 19.69%, leading to 2.67% decline in operating profit to Rs 31.76 crore. Purchase of finished goods cost fell from 0.28% to 0.15%. Employee cost increased from 31.82% to 32.66%. Other expenses rose from 41.50% to 47.51%. Other direct service cost rose from 0.74% to 3.59%. Other income rose 17.28% to Rs 4.48 crore. PBIDT fell 0.58% to Rs 36.24 crore. Provision for interest fell 28.74% to Rs 4.91 crore. PBDT rose 5.99% to Rs 31.33 crore. Provision for depreciation rose 10.31% to Rs 8.67 crore. Profit before tax grew 4.42% to Rs 22.66 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 3.65 crore, compared to Rs 2.27 crore. Effective tax rate was 16.11% compared to 10.46%. Minority interest increased 3.10% to Rs 5.98 crore. Net profit attributable to owners of the company decreased 4.40% to Rs 13.03 crore. Promoters’ stake was 46.23% as of 31 December 2021 ,compared to 46.23% as of 31 December 2020 .
Nine month performance
Net sales (including other operating income) of Antony Waste Handling Cell has increased 39.08% to Rs 460.19 crore. Operating profit margin has declined from 25.55% to 23.17%, leading to 26.12% rise in operating profit to Rs 106.62 crore. Employee cost decreased from 34.15% to 31.87%. Other expenses rose from 40.16% to 44.81%. Other direct service cost rose from 2.44% to 3.96%. Other income rose 19.34% to Rs 13.76 crore. PBIDT rose 25.30% to Rs 120.38 crore. Provision for interest fell 21.63% to Rs 16.49 crore. PBDT rose 38.46% to Rs 103.89 crore. Provision for depreciation rose 5.94% to Rs 24.79 crore. Profit before tax grew 53.21% to Rs 79.10 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 14.13 crore, compared to Rs 3.13 crore. Effective tax rate was 17.86% compared to 6.06%.Minority interest increased 12.69% to Rs 17.14 crore. Net profit attributable to owners of the company increased 43.68% to Rs 47.83 crore. Promoters’ stake was 46.23% as of 31 December 2021 ,compared to 46.23% as of 31 December 2020 .
Management Comments :
Commenting on the results, Jose Jacob Kallarakal, Chairman & Managing Director, Antony Waste Handling
Cell Limited said,
“We are pleased to report that overall performance in Q3FY22 has remained stable. We experienced marginal growth
during the quarter in tonnage from both commercial and residential areas in which we operate. However, we have yet
to determine the impact of the Omicron situation on waste generated from commercial activities; but on the contrary
we do not believe there will be much of an impact on waste generated from residential zones. For the quarter ending
December 2021, our total operating revenue grew by 4% on a sequential basis to Rs 148 crores reflecting improvement
in volumes and the price escalation benefit in our tipping fees. Our operating profit for Q3 FY22 was impacted on
account of provisions where we have adopted a conservative approach and have provided for Rs.6.8 crores which relate
to delay in the reconciliation of billings in User Collection Fee model projects. Also, the higher employee cost for the
quarter due to revision in minimum wage rates has impacted our operating profitability, the same will be reimbursed
to the company in the forthcoming quarters. Adjusting for these anomalies the EBITDA for the quarter is Rs. 43 crores
translating to EBITDA margin of around 26%.
In Q3FY22, we saw volume growth of 3% and 4% in the MSW C&T and MSW processing businesses, respectively,
compared to Q2FY22. We are in the process of biomining our first cell in Kanjurmarg in order to convert it to compost
and RDF for future sales. Our Greater Noida bio-mining project`s groundwork / pre-operational activities have been
completed, and revenue is now being generated. Our Pimpri Chinchwad Waste to Energy Project is progressing well,
and the plant is expected to be fully operational by March 2023.
Also, during the quarter, our holdings in Antony Lara will increase from 63.04% to 73.0% on account of the conversion
of the 9% Optionally Convertible Preference Shares. I am pleased to share that Antony Lara has received the prestigious
Merit for Excellence in Managing MSW award from the CII for its efforts in managing MSW in India. This award
recognises the dedication of our entire team at all of our plants, as well as all of our support functions. We would like
to dedicate this award to all of our employees who have always done their jobs, even in the face of adversity like the
COVID-19 pandemic.
Both business segments have a long-term vision that has been strategically carved out. In the future, we hope to win
new contracts and provide quality services to the corporation, which is our selling point. This pandemic may have an
impact on our commercial activity volumes, but it will be partially offset by an increase in residential activity volumes.
We have no concerns about our receivables because we are classified as an essential service, and we have seen a sizable
amount dedicated to MSW by the Swachh Bharat Mission. We see significant tailwinds from the Swachh Bharat Mission
and Corporation`s move toward privatization of these services, and we are confident that growth momentum will
continue for all of our businesses this year and into the next several years.”
About Antony Waste Handling Ce
| Antony Waste Handling Cell : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 161.32 | 123.48 | 30.64 | 460.19 | 330.88 | 39.08 | 465.05 | 450.51 | 3.23 | | OPM (%) | 19.69 | 26.43 | -674 bps | 23.17 | 25.55 | -238 bps | 24.63 | 27.87 | -323 bps | | OP | 31.76 | 32.63 | -2.67 | 106.62 | 84.54 | 26.12 | 114.56 | 125.55 | -8.75 | | Other Inc. | 4.48 | 3.82 | 17.28 | 13.76 | 11.53 | 19.34 | 15.71 | 14.10 | 11.42 | | PBIDT | 36.24 | 36.45 | -0.58 | 120.38 | 96.07 | 25.30 | 130.27 | 139.65 | -6.72 | | Interest | 4.91 | 6.89 | -28.74 | 16.49 | 21.04 | -21.63 | 28.46 | 30.25 | -5.92 | | PBDT | 31.33 | 29.56 | 5.99 | 103.89 | 75.03 | 38.46 | 101.81 | 109.40 | -6.94 | | Depreciation | 8.67 | 7.86 | 10.31 | 24.79 | 23.4 | 5.94 | 31.22 | 24.25 | 28.74 | | PBT | 22.66 | 21.70 | 4.42 | 79.1 | 51.63 | 53.21 | 70.59 | 85.15 | -17.10 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 22.66 | 21.7 | 4.42 | 79.1 | 51.63 | 53.21 | 70.59 | 85.15 | -17.10 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -18.21 | - | | PBT after EO | 22.66 | 21.7 | 4.42 | 79.1 | 51.63 | 53.21 | 70.59 | 66.94 | 5.45 | | Taxation | 3.65 | 2.27 | 60.79 | 14.13 | 3.13 | 351.44 | 6.52 | 19.79 | -67.05 | | PAT | 19.01 | 19.43 | -2.16 | 64.97 | 48.5 | 33.96 | 64.07 | 47.15 | 35.89 | | Minority Interest (MI) | 5.98 | 5.8 | 3.10 | 17.14 | 15.21 | 12.69 | 19.03 | 19.79 | -3.84 | | Net profit | 13.03 | 13.63 | -4.40 | 47.83 | 33.29 | 43.68 | 45.04 | 27.36 | 64.62 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 13.03 | 13.63 | -4.40 | 47.83 | 33.29 | 43.68 | 45.04 | 27.36 | 64.62 | | EPS (Rs)* | 4.61 | 4.82 | -4.40 | 16.91 | 11.77 | 43.68 | 15.92 | 12.31 | 29.39 | | | * EPS is on current equity of Rs 14.14 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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