antony waste handling cell ltd share price Management discussions


According to the International Monetary Fund, the global economic output grew by 6.1% in year ended December 2021. This can be attributed to a resurgence in demand and the subsequent rise in consumption, as compared to a year-ago period, primarily impacted by the COVID-19 crisis. However, uncertainties caused by recurrent waves of the pandemic, combined with elevated inflation and debt levels, are expected to result in an economic slowdown. Economic activity, nonetheless, continues to gather momentum due to the easing of lockdown restrictions and in anticipation of an economic rebound around the world.

Russias invasion of Ukraine in February 2022 has further increased downside risks to global growth. As a result of the war, prices of crude, crude derivatives and other commodity prices have surged significantly and supply chain disruptions continue to wreak

havoc, thereby compounding the already high inflation dynamics of both advanced as well as emerging/developing economies.

As per Pew Research Center analysis, inflation rates have doubled in 37 of 44 advanced economies over the past two years. In the USA, inflation has almost quadrupled over past two years, but in many other countries it is rising even at a faster pace. Central Banks have therefore accelerated policy tightening measures. Economies, therefore, are now focusing on stabilising the inflation trajectory, without impacting growth prospects.

The conflict between Russia and Ukraine has further aggravated the situation with a humanitarian crisis impacting supply chains, inflation, commodity markets, and financial stability. In many emerging market and developing economies, the invasion of Ukraine has also contributed to a sharp rise in the price of agricultural commodities, thereby affecting food supply and leading to extreme poverty.


The surge in global demand is eventually going to phase out. As Russias invasion of Ukraine hampers activity and trade in the short term, and policy assistance is withdrawn amid rising inflation, the global growth is expected to decline from 5.7 percent in 2021 to 2.9 percent in 2022, and at an average of 3 percent in 2023-24. Most of the 1.2 percentage point downward revision to this years growth prediction is due to the consequences of the conflict, which include more severe inflationary pressures and a quicker rate of monetary tightening than initially projected1 . Further, rising commodity prices and high food and energy costs are likely to contribute to the slowdown. Nonetheless, Central Banks across geographies are resorting to liquidity tightening measures to curb the rising inflation. Considering the gradual fading of short-term risks, the global economy is expected to be buoyed by optimistic sentiments 1.


The Indian economy has demonstrated tremendous resilience in the face of crisis. Resting on favourable policy and fiscal stimulus, the country remains well on its path to becoming one of the fastest growing major economies in the world. In India, growth slowed in the first half of the calendar year 2021 due to a spike in COVID-19 cases, coupled with targeted restrictions on movement. The war in Ukraine also disrupted domestic economic activity. Alongside, inflationary pressures continued to impact

prospects of economic recovery. During the fiscal year 2021-22, India reported 8.7% growth, mainly on account of positive sentiments about an economic recovery2.

Furthermore, steady investments coupled with constant government impetus through favourable policies and initiatives such as the Production Linked Incentive ("PLI") scheme and encouragement for Make in India schemes, the Indian economy is expected to witness significant recovery in the near term.

Weighted Contribution to GDP Growth

Note : Others include change in stocks, valuables and statisrical discrepancies, Source : NSO.

Notwithstanding the divergences in the performance of various sectors, the country remains poised to reach its end-year goals. With the rise in government income, and subsequent increase in government spending, particularly on infrastructure development, and supply-side modifications through initiatives for sector deregulation and repealing of retroactive taxes, the government continues to adopt measures that are anticipated to bolster economic recovery2.


As per the World Banks Global Economic Prospects (June 2022), Indias GDP is expected to grow at 7.5% in FY 2022-23 aided by the recovery of service consumption following the pandemic. While near-term risks prevail owing to slowed global growth, elevated inflation, supply chain disruptions and financial market volatility, the countrys long-term prospects stay positive supported by fixed investment undertaken by the private sector and by the government, which has introduced incentives and reforms to improve the business climate.



