Ladies and gentlemen, good day, and welcome to Antony Waste Handling Cell Limited Q1 FY25 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jose Jacob, Chairman and Managing Director of Antony Waste Handling Cell Limited. Thank you, and over to you, sir. Goo d afternoon, and thank you for joining us for our Q1 FY 25 earning conference call. With me, I have Mr. Mahendra Ananttula, our Group President; Mr. Subramanian, our Group CFO; and SGA, our Investor Relations Advisors. Our investor presentation for Q1 FY 25 is now available on the website of the stock exchange and also on our company's website. We are pleased to report that we began FY 25 on a strong note with operating revenue for Q1 FY 25 reaching INR 198 crores, reflecting an 11% growth compared to the same quarter last year. Our total revenue, which includes income from the sale of recyclables, refuse derived fuel, and contract revenue, stood at INR 232 crores. This growth is driven by enhanced professional, operational efficiency, higher tipping fees, and increased revenue from fixed shifts, trips, and household fees. Revenue growth was led by the sale of power generated from our waste-to-energy project, which was further supported by a steady contribution from our new collection and transportation projects in Panvel and Power Sweeping projects in Nagpur and PCMC. For Q1 FY25, our EBITDA was INR 55.3 crore, representing a 6% year-over-year increase with an EBITDA margin of 23.8%, in line with our expectations, reinforcing our confidence in the stability and long-term growth of our business. I would like to express my admiration for the Government of India's recent budget announcement, which emphasizes a positive approach to urban development. The initiative to partner with state governments and multilateral development banks to improve water supply, sewage treatment, and solid waste management in 100 cities, major cities, is truly commendable. This strategic focus on bankable projects reflects a strong commitment to sustainability and financial transparency, ensuring long-term benefit for urban areas. Thank you, and I'm now turning to the operational aspect. Let me get Mahendra in. Mahendra, over to you. Thank you. Thank you, Jose. I would like to provide an update on the operational performance of Antony Waste Handling Cell. We are proud to announce a remarkable achievement with our waste-to-energy plant, plant load factor reaching approximately 89% during the recently ended quarter. This marks a significant increase from approximately 71% achieved in the previous quarter of quarter four FY 2024, reinforcing our confidence in the efficacy of waste-to-energy technology in use. As we move forward, we remain committed to building on this momentum. This success is also making us confident to plan for more waste-to-energy plants in other cities. During this period, we successfully managed approximately 1.18 million tons of waste, reflecting a notable 6% year-on-year increase, despite completion of Mangalore, C&T, and Greater Noida bio-mining projects last year. This growth was driven by the successful execution of newly acquired contracts, increased volumes at existing C&T sites, and a rise in tonnage processed at our waste processing sites. In quarter 1, FY 25, our PCMC waste-to-energy plants produced over 37 million green units, contributing to our mission of reducing dependence on fossil fuels and lowering carbon emissions. This accomplishment not only boosts our revenue growth, but also aligns with our mission to foster a greener future through innovative waste management practices. We also achieved a record sale of about 34,000 tons of RDF in quarter 1 of FY 25, marking a strong 23% year-on-year growth. This significant figure underscores the high characteristic value of our RDF, making it an effective substitute for coal and helping cement companies meet their alternative fuel requirement objectives. We expect this growth momentum in RDF sales to continue. Compost sales for the same period reached approximately 6,000 tons, with further improvement anticipated as the monsoon season progresses in Maharashtra and Gujarat. Looking ahead, we are excited to announce the launch of our construction and debris project in Mumbai on 14th August. This initiative is very timely, given the increasing need for effective management of construction and debris waste in the region. The establishment of our processing units will address these challenges and contribute to sustainable practices by recycling and repurposing debris, thereby reducing the environmental impact associated with waste disposal. Furthermore, the Ministry of Environment, Forest and Climate Change recently issued draft guidelines for public consultation, proposing that property developers and infrastructure companies use 20% recycled materials in their projects. A strong positive for this area of waste management going forward. We are deeply committed to addressing the challenges of environmental, social, and governance, the ESG, in short, in our business. Environmentally, we have made significant strides by cutting carbon emissions, increasing recycling, and optimizing resource use through innovative technologies. In quarter 1 FY 2025, our Scope 1 emissions were about 6,200 tons of carbon dioxide equivalents, and we avoided about 3,300 tons of carbon dioxide equivalents by switching to renewable energy, which is akin to removing 735 cars from the road for a