Mumbai based waste management company Antony Waste Handling Cell’s shares jumped 8.99 per cent at Rs 761.85 per share on the NSE. The stock price moved up after the company on Saturday disclosed in exchange filings that its material subsidiary, AG Enviro Infra Projects has won an order worth Rs 908 crore.
“AG Enviro Infra Projects Private Limited has been awarded a contract for Door-to-Door Collection and Transportation (C&T) of Municipal Solid Waste by Navi Mumbai Municipal Corporation (NMMC),” the company said in the filing.
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The total value of the project amounts to Rs 908 Crore for concession period of 9 years
Earlier in late September, the credit rating of AG Enviro Infra Projects, a key subsidiary, was upgraded by CARE Ratings.
For the long-term bank facilities, the amount has been enhanced from Rs 60.00 crore to Rs 69.00 crore, with the rating upgraded to CARE BBB; Stable from the previous rating of ‘CARE BBB-; Stable’.
Additionally, the long-term/short-term bank facilities have increased from Rs 15.00 crore to Rs 38.00 crore. The new rating is CARE BBB; Stable / CARE A3+, upgraded from ‘CARE BBB-; Stable / CARE A3-’.
Antony Waste Handling operates in mechanical road sweeping, waste collection and transportation, and waste-to-energy projects. The company also designs, constructs, operates, and maintains an integrated waste management facility in Kanjurmarg, Mumbai.
In Q1FY25, Antony Waste Handling Cell registered a revenue decline of 47 per cent year-on-year, totaling Rs 8.82 crore. The company’s net profit also fell by 86.2 per cent compared to the same period last year, reaching Rs 0.27 crore, against Rs 1.97 crore in the June quarter of FY24.
The smallcap company has a total market capitalization of Rs 2,067.07. Its shares are trading at price to earnings valuation of 20.13 times.
At 10:29 AM, the stock price of the company was up by 4.15 per cent at Rs 728 a piece on the NSE. By comparison, the NSE’s Nifty50 was up 0.04 per cent to 25,023.40 level.
First Published: Oct 07 2024 | 10:36 AM IST