The global waste management market is projected to reach USD 542.7 billion by 2026, at a CAGR of 5.1%, from an estimated USD 423.4 billion in 2021.3

Industrialisation in developing nations and greater awareness about waste management and recycling continue to bolster the growth of the waste management industry. Rapid urbanisation is also contributing towards the production of huge volumes of garbage. Additionally, global population is expected to rise to 8.5 billion by 2030 and 10.4 billion in 2100, resulting in a massive increase in waste generation.

To effectively initiate waste management procedures, countries are encouraging people and businesses to responsibly recycle and reuse waste. With the implementation of appropriate waste management techniques, segregation of waste will be simpler and it is expected to largely contribute towards sustainability endeavours around the world. However, the procedure is expensive, and many underdeveloped nations are unable to afford it.4

Municipal solid waste consists of various items. Compostable and biodegradable materials are mixed with plastic, paper, metal, glass, recyclable material as well as inerts in solid waste. Food waste from households, retail and wholesale markets, and institutions such as hotels and restaurants, account for approximately 48-50 percent of the entire waste. This waste is compostable, biodegradable and organic in nature. The value of these resources is inversely proportional to the amount of garbage mixed with it.

As per the Solid Waste Management Rules, 20165, solid waste leaves homes in no more than three fractions: biodegradable, non-biodegradable, and domestic hazardous waste. But at the secondary sorting-cum-material recovery facility, the collected three fractions have been proven to contain over 50 different materials that need to be channelised to specific facilities for scientific processing and then converted to new products. Out of total MSW composition, paper, plastic, metal, and glass which are recyclable items, account for 19% of the total MSW composition, inert garbage make up for the remaining 33%.

Municipal Solid Waste generated

Organic waste
Low income 50-70%
High income 20-40%
Low income 8-12%
High income 8-12%
Metal, glass and textile
Low income 12%
Middle income 12%
High income 6%


According to a report by DNA Consult Advisory on Indias Municipal Solid Waste Management (MSW) Market published in June 2022, the industry is estimated to be worth H 41 billion and is expected to grow at a CAGR of 11.3% till FY 202526. The growth being driven primarily by increase in urban population, changing consumption patterns, extensive usage of non-degradable material and improved awareness about modern methods of waste management. Greater participation of private players in the waste management space and planned investments by ULBs towards scientific disposal of waste is also expected to lead to a rapid expansion of the waste management industry6. Indias population produces approximately 3.5 million7 tonnes of plastic waste annually and it is expected to significantly rise by 2031. Also, collection and transportation are anticipated to account for 65-70% of the entire solid waste management market (in terms of value), with substantial space for expansion in the coming years given that only 30-35% of total trash produced in India is collected by organised and professionally run organisations8.

MSW generation has increased by 5% in the top 11 cities, from 53,100 TPD in 2019-20 to 55,716 TPD in 2020-21. From FY 2016-17 to FY 2019-20, MSW generation in India grew at a CAGR of 10.6%. The pandemic has led to an increased creation of household and bio-medical waste. It has, therefore, become absolutely essential to practice and propagate proper waste disposal methods to enhance the quality of human life as well as the natural environment.

Owing to lack of resources, municipalities often face challenges to adopt sustainable waste management practices. To facilitate effective waste management, the government seeks the expertise and service of reputed players from the industry to fulfil their waste management targets over the long-term.

Waste collection and transportation

The governments Swachh Bharat mission aimed to create awareness about waste management practices and ensure proper garbage disposal across the country. Accordingly, plans have been implemented to regularly collect municipal solid waste from homes. In metropolitan cities across the country, public-private partnerships are also being sought to initiate door-to-door waste collection.

Waste Processing

MSW management varies from one place to the other. In India, compost production is a frequently used waste processing method. According to a report released by the Ministry of Housing and Urban Affairs in March 2022, India has 2,285 functional waste-to-compost plants (centralised) with a capacity to process 71,682 tonnes of waste per day (TPD). Additionally, 73 plants are under construction, with an approximate input capacity of 1,084 tonnes per day9. According to the Ministry, awareness generated through the governments flagship Swachh Bharat Mission has helped the waste management industry in India to effectively implement waste management techniques in recent years.