year. Socially, we engage actively with our employees and communities, boasting a diverse workforce of about 10,452 employees, with gender diversity between 2%-4% across sites. Our attrition rate remains low, supported by over 1,875 hours of training in quarter 1 of FY 2025. We also collaborate with local organizations to promote education, health, and environmental awareness. On the governance front, our strong adherence to ethical conduct, regulatory compliance, and risk management is reflected in our robust framework. Our committee driven resolution mechanism ensures responses within 24 hours, and diversity is present at 17% on the board and 30% among key management personnel. Additionally, we have initiated a materiality assessment based on GRI guidelines to better identify and prioritize ESG issues, shaping our strategy and reporting. We remain focused on driving sustainable growth and enhancing our operational efficiency. We are confident that our proven track record, innovative approach, and dedication to excellence will continue to be our key strengths in achieving our goals. Thank you. I will now hand over the call to N.G. Subramanian for financial highlights. Thank you, Mahendra. Good afternoon, everyone. In line with our assessment, following the completion of bulk of our CapEx, we have seen a steady improvement in our EBITDA margin. Over the last two quarters, we have demonstrated a steady improvement in the reported margin, which now stands at 23.8%, and we believe this range of 23%-24% will serve as a base going forward. In the first quarter of 2025, the company experienced strong revenue growth, with operating revenue reaching INR 198 crores, marking 11% increase from INR 178 crores in the same quarter last year. Excluding contract revenue and other income, but including other income from sale of recyclables earlier, the total operating revenue stands at INR 232 crores. On a steady-state basis, adjusted for the loss of revenue from completed projects like the one in Mangalore and Greater Noida, the company would have reported a total revenue growth of approximately 10% as compared to the 3% reported. We have observed a notable shift in our revenue distribution from first quarter 2024 to first quarter 2025. In the first quarter of 2024, our revenue breakdown was 55% from MSW collection and transportation, 23% from processing, and 21% from contracts and others. In last quarter, we have shifted this to 59% from C&D, 26% from MSW processing, and 15% from others and contracts. In the first quarter of 2025, the total contract revenue amounted to INR 35 crore, which is down from INR 49 crore compared to the same period last year and INR 22 crore in the fourth quarter of 2024. The group has achieved a consolidated EBITDA of INR 55.3 crore, reflecting a 6% increase from INR 52 crore in first quarter 2024, and a strong EBITDA margin of 23.8%. Finance cost rose from INR 7 crore to INR 13 crore, and depreciation has increased by 56%, primarily due to the commercial launch of the waste-to-energy plant. As of June 2024, the group's gross debt stands at approximately INR 389 crore, with cash and bank balance of approximately INR 80 crore. This results in a net debt of around INR 308 crore. This indicates a net debt to equity ratio of 0.4x. During the quarter, the company has received a INR 25 crore capital grant from the WTE client, which was applied towards the project debt. The weighted cost of debt for the company stands around 9.3%. We are pleased to report that adjusted for the collections received to date, our DSOs now stand at 79 as compared to 115, as spoken at the end of the quarter. This reflects a noteworthy improvement in our cash flow. This, coupled with the grant received, makes our financial flexibility stronger. With these factors and the expectations of upcoming projects, the company remains confident in maintaining a sustainable growth of around 20% in CAGR in its core operating revenue outlook. That concludes our remarks. We would like to open the floor for Q&A. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. ... Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jhanvi Shah from Equirus Securities. Please go ahead. Hello. Hi, sir. I would like to congratulate you on the good set of numbers. I had a couple of questions. So you just mentioned that we have cash of around INR 86 crore with us, and the CapEx lined up for the current year is INR 20 crore and INR 5-7 crore for tire and car recycling. So, what are we planning to do with the remaining cash? Yeah, hi. So the remaining cash is currently used as margins for our existing projects. So we are currently using excessive margins to kind of bid for new projects, which kind of acts as a buffer when we for financing institutions to give us bank guarantees and earn us money deposits when we bid for projects. So this money is being used for that purpose. Okay. All right. Understood. And sir, any updates on the Chennai project, and what is the, like what sort of traction have we started seeing in tenders post-election? So the Chennai project is still on. I mean, the commission date is going to be sometime later this month. As far as other projects are concerned, I mean, there are, there is another large C&T contract in MMR region that we have submitted. The results of which are expected shortly. Currently, the evaluation is in progress. Apart from that, I mean, there are a few more C&T tenders in Thane