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Results
28-May-22
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Analysis
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Antony Waste Handling Cell
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Sales up 40% and net up 71%
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Consolidated net sales (including other operating income) of Antony Waste Handling Cell for the quarter ended Mar 2022 has increased 40.28% to Rs 188.22 crore with C&T revenue up 31% ( to Rs 108.40 crore) and contract reveneu was up 153% (to Rs 46.50 crore). The MSW processing was up 1% to Rs 37.90 crore. Operating profit margin has declined from 22.38% to 22.05%, leading to 38.20% rise in operating profit to Rs 41.50 crore. Purchase of finished goods cost fell from 0.51% to 0.19%. Employee cost decreased from 30.67% to 24.04%. Other expenses rose from 46.44% to 53.73%. Other direct service cost rose from 3.04% to 16.40%. Other income rose 10.29% to Rs 4.61 crore. PBIDT rose 34.79% to Rs 46.11 crore. Provision for interest fell 46.09% to Rs 4 crore. PBDT rose 57.19% to Rs 42.11 crore. Provision for depreciation rose 8.81% to Rs 8.52 crore. Profit before tax grew 77.16% to Rs 33.59 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.16 crore, compared to Rs 3.39 crore. Effective tax rate was 24.29% compared to 17.88%. Minority interest increased 40.58% to Rs 5.37 crore. Net profit attributable to owners of the company increased 70.72% to Rs 20.06 crore. Full year results analysis.
Net sales (including other operating income) of Antony Waste Handling Cell has increased 39.43% to Rs 648.42 crore. Operating profit margin has declined from 24.63% to 22.84%, leading to 29.29% rise in operating profit to Rs 148.12 crore. Purchase of finished goods cost fell from 0.25% to 0.16%. Employee cost decreased from 33.15% to 29.54%. Other expenses rose from 41.97% to 47.46%. Other direct service cost rose from 2.61% to 7.57%. Other income rose 16.93% to Rs 18.37 crore. PBIDT rose 27.80% to Rs 166.49 crore. Provision for interest fell 28% to Rs 20.49 crore. PBDT rose 43.40% to Rs 146 crore. Provision for depreciation rose 6.69% to Rs 33.31 crore. Profit before tax grew 59.64% to Rs 112.69 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22.29 crore, compared to Rs 6.52 crore. Effective tax rate was 19.78% compared to 9.24%. Minority interest increased 18.29% to Rs 22.51 crore. Net profit attributable to owners of the company increased 50.73% to Rs 67.89 crore. Other developments Equity capital stood at Rs 14.14 crore as of 31 March 2022 to Rs 14.14 crore as of 31 March 2021. Per share face Value remained same at Rs 5.00. Promoters’ stake was 46.23% as of 31 March 2022 ,compared to 46.23% as of 31 March 2021 . Loan funds rose to Rs 171.40 crore as of 31 March 2022 from Rs 150.46 crore as of 31 March 2021. Inventories rose to Rs 0.13 crore as of 31 March 2022 from Rs 0.09 crore as of 31 March 2021. Sundry debtors were higher at Rs 127.69 crore as of 31 March 2022 compared to Rs 89.51 crore as of 31 March 2021. Cash and bank balance declined from Rs 128.26 crore as of 31 March 2021 to Rs 92.80 crore as of 31 March 2022. Fixed assets declined from Rs 126.94 crore as of 31 March 2021 to Rs 125.55 crore as of 31 March 2022. Intangible assets increased from Rs 132.24 crore to Rs 173.15 crore. Cash flow from operating activities decreased to Rs 106.15 crore for year ended March 2022 from Rs 111.51 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 109.19 crore, compared to Rs 18.71 crore during the year ended March 2021.
Management Comments :
Commenting on the results, Jose Jacob, Chairman & Managing Director, Antony Waste Handling Cell Limited
said,
“We are pleased to report that all of our businesses performed as expected during the year. 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. Operating EBITDA has
improved by 35% YoY and our consolidated PAT registered a growth of 63% YoY in Q4 FY22.
CARE Ratings assigned BBB/Stable rating to the long-term bank facilities and reaffirmed the short-term bank facilities
at A3 rating. The rating upgrade has enabled us to negotiate lower interest rates thereby reducing our cost of borrowings
and improving profitability.
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. The biomining of our first cell in Kanjurmarg is progressing
well, and the quality of compost and RDF produced are in line with our expectations. The groundwork / pre-operational
activities for our Greater Noida bio-mining project were completed during the year, and we expect revenues to flow at
full capacity beginning in FY23. Our Pimpri Chinchwad Waste to Energy Project is on track and is expected to be
operational by March 2023.
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 : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 188.22 | 134.17 | 40.28 | 648.42 | 465.05 | 39.43 | | OPM (%) | 22.05 | 22.38 | -33 bps | 22.84 | 24.63 | -179 bps | | OP | 41.50 | 30.03 | 38.20 | 148.12 | 114.56 | 29.29 | | Other Inc. | 4.61 | 4.18 | 10.29 | 18.37 | 15.71 | 16.93 | | PBIDT | 46.11 | 34.21 | 34.79 | 166.49 | 130.27 | 27.80 | | Interest | 4.00 | 7.42 | -46.09 | 20.49 | 28.46 | -28.00 | | PBDT | 42.11 | 26.79 | 57.19 | 146.00 | 101.81 | 43.40 | | Depreciation | 8.52 | 7.83 | 8.81 | 33.31 | 31.22 | 6.69 | | PBT | 33.59 | 18.96 | 77.16 | 112.69 | 70.59 | 59.64 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 33.59 | 18.96 | 77.16 | 112.69 | 70.59 | 59.64 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 33.59 | 18.96 | 77.16 | 112.69 | 70.59 | 59.64 | | Taxation | 8.16 | 3.39 | 140.71 | 22.29 | 6.52 | 241.87 | | PAT | 25.43 | 15.57 | 63.33 | 90.4 | 64.07 | 41.10 | | Minority Interest (MI) | 5.37 | 3.82 | 40.58 | 22.51 | 19.03 | 18.29 | | Net profit | 20.06 | 11.75 | 70.72 | 67.89 | 45.04 | 50.73 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 20.06 | 11.75 | 70.72 | 67.89 | 45.04 | 50.73 | | EPS (Rs)* | 7.09 | 4.15 | 70.72 | 24.00 | 15.92 | 50.73 | | | * 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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