Waste Disposal

While depositing waste in landfills or incinerating them is an important component of the waste management process, the development of an integrated solid waste management (ISWM) system involves a number of other factors. Treatment strategies such as lowering the amount and toxicity of solid waste for instance, converts waste into a more manageable form before its disposal. Waste treatment and processing solutions are chosen and implemented based on the form, content, and quantity of waste. In advanced economies, garbage is segregated with the help of automated waste sorting equipment to ensure sustainable waste management practices.

Advanced processes for waste management

1. Composting

Composting is one of the most common techniques used for waste processing. Organic waste can be naturally processed through this method. As the waste decomposes naturally, microorganisms in the soil convert garbage into compost in the presence of air, moisture, and heat. A majority of cities in India produce more than 51-53 percent organic garbage. In addition, businesses have created small-scale or even portable automated composters that take up very little space. To minimise the pressure on open dumping grounds, governments in many states are encouraging on-site composting.

2. Biomethanation

Anaerobic fermentation of biodegradable waste in a contained environment (digester tanks or reactors) under a regulated atmosphere (pH, temperature) is referred to as Biomethanation. This technique produces methane- rich biogas fuel as well as sludge for composting. Due to the high organic and moisture content of garbage derived from urban areas, biomethanation, like composting, is a theoretically viable alternative.

Small-scale biomethanation facilities (5 TPD, for populations of 5,000 to 25,000) can help to fulfil Indias requirement for decentralised waste management plants. Segregation of garbage is an important step in this process and the composition of garbage being treated plays a significant role in biogas generation.

3. Refuse Derived Fuel

Refuse-derived fuel (RDF) is created from household and commercial garbage, including plastic and biodegradable material. Glass and other combustible element are segregated from the municipal waste and the balance material is shredded. The technology used in RDF production utilises the "waste to energy" method, lowers carbon footprint, and is crucial for keeping trash out of landfills. It is used by many cement and steel manufacturing companies as an alternative for fuel and raw material. The RDF generated at the Kanjurmarg facility has been tested by IIT-Bombay and was reported to have the gross calorific value of ~ 4,000 Cal/g.

4. Waste to Energy

Rising industrialisation, urbanisation, and lifestyle changes have largely contributed to massive waste generation across the world. In recent years, technological intervention has not only enabled the safe disposal of waste but, has also facilitated the generation of decentralised energy.

The Ministry of New and Renewable Energy continues to promote advanced technology for establishing projects that help to generate energy in the form of Biogas, BioCNG and Electricity from agricultural, industrial, and

urban waste. The method helps to generate heat, power, or fuel from non-recyclable waste material collected from municipal solid waste, fresh produce markets, slaughterhouses, agricultural residues, and varied industrial/STP wastes and effluents. It also helps reduce reliance on fossil fuel and supports efforts to minimise carbon emission.

5. Bio-mining/Bio-Remediation

Bio-mining involves spraying of composting bio cultures over loosened layers of old garbage before forming traditional aerobic windrows on the site. The trash is then disinfected, stabilised, and prepared for segregation into organic and inorganic waste with the help of advanced technology. It helps to create the optimum environment for recycling, re-using, or composting. Bio-mining is gaining popularity across India and it is expected to gradually relieve the load of landfills and dumping grounds.

6. Plasma gasification

Plasma gasification employs highly ionised or electrically charged gases known as plasma within a tank to transform carbon-based wastes into fuel. This new technique converts incinerator ash or chemicals into non-hazardous slag to handle hazardous waste. Additionally, owing to its high temperature and absence of oxygen, it does not create any toxin chemicals such as dioxins, NOx, among others. This is an eco-friendly process that converts solid or liquid waste into syngas.

7. Scientific Landfills

In India, building and maintaining scientific landfills can be a long-term solution for waste management. Landfills are essential components for integrated solid waste management in cities with population of more than one million. According to reports, India will require roughly 88 square kilometres of land by 2050 to accommodate the huge amounts of garbage being deposited in open dump yards. As a result, the demand for professionally managed landfills that are regularly monitored are expected to grow in the days ahead. It is also anticipated to be beneficial for the environment and the sustenance of groundwater.

Digital Platforms for Waste Pickup

In India, innovative methods for waste collection are being employed by new entrants to this space. With digital platforms for booking waste collection and recycling services, these services are being conveniently and efficiently delivered to end-users. AWHCL is exploring this avenue to effectively introduce a circular economy, in the cities it has operations.