and Chennai as well, which you know are in the pipeline. Okay. All right. So, this quarter we can see some of these projects closing, and, One of the projects is likely to close in this quarter. At least one large C&T contract is likely to close. Okay. All right. Sir, one more question: so, since the last two quarters, there's a tax adjustment that we're taking of the deferred tax asset on the balance sheet. So, what is the tax percentage that we're looking at for the current year? This would be in the range of our now new adjusted tax rate of around 25%. So the company has shifted all its historical companies and subsidiaries with new tax regime. So a 25% tax rate will be applicable for all our companies, except for one forthcoming company, which will shift to the new tax regime in 2028. Okay. And sir, one last question: so, on the lines of EBITDA margin, even if we clock 23%-24%, from last year, we've essentially doubled our interest cost as well as the depreciation because of the CapEx. So on the bottom line, we essentially don't see anything flowing. So is the understanding of having flat numbers on the bottom line correct? The first part is correct in the sense that because of the capitalization phase being over and the commercialization phase kicking in, there is a jump in interest and depreciation cost. But with the INR 25 crore of grant coming in, we applied that towards the debt repayment. So we foresee that the interest cost would ease going forward. That is phase one. Second phase is, yes, I mean, the increase in EBITDA will not directly transfer into an increase in PAT because of these two line items. Right. Okay, sir. All right, thanks. I'll get back in the queue for more questions. Thank you very much. The next question is from the line of Nirav Dalal from Maybank Investment Banking Group. Please go ahead. Thank you for the opportunity. I just wanted an update in terms of the new initiatives that the company is looking at, say, the tire, the vehicle scrappage. Any update from the company as well as anything coming from the government? Yeah. So as we had mentioned last time, and also in one of the recent interactions with investors, I mean, we have decided to buy land. Earlier, our plan was to take land on long-term lease. We figured out that probably that's a risky option, from the sustainability perspective, especially because we've been making certain, investment in immovable assets. So that's the reason why we have decided to buy land. We are looking at, MIDC Industrial Park in and around Mumbai. We have zeroed down on three or four locations, and very shortly, we should be, closing the deal, with one of them. That's for... That's going to be a integrated, site for both vehicle scrapping as well as tires. Got that. But, what would be the investments? Any indication? The investment will be in line with what we have announced, it'll be around INR 20-28 crores for both the projects and maybe an incremental INR 8 crores to scale up the entity. Gotcha. Got that. Got that. Just, just, one last one from me. We've seen a QOQ decline in the MSW and CNT. I think the number, number of days would be similar, so what would have been the reason for it? The decline that you are seeing is mainly because in the past, we had Bangalore as one of the C&T player, a site in which we were operational, the contract got over and we didn't extend the contract. So that is why you are seeing an absolute fall in the YOY tonnage handled and the C&T part. But if you were to adjust that and look at the revenue adjusted for the revenue loss from Bangalore and the Greater Noida processing entity, it's up 10% for us. So we are seeing a steady growth in the organic tonnage that we are working in the existing sites. Got it. And when you-- Sorry, sorry. When you say 10% growth is on a Q- So if I were to adjust the last quarter's revenue for Bangalore and Greater Noida processing. Okay. If I were to strip that part out, then if I look at currently, performance versus the previous performance, that's up by 10%. Okay. Thanks. Thank you. Thank you. Thank you very much. The next... Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Aryan OswaL l, from Fintrust Capital. Please go ahead. Hello? Hello, am I audible, sir? Yes. Yes. So, sir, my question was, can you throw some light on the revenue guidance and margins for FY 25? We would be talking around 14%-18% of growth on core revenues, and this excludes sale of compost, RDF, because those are something that we will expect a sharp change in the second half of the year. We will be looking at six months of revenue, as Mahendra mentioned, with the start of the construction delivery project. So six months of revenue should come in, so those will kind of give us more comfort. So we are looking at around 18% growth on the top line, and EBITDA margins should be around the levels that we have got for Q1, which is around 23%-24%. That is our planned internal target range. Okay, sir. And sir, we have seen a massive increase in long-term borrowings from INR 102 crore in FY 2022 to INR 307 crore in FY 2024. So what are the plans for decreasing this, and what, why are we, any plans or there are any plans to increase this? So the increase in the long-term borrowing over the last 2 years is primarily due to setting up of the 14-megawatt waste-to-energy project in Pimpri-Chinchwad. So that was the main reason for those increase in debt. Going forward, on a steady