Mumbai, May 25 Antony Waste Handling Cell Limited (AWHCL), leading player in the Indian Municipal Solid Waste Management industry, announced its financial results for the quarter and full year ended March 31, 2023.

The Company concluded the financial year 2023 on a positive note, witnessing a growth in its operating metrics. This growth can be attributed to the Company's improved business operations across various services and its unwavering commitment to fostering a sustainable environment.

Commenting on the results, Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, said, "We are happy to announce that our unwavering dedication and the collective efforts of all our business divisions have translated into good results for the year. Our recent contracts in Nashik have exceeded expectations, propelling a 16% rise in total operating revenue. In Q4FY23, our overall operating revenue experienced a growth of 16% year-on-year increase, driven by the successful implementation of our new contract and the positive impact of price escalation on our tipping fees. Challenges such as the absence of elected members in a few corporations have resulted in delayed routine matters. This has led to delay in Revenue recognition of various reimbursements like revision in minimum wages, escalations which in turn has temporarily affected our margins. If one were to add the Reimbursement revenue and routine Escalations, the adj. EBITDA for the FY23 would be around ₹ 188.7 crores and this compares against reported EBITDA of ₹ 167.9 crore whereas the Company's adjusted PAT would have been approximately ₹ 102.8 crore versus reported PAT of ₹ 84.6 crore.. We anticipate a return to our strong margins as elected members are returned and routine matters resume their normal course."

He further added, "Throughout the quarter, we achieved notable milestones in our bio-mining operations at the integrated waste processing site in Kanjurmarg. The demand for our high-calorific Refuse Derived Fuel (RDF) remained strong, contributing to our ongoing success. Additionally, we are thrilled to report commencement of operations at our Pimpri Chinchwad Waste to Energy Project in Q1FY24, reaffirming our commitment to sustainable practices and resource utilization."

The Company is well-positioned to maintain its remarkable revenue growth trajectory as it continues to obtain new project wins and capitalise on the commercialization of projects secured in FY23. The Company continues to be committed to building a sustainable and environmentally friendly ecology while providing significant value to its stakeholders. These exceptional results highlight the Company's key role in the rapidly expanding waste management business, and it looks forward to crafting its future with confidence and determination.