Decentralised Waste Management

Decentralised waste management is often preferred as a successful technique for handling waste. It not only eliminates the need to carry solid waste over large distances or find new disposal sites, it is also a green waste management method.

Along with minimising cost and time taken for waste disposal, composting helps to limit the production of greenhouse gases

(GHG), making it an environment friendly procedure.

Opportunity landscape

Emergence of Smart Cities - With the development of smart cities, the need for proper disposal and recycling of waste has become imminent. It, therefore, continues to provide ample opportunities for waste management companies across the country.

Regulatory Requirements - Stringent regulations for waste management and processing continue to increase the demand for professional service providers. It not only minimises the logistic hassles of waste collection but, also helps to efficiently manage waste with the use of advanced technology.

Government Initiatives - The government continues to emphasise the need for effective waste management across the country. Awareness about waste segregation, disposal and recycling is shaping business objectives and therefore, private as well as public companies are undertaking initiatives to limit waste generation and ensuring proper disposal of waste. Alongside, rapid urbanisation and lifestyle changes are creating an opportune environment for the waste management industry.

Development of contemporary waste management techniques - Modern technology continues to influence waste management techniques around the world. With the use of advanced methods such as thermal processing, catalytic conversions, and bio-chemical conversions, waste management procedures are being simplified. Besides, the use of smart bins, GST trackers, recyclable components, compost, refuse derived fuel etc. are offering smarter waste management solutions.

Increased involvement of private players - In India, the Ministry of Urban Development has formed MSW Rules for effective handling of MSW. It opens up new opportunities for private-public collaboration in this sector and is expected to improve the prospects for PPP projects. qualified private contractors, therefore, have the scope to develop an efficient waste management system that is viable and effective.

Highly under-tapped/serviced market - According to the latest Planning Commission Report it is expected that MSW produced might increase to 165 million tonnes by 2031 and 436 million tonnes by 2050. CPCB records show that solid waste generation has grown 2.44 times in the previous decade. Since complete garbage segregation at the residential level is not possible, the potential for a modernised approach for waste collection employing garbage compactors, waste processing and treatment, and safe waste disposal will become essential.


Infrastructure - In order to set up a waste management unit, proper infrastructure in the form of land, machinery and labour is required. It is also necessary to collect and transport garbage to recycling centres, in a cost efficient and timely manner. Only few areas within the country have organised facilities that employ modern garbage collection methods. Besides, a majority of cities or towns do not have facilities for covered transportation of garbage and MSW segregation at source is not practiced efficiently. As a result, developing a logistical mechanism between the waste generator and the waste processing facility is critical.

Inadequate segregation of waste - Lack of awareness and implementation of waste segregation poses a major challenge for the industry. From segregation of household waste to poor maintenance of separate dustbins for organic and non-organic waste, inadequate facilities pose difficulties for effective waste management. Moreover, biological or medical waste, slaughterhouse waste etc. get mixed with MSW in dustbins and eventually end up in landfills.

Need for government assistance - Even though many cities and municipalities have established waste processing plants, they are not self-sufficient and some of them have even closed down due to lack of favourable policy support.


Swachh Bharat Mission - The GOI initiated the Swachh Bharat Mission in 2014, mainly with a focus on eliminating open defecation and to improve solid waste management practices. It also aims to keep villages clean through effective waste management techniques. These initiatives are expected to create a favourable environment for waste management companies to thrive and succeed.

Waste to Energy - The Waste to Energy initiative aimed to set up projects that helped to generate energy from waste, in the form of Biogas, BioCNG and power from urban, industrial and agricultural waste. It also aimed to generate energy from Municipal Solid Waste (MSW) treatment to meet captive power requirements and to fulfil thermal and vehicular fuel requirements.


Antony Waste Handling, a part of the Antony Group, over two decades of operation, the Company has secured a leading position in Indian Municipal Solid Waste (MSW) management sector. The Company provides a full range of MSW services, including solid waste collection, transportation, processing, and disposal services across the country, primarily to Indian municipal corporations. The Company also contributes significantly to the creation and management of landfills.