state of affairs, if the company doesn't bag any contract and we have a decent cash flow, we would completely be debt-free in the next 4 years, time frame. So any incremental debt that the company will have to borrow will be only after bagging new contracts, which will be revenue-generating in nature. Okay, thank you so much, sir. Thank you very much. The next question is from the line of Rohit Maheshwari from Tata AIG. Please go ahead. Greetings. Good set of numbers. So first kind of question is what type of revenue, what we can expect for construction revenues for current year and for the next year? So, on an annualized basis, I mean, the first full year of operations, we will have a revenue of about INR 30 crore per year, figure over. This INR 30 crore, what will be, what type of margin we'll be making on this INR 30 crore? We will be doing slightly better than our existing margins that have been reported on a weighted average, because that's a portion of processing involved, and there's also collection transportation. Also, this INR 30 crore of annualized revenue doesn't involve or include any sale of by-product revenue, because we have been cautious at this point of time. But with the new guidelines coming, wherein up to 20% of materials needs to be from recycled sources for construction and development phase, we believe going forward, not immediately, there will be a decently strong vibrant market for the by-products here. So that will be an upside. So when that happens, I mean, that will be an upside. Okay. So secondly, can you throw some light on the newer project, like asset turn? What is the potential, what type of ROE we are going to make on those project? Some feel or maybe what is the upside, what we can do on those two projects? And, what will be the year we should look at for that project to have a meaningful impact on the company? I guess you're talking about the vehicle scrapping and tire project. Correct, correct. So that project, I mean, we are looking at the kind of margins which the current companies are making, existing companies are making. That's in the range of about 8%-12% EBITDA margin. The asset turn, let's say, example, you are going to invest in INR 20-25 crores. So what will be the asset turn for those INR 25 crores investment? Asset turnover will be a percentage of the capacity utilization, Rohit. So as the project scales up and a lot of more vehicles start coming into the scrapping policy, this will improve drastically. I mean, today, we are just guessing that we'll be happy with a 1-to-1 kind of a ratio, but the fact is if you look at developed economies, it's anywhere between 8-14 times on the fixed asset term. In India, we are just on the verge of having a policy, getting people's acceptance to go for scrapping the vehicles. It's a big trigger. I mean, for example, people still prefer to go to a Cars24 to kind of sell their vehicle, second vehicle, before they buy the new vehicle. Going forward, the scrapping policy will be accepted by a wider market, so that will be the tipping point for us. Okay. So the last question from my side is, can you just kind of give some light how big one contract which you think that you'll be closing in this quarter of C&D can be? Like, in terms of, how big that contract is. The largest contract that we are currently doing, which is on the extension phase, contributes to 3% of our total operating revenue. Okay. Fine. Thank you. Thank you very much. Before we take the next question, a reminder to all the participants that you may press Star and One to ask a question. The next question is from the line of Bhavya Gandhi from Dalal & Broacha Stock Broking. Please go ahead. Yeah, hi. Thank you for the opportunity. So basically, just wanted to understand the size of opportunity when it comes to construction debris, vehicle scrapping, and tire recycling. I know it's a reiteration, but just wanted to understand, is it far better than the municipal solid waste? And, as we're entering this business, do we have any moat? Because in the MSW, it's so moated because there are very few organized players. So in terms of capital allocation, if you can help me understand. Yeah. See, our moat basically is that a typical construction debris project, and that's a trend that we have seen across cities, is that these are integrated contracts. So very unlike MSW, where clients come up with two different packages, two different contracts, one for the C&D and the other one for processing. The C&D projects are typically integrated, including our Mumbai project. So, that's our core skill. I mean, we are one of those few companies who are strong both in C&D as well as processing end of things. So that's why we think that we have an edge in efficiently managing such contracts. I mean, when you say integrated, is it like C&D plus processing? That is what you say, right? That's right. That's right. Right. And in terms of processing, typically, it's, I mean, it's like the traditional processing, or is it a difficult process one needs to go through? So, this is a, this is a different type of processing, as in that there are two parts of, processing here. One is called dry and wet processing, so you require different kind of pressures and equipment. That's something that we have procured from a leading, international firm called CDE Asia, who also incidentally had experience of setting up similar projects, in other cities. Right. I mean, is it possible to quantify the size of opportunity? Say, MSW is closer to INR 4,500 crore of market, right? And, if you can quantify for construction debris and similarly for vehicle scrapping and tire recycling. The C&D thing, I mean, if you, if you purely go by the Mumbai project, and there are two contracts in India, two contracts in Mumbai. So this is about. So a city like Mumbai produces about 1,500 tons of construction debris waste. And we were looking at this study, which is done by Building Materials & Technology Promotion Council, they estimate as is that about 150 million tons of C&D waste is generated in India every year. So even if half of it is done, I think it should be INR 5,000 crore or something. Okay. INR 5,000 crore in terms of amount, you are saying, right? Right. Yeah. In terms of contracts awarded, right now, I believe none of the construction debris are getting recycled. They are either getting into landfills or not getting recycled, right? Is the understanding right? Mumbai, yes, is typically used by builders for to send it to low-lying areas for dumping, and that's what BMC wants to stop it. So that's why they have now come up with these two tenders, and we are doing it for the western suburbs in Mumbai City. Having said this, a city like Delhi, which is as big as Mumbai, if not more, they have four operational C&D projects already. So going forward, we are seeing that lot many cities now are, apart from MSW, they also are structuring their C&D waste management. I mean, yeah. Okay. And, similarly, sir, if you can throw some light on vehicle scrapping and tire recycling as well. I know it's difficult to quantify, but just a broad assessment, how the industry will pan out going forward. And do we have any moat over there as well? Yeah. So, as you rightly said, I mean, it's very difficult to put a number to it, because it also depends on how strictly the regulation is implemented. But we expect, and especially when it comes to adoption of regulation, we have seen that the big metro cities and Tier One cities are the first one to adopt. So that's where we think that's the direction it will take, but gradually, over and above that, gradually, we see that over a period of time, more and more cities will be very strict about implementing this regulation. So people will not have the option of selling it or selling it to the intermediate for the usage. Once the effective life as per the regulation is over, they will be forced to scrap it. Possible to quantify the opportunity size? There are no official studies per se, this thing, but we think it is again going to be going forward, because we are talking about passenger vehicles as well as, passenger vehicles and heavy trucks. So that thing is going to be as big as INR 10,000 crore over a year. Okay. And are there tenders which have been already floated? Or, I mean, are we seeing on an increasing trend in terms of tenders? These are not going to be tendered, and this is one of the reasons why we want to get into this business. There is the Government of India has come up with a regulation which is in turn supported by the various state governments. So one has to apply for the license to set up this facility. So this is not going to be tender. It's going to be, you can say, a merchant plant based on the license which you get from the State Transport Department. Got it. In terms of ROCEs, do you expect, is it going to be far better than the existing business, or is it going to be lower than the existing one? I think that's good. So this would be depending upon the scalability and the growth of the industry. Looking at the CapEx that is being put on play, the downside is very limited for the company right now, and we see the potential to grow significantly higher. As and when the adoption and the technology improves, we will definitely see those margins be similar to what we already have in our books. We spoke to a large number of players, and we understand that the potential is very high and, the numbers will be very similar, if not better, than what we already report in our waste processing section. Right. Just one last thing, if I can squeeze in. As investor community, you know, how we look this, we look at recycling business as a CapEx-heavy business. So are there any trends where government is, you know, sort of putting in some money or infusing capital, where it becomes more of an asset-light vis-a-vis, you know, the company wanting to put in more capital? So is there any trend that we are seeing? Trend is there in, I would say, collection and transportation contract, the CNT contracts, wherein some states, some cities, based on the funding they received from the central government, they decided to buy trucks and vehicles and given it to us for going in. So that is the asset-light model. So three of our projects, Varanasi, Jhansi, and Panvel, already have this model, wherein all the vehicles are provided by, by the respective corporations, and we are responsible for using them and responsible for owning them during the contract period. Also, in the processing section, we are seeing viability gap funding coming in, for example, the one in PCMC, there is a INR 50 crore VGF given. So similarly, newer projects in processing and taking a page from the budget announcement, there are large number of multilateral funds which would like to come in and subsidize the cost to the waste processing section. So going forward, trend