The Companys presence in the solid waste management business can be traced back to its inception in 2001 when it began its journey in the waste collection and transportation business. With the implementation of state-of-the-art technologies and innovative methods for solid waste management, the Company forayed into complex operations including garbage compaction, processing, transfer station use, and management of sanitary landfills.

Business Model

The Companys business is based on hub-and-spoke model for transporting MSW from its source to the disposal site. When garbage is transported to our processing facility, we work in areas which enhance resource recoverability. It includes manufacturing Compost, generating Power etc. we produce Refuse-Derived-Fuel (RDF) and operate a recycling plant that is used for segregation of inorganic waste. Our Solid Waste business is operated and managed locally by our subsidiaries, that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services.

Revenue Generation

Fees for our collection, transport, disposal, recycling, and resource recovery services make up for a majority of our operational income. In addition, the sale of goods produced by our recycling activities incrementally contribute to our revenue. The energy produced by our landfill gas-to-energy facilities at Kanjurmarg is now utilised internally. The amount of MSW collected, the distance to the disposal site or material recovery facility, and our Repairs & Maintenance expenditures also influence our operational revenue. The segregation of waste is done at the transfer station before it reaches processing facility. The sales volumes of refuse derived fuel, compost and other recyclables has the potential to improve in the future, particularly with the increase in biomining activity, and these are expected to have a substantial impact on operating revenue.

Tipping fees, which are typically determined by the amount of garbage disposed at our bioreactor and material recovery facilities, make up the majority of the revenue from our landfill operations. Given the expense of sorting and disposing solid waste at the processing site, tipping fees are often dependent on the weight or volume of garbage deposited. Sale of recyclable items to downstream recyclers also contribute to our recycling revenue stream.

Bidding Process and Receivables

All municipal corporations follow stringent standards for passing service orders through tenders. To qualify, operators need to have a strong track record and proved execution skills. Second, as part of its due diligence process, the Company

carefully examines the municipal corporations financial standing and history of prior payments. We only move forward with a project after AWHCL is confident about the projects operational and financial sustainability.


We remain committed to offer affordable and practical solutions to municipal corporations over the long-term.

Our strategic planning methods take into account changes in the regulatory environment, the competitive environment, the availability of resources, assets, and technology that can have a positive impact on the future of the business and industry. The Company believes that by using customised solutions like setting a RFID/GPS enabled platform, it can meet the needs of our clients and contribute to a more efficient and effective waste management solutions. In the longer run the Company is looking to capitalise on the growth opportunities in the MSW management sector by continued focus on biding for MSW projects, and spreading its services across geographies. The Company is also looking for alternative avenues of waste management processes which includes catering to the disposal of construction and debris waste and also exploring the vehicle scrappage area.

In short, operational efficiency will be achieved through a combination of cost-control strategies, process enhancements and rational selection of projects and strategically expand our geographical footprint. Our present focus will be on enhancing circular economy, current technologies and operational efficiency as we continue to evaluate upcoming disruptive technologies that may provide additional value and related market dynamics.

Core Strengths

Experienced team - The Company has an experienced management with strong domain expertise that ensures seamless workflow across the organisation.

Use of modern technology - The Company has access to advanced methods for waste segregation and processing. It also utilises modern equipment to ensure efficiency across its operations.

Diversified Business Model - The Company has a diverse business model that enables it to strengthen its market position and diversify its investor portfolio.

End-to-end solutions - With a track record of more than two decades, the Company is the second largest player in the Indian MSW management industry, providing a full range of MSW services including solid waste collection, transportation, processing, and disposal.


AWHCL consistently identifies, analyses and assesses risks to its operations and has built a strong risk management framework to avert risks and strategically manage the organisation.