is to kind of either come up with a VGF or part CapEx reimbursement or an EPC kind of a model for waste processing. So, I mean, it need not be 100% funded as it is being done currently. The things are definitely changing. Right. Got it. Got it. Thank you so much. That's it from my end. Yeah. Thank you. Thank you very much. The next question is from the line of Manav Vijay from M&V Investments. Please go ahead. Yes, thank you very much, sir. So sir, my first question is regarding the PCMC project. So the grant that you were supposed to get, from the municipal corporation was INR 50 crore, 25 is what we have received. So what is the status of the rest INR 25 crore? So the first INR 25 crore is during the first two milestones, setting up the plant and getting the plant operational. So that INR 25 crore has been received. The second batch of 22, 20 crore, is based on complete commissioning of the plant and the acceptance of the units at the client's end, so which the client is now auditing and getting it confirmed. The last component of the grant, which is 10% or INR 5 crore of the amount, will be given to the operator after 12 months of COD, which is the commencement operation. You'll get it after 12 months. Okay, okay. So, sir, my second question is regarding this project only. So in this project, I believe, we had an overrun of around INR 50 crore. I think in last call you mentioned that, you are coordinating with the, with the municipal corporation, to figure this out. So any update on that as to whether the authorities have accepted the cost overrun or not? So the cost overrun calculation has already been submitted to the independent engineer, who has already audited the numbers and given it to the corporation. So the tender gives us an equity IRR, which has been assured. So, based on the due diligence and the study by the independent engineers, and the corporation might ask for a second opinion on that, the same will be taken on board. Okay, thanks. Sir, my first, so my next question is regarding the same growth guidance that you have given, specifically on the core revenue. So you were mentioning 14%-18%. So, sir, FY 2024, we had around INR 780 crores of core revenue. So if you take around 15%, we are looking at roughly INR 100 crores of additional revenue. So in this, so for the year, I believe that apart from the WTE project of PCMC area, which will contribute something to your top line, is there anything else that you can help us to understand that will help us to achieve that 14%-18% sales growth? Okay. So based on the contracts that we've already signed and in phases of scaling up or yet to start, we would be seeing revenue growth coming in incrementally from Panvel, then we have from the CIDCO bio-mining- And C&D. The C&D business. All these three revenues, plus 12 months of operation on WTE, gives us that kind of revenue visibility. Okay, fair enough. So the next question is regarding the debtor days that you have. So, sir, the PPT that we have issued, so in 9 quarters, we have moved from 77 days to 115 days. Okay, last quarter also, you had mentioned in the call that although on the reporting basis, we were at 103, but actually, during the quarter, we came down. Again, this same comment was actually mentioned in this quarter as well. Sir, I just want to understand that how should we understand this thing on a slightly longer term basis, whether, whether it will actually come down below 100 days or actually, or 115 days, sometime during this year, next year on a sustainable basis, or this number of 110 or 115 days is here to stay? We believe that till the time the elected members or the standing committees are formally done, there will be some bit of uncertainty on the funding allowed by the department. Currently, they are using the allocation based on certain judicial bodies. Since the elections are yet to happen in bulk of the municipal corporations, which will happen only after the state elections, so we expect the DSO to be slightly stretched during the reporting days. But after the cycle, I mean, we normally have seen that the collection then recovers later. So since the cut-off date for reporting is on thirty-first of March or thirtieth of June, those numbers kind of get look, appear spiked up, but later on, the funds get released, and we come back to a normal zone of 79-82 days kind of a scenario. So that is what has been the trend historically. Having said that, these are essential services contracts, and the work, the budgetary allocation is given on a priority for these sectors, but in the absence of elected members, the machinery for departmental allocation is slightly getting stretched out here. Okay. Fair enough. Okay. So, the next question is regarding the vehicle details that you guys provide every quarter in your PPT. So specifically, two vehicles I'm asking: First one is a bin tipper, where you have moved to 91 versus 76 quarter-on-quarter, and second is a dumper placer, which has moved to 53 versus 48 quarter-on-quarter. Now, I believe these are large vehicles and they're expensive machines. If you can just help us understand these two specific items, where these machines will be placed at? So these are predominantly used in the collection transportation businesses. So both in Panvel and Nashik, where we have got these assets, the count has increased, and these have been deployed in these two collection transportation sites. Okay, sir. This is the last question from me. Sir, in the last call, you had mentioned about doing a contract with actually one FMCG company as part of the EPR mandate. If you can just help us to understand any update on that? That thing is still not closed. I mean, as we mentioned last time, that the company was seeking some approvals from their head office. So they still have not got those clearance, so that thing is still pending. Thank you, and all the best, sir. Thank you very much. The next question is from the line of Prakash Kapadia from Spark Capital. Please go ahead. Yeah, some data keeping points. You know, on the core revenue, what is the core EBITDA and core margin? So on the core EBITDA, we would be having a, I mean, if we have only INR 11 crore of project revenue and less than that in that sense, so the core margins would be around 24% for us. So it's not going to be very significantly different than what has been reported in the EBITDA numbers for us. Okay, okay. And if I take that to core revenues, it will be approximately INR 47 crore kind of an EBITDA for the quarter, yes? Yes. Okay. And, you know, on the volume process, if I were to, you know, get a breakup of MSWCT and MSW processing, would you have that handy? I think we have mentioned that in the business update that was circulated. I don't have it right now in the system, but it's already mentioned the split between the total volume handled of 1.18 million, the split between CNT and waste processing. Okay, okay. And as we move forward, you know, for the core business, any potential, you know, new cities or tenders in the pipeline, which could add to our revenue growth in the near future? So, as we mentioned, there are a couple of tenders that we are working on. One large C&T contract proposal has already been submitted, the results of which should be expected any time this quarter. So that thing should add to our revenue. ...Okay, so by the end of Q2, we should know? Yeah. Okay. Thank you. Thank you very much. The next question is from the line of Ketan R. Chheda, a retail investor. Please go ahead. Hi, thank you for the opportunity. My first question is, one is on the disclosure. Would it be possible to provide the CFO numbers for every quarter? The reason why I ask is because every quarter we see fluctuations in the net profit numbers. So it would be very helpful for us to, you know, if you could provide the cash flow from operations, the net cash flows every quarter. Would that be possible to provide as a disclosure? Hello? Sorry, you were on mute. So we normally have a very unaudited or undraft number, which we use internally, I mean. So that would be anywhere in the range of around INR 25-30 crore, depending upon the seasonal pattern and the working capital cycle. So since this last quarter, we had a stretched receivable, we were down to around 18 odd crore in CFO at consolidated level. But that is after a deployment and everything. So normally, we have a EBITDA to cash conversion of around 88%. So my, my request was more from the perspective of, like, you know, if you could provide these numbers on a quarterly basis, that helps us to kind of, you know, keep the tracks, you know, in relation and in, and in correlation with the other figures that you normally report. So that was the request. Let me see whether that is doable on a. Because we have around eight subsidiaries and everything. So let me try, if we can have that, and then we can have the same thing populated and share it with the audience at large. Yeah, that would be very helpful. Thank you. And the next question is, you know, with respect to the, the WTE project in, Pune, could you tell me what is the debt currently right now for that specific project? INR 1.8 crore. Sorry, say again. INR 1.8 crore 148. Okay. And this will, we still have about INR 30-odd crore of VGF to be received. We have around, yes, around INR 25 crore of VGF to be received. Okay. Right. Okay. So once the VGF received, this debt number could go down further by that amount? Yeah. The EMI schedule starts in October, so even gradually we'll start repaying the debt, over the next, from October onwards. Okay, okay. And the next question is, could you provide a composite revenue number for your compost and RDF sales in this Q1 2025? So that would be a very... We don't have it disclosed really, but I think we can share it with you post the call. We'll just hand it over to our GA team, and they'll kind of reach out to you with that. That would be helpful. Thank you so much. Yeah, thanks. These were my questions. Thank you. Thank you very much. The next question is from the line of Amit Kumar Rajput, an individual investor. Please go ahead. So my question is on the debtor side, debtor days. If we see from Q3 FY 2023, we have a constant increase on the debtor days. Could you share some, what's the reason behind it? Could you tell me? Normal business side is slightly stressed because of the people who are authorized to release the payment need to get grants from the central allocation department. Since there are no elected members in bulk of the municipalities where we operate, the decision-making is taking time, and that is why you are seeing an increase in debtor days here. Once the elections at various municipalities gets completed, then this will again go back to our historical average, around 70-90 days. Thank you for answer. That's all from me. Thank you very much. The next question is