TYPE OF RISKS Description
Market Competition Risk New players continue to make their foray in the industry due to the growing demand for comprehensive waste management solutions. With over two decades of experience in the industry, the Company has established strong service standards and has developed a comprehensive range of services for waste management. The Company is counted amongst the largest and established player in the Indian MSW market, offering it a competitive edge over others.
Human Resource Risk The Companys operations may pose health and safety risks to employees. AWHCL follows stringent policies and safety standards across the value chain to ensure the safety and wellbeing of its employees.
Financial Risk The Company is vulnerable to risks arising from interest rate fluctuations, credit quality, and liquidity management. It may have a negative impact on its financial assets. The Companys risk management policy addresses the key financial risks with a measured approach and the Board of Directors continuously monitors and evaluate risks to minimise financial volatility.
Cyber Security Risk Malware and system hacks pose a threat to the Companys operations. It might result in loss of confidential information that may lead to financial losses, business interruptions, and the leaking of sensitive data. The Company has implemented cutting-edge technologies to boost operational efficiency and crossdepartmental communication. A range of sophisticated cybersecurity mechanisms have also been deployed to prevent threats.
ESG Risk The Sector specific ESG risks including gaseous emissions, health & safety of the workers and ethical conduct may have adverse impact on the Companys operations. The Company has integrated these ESG risks into its organisation strategy and across its operations. It has also set a clear Road-map, Key Performance Indicators and targets for ESG compliance and performance management from current financial year onwards.


The Companys employees continue to be its most valuable assets. Their continuous contribution, knowledge and commitment enable the Companys large ecosystem as a whole, and help in delivering sustained value to customers, investors and stakeholders.

As of July 31, 2022, the Company employs more than 8,800 full time employees. Their continued growth, health, wellbeing, skilling and consistent development remain a top priority for the organisation. The Company also strives to nurture the inherent potential of each employee by offering a safe and conducive working environment that empowers and encourages employees to ensure professional as well as personal development.

Towards this end, the Company has an effective PMS system, and focuses on learning and development to ensure all-round growth of the employees. It also motivates employees through various employee engagement initiatives.

To prevent injuries and accidents, and to preserve the health of employees, training programmes on Health, Safety and Environment (HSE) are conducted at regular intervals.

The Company believes in creating a work environment that promotes inclusivity and diversity and does not differentiate on the basis of caste, creed, colour, sex, religion or nationality. It also strives to build a work culture that nurtures and encourages new ideas to thrive and excel.


The Company understands the importance of sustainability and has a Board-approved ESG policy that identifies material areas for responsible stewardship that impact its business activities. The topic identified by the Company includes gaseous emissions and air pollution, potential contamination of ground and surface water resources, factors contributing to and impacts of climate change, health and safety of employees, contract workers, and communities, preservation of human rights, stand on child labour, prevention of sexual harassment, appropriate checks and balances for members of the management team, stakeholders grievances redressal mechanism for whistle blowers, and employees Code of Conduct.

The Company also adheres to all the regulatory compliance related to Environmental, Social and Governance aspect.

The Company has taken various initiatives towards climate actions like monitoring air pollution data and monitoring volatile organic compounds (VOCs) and hydrocarbons (HCs). The Company also has various policies in place to protect the health and safety of its employees, contract workers and communities and have a strong governance policy that are guided by the Companys core values.

Moreover, the Company has conducted an extensive exercise, during this year, to further crystallise the most relevant themes and Key Performance Indicators related to ESG issues. Subsequently, the Company developed and adopted an ESG Road-map and set clear targets for compliance and performance management over the next three years and beyond. The Board of Directors will provide the oversight and strategic guidance to steer our responsible business commitment.



The Company reported a total income of H 66,678.53 lakh in FY2021-22 against H 48,076.11 lakhs in FY2020-21, an increase of 39% over the last fiscal. The Companys EBITDA stood at H 16,649.99 lakhs compared to H 13,027.06 lakhs and Consolidated PAT was H 9,040.01 lakhs against H 6,407.07 lakhs in FY2020-21.

Improvement in tonnage handled and processed by the Company has resulted in the growth in revenue. Operating efficiencies and prudent capital management techniques have helped the organisation in maintaining the return ratios at around 15% in the past two years. The Companys total operating revenue for FY 21-22 increased by about 32%.

The main cost constituent of the Company is Fuel and Labour. And price changes in these segments are calibrated to be

passed on to the customer through a price escalation formula. In the project portfolio, 37% projects have fixed escalations whereas 63% has variable escalations linked with factors such as WPI and revisions in the Wages, Fuel Price etc. The Escalation are provided in regular intervals such as monthly, half yearly and annually across all the projects.