from the line of Aryan Oswal, from Fintrust Capital. Please go ahead. Yes. Thank you so much for taking my question, sir. So, as you anticipated, the MSW market to get doubled by FY 26, and, we are doing good on that. So I would like to know that, how are we looking at the market to grow by FY 30? Sorry, what was the question? MSW market growth over the next five years. Yes, sir. Yes. See, I think the MSW, you know, as we mentioned earlier, that earlier the municipalities were only looking at solid waste management, the wet waste and dry waste, as their responsibility. Increasingly, most of the cities have also realized that with the increase in real estate development and redevelopment, projects, the construction debris is going to be another big headache for them. So that's why we see that segment, getting added. So I think these three segments going forward and, you know, will definitely increase the market size. Even on the processing side, most of the cities earlier were not convinced about Waste-to-Energy kind of CapEx-heavy, processing solutions. But now India has about 10 or 11 operational Waste-to-Energy projects. So that also is giving confidence to people, to cities to go for such projects. So all that is going to contribute to the increase in market size. That's one.... Secondly, on the softer side, with the kind of competition which Swachh Bharat Abhiyan surveys done by Government of India has, the atmosphere and the environment that has created, that most of the city is now taking it very seriously to be on top of that list. That also is enabling them or forcing them to subcontract or engage experienced service providers for their waste collection, transportation, and processing activities. So I think all this combination of soft and hard facts is definitely going to make the market rise much sharply than the last decade. Okay. Thank you, sir. So, so can we expect the market to grow another 50%-75% from here? On a lighter note, I mean, you know, that could be an economist's delight. We would like to hope that, I mean, the market sees that kind of growth. But it's difficult to, again, as I said, I mean, put a number to it. Oh, okay, sir. Thank you so much. Chennai project, right? Any update on that? The Chennai project, I mean, the tender is, the process is still on. I mean, the bids have not been submitted. It should be, the submission date is somewhere later this month. Yeah. Okay, thank you. My second question is, are we getting any more of that project other than that one? Sorry, your voice is not clear, sir. Can you repeat the question a little louder, please? Are there any other tenders that we are trying to bid? Yes. So as I mentioned earlier, I mean, there are a few, you know, apart from the Chennai project, I mean, there are a few, few tenders, a few bio-mining tenders, which are currently, that's what we are looking at. Okay, thank you. Thank you very much. The next question is from the line of Bhavya Gandhi from Dalal & Broacha Stock Broking. Please go ahead. Yeah. Hi, sir. Thank you for the second opportunity. Just wanted to know how much would be the incremental debt if we were to assume new contract wins? So any rough estimate, if you can, and what sort of ROCE or ROIC are we looking at for the newer, tenders? Yeah. Depending upon the contract that is win, if it's a C&T contract, we can go up to 90% of the total capital employed as debt because vehicle financing is easy. So given the asset turnover, say, 1 to 1 or 1.1, 1.25 to 1, if INR 100 crore is annual turnover, we would have to go up to INR 90 crore of debt for a INR 100 crore of annual turnover in that sense for collection transportation. Waste processing is a completely different ballgame. I mean, depending upon the technology and the size and scope, the normal equity for large-scale waste processing projects are in range of 70 to 30, 70-30 equity. With capital plan and viability gap funding, I mean, that could be an issue. Depending upon each project, it will be very difficult to generalize the amount of debt that needs to be borrowed. Right, but are we looking at- You borrow only after you bag a contract, so you don't have to procure assets and be ready. That's only for that. Right. So are we looking at processing contracts also? Because, nowhere it was mentioned. I believe you mentioned about C&T tenders and bio-mining tenders, right? Or is the Chennai one a processing? Chennai is a processing one, yes. Okay. Okay. Sorry, I missed that. Yeah. Thank you so much. Yeah, that's it from my end. Yeah. Thank you very much. Ladies and gentlemen, due to time constraint, that was the last question for today's call. I now hand the conference over to Mr. Jose Jacob for closing comments. I wish to thank our committed team, whose tireless efforts have played a pivotal role in accomplishing our goals. We are continuously building on our capabilities to enhance our operational efficiency and service delivery. Our unwavering focus remains on delivering consistent operational and financial performance while creating long-term value for our shareholders. By investing in innovation and leveraging our expertise, we aim to strengthen our position in the market and drive sustainable growth for the future. I'm optimistic that our path towards a cleaner and greener future will be marked by continued success. Thank you. On behalf of Antony Waste Handling Cell Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.