Broadly, the Company has a diversified revenue stream with 62% of the total revenue comes from MSW C&T, while MSW Processing contributes 23% and Contract and others contributes 15% to the revenue of the Company. The number of on-going projects has increased to 20 in FY 2021-22 as compared 15 last year. And the estimated order book position (based on all live contract is appx. H 8,250 Crores).

Interest expense

Despite increase in the borrowing base, we have been able to reduce our total finance cost. The finance cost stood at H 2,049.18 lakhs in FY2021-22 as compared to H 2845.63 lakhs in FY2020-21, with the average cost of borrowing declining from 14.2% to 8.1%.

Liquidity and Balance Sheet:

In FY2021-22, the Company continues to maintain strong liquidity position despite challenges. The cash flow from operations registered a CAGR of 41% between FY2019 to FY2022. The free cash flow registered a growth of 39% YoY from H 11,920.66 lakhs in FY2020-21 to H 16,562.21 lakhs in FY2021-22.


The Company reported a total income of H 7,119.41 lakhs in FY2021-22 against H 6,046.98 lakhs in FY 2020-21, recording an increase of 17.73%. The Companys EBITDA stood at H 16,649.99 lakh in comparison to H 13,027.06 lakhs in the year ago period. The PAT stood at H 1,855.98 lakhs against H 1,391.97 lakhs in FY2020-21.

Key Financial Highlights




FY 2021-22 FY 2020-21 FY 2021-22 FY 2020-21
Total Income (H in Lakhs) 7,119.41 6,046.98 66,678.53 48,076.11
EBITDA (H in Lakhs) 2,984.94 2,128.16 16,649.99 13,027.06
EBITDA Margin (%) 41.93% 35.19% 24.97% 27.10%
PBT 2,366.23 1,455.54 11,269.42 7,059.05
PAT (H in Lakhs) 1,855.98 1,391.97 9,040.01 6,407.07
PAT Margin (%) 26.07% 23.02% 13.56% 13.33%
Total Assets(H in Lakhs) 25,637.39 23,611.40 96,476.25 79,275.99
EPS (in H) 6.56 5.29 24.00 17.14

Key Financial Ratios




FY 2021-22 FY 2020-21 YoY % FY 2021-22 FY 2020-21 YoY %
Current Ratio (in times) 2.50 2.18 15.11% 1.44 1.59 -9.05%
Debt Equity Ratio (in times) 0.16 0.19 -13.77% 0.41 0.43 -4.83%
Net Profit Margin (in %) 26.07% 23.02% 13.25% 13.56% 13.33% 1.73%
Return on Net Worth (in %) 9.81% 8.18% 19.91% 21.69% 18.42% 17.75%
Interest Coverage Ratio (in times) 6.81 4.23 60.91% 6.50 3.48 86.73%


AWHCL strives to become a valued partner for its customers and aims to make a substantial contribution towards environmental sustainability through its concerted efforts for effective waste management. It remains focused on embracing emerging opportunities in the MSW management space through targeted bidding for important MSW management projects and aims to significantly expand its geographical footprint. With an emphasis on improving operational efficiency, the Company also seeks to diversify its services with emerging waste management techniques to serve a broader clientele and fulfil its sustainability endeavours.


The Management Discussion and Analysis contains forward looking statements, identified by words like plans, expects, will, anticipates, believes, intends, projects, estimates and so on within the meaning of applicable securities laws and regulations concerning Foods and Inns future business prospects and business profitability. All statements that address expectations or projections about the future, the Companys strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements. All these prospects are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, ability to manage growth, competition (both domestic and international), economic growth in India and the target countries worldwide, ability to attract and retain highly skilled professionals, time and cost overruns on contracts, ability to manage international operations, Government policies and actions with respect to investments, fiscal deficits, regulations, interest and other fiscal costs generally prevailing in the economy etc. Past performance may not be indicative of future performance. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future nor shall the Company update any forward looking statements made from time to time by or on its behalf.