Incorporated in 2001, Antony Waste Handling Cell Limited (AWHCL) is engaged in offering Municipal Solid Waste (MSW) management services. The service range of the company includes solid waste collection, transportation, processing and disposal services to Indian municipalities. It has in-house expertise in landfill construction and management sector.

Outlook & Valuation: AWHCL was unable to performance on top-line & bottomline fronts over FY2017-19, and hence we believe that concerns regarding the company’s financials exist. Further, the business involves working capital and receivables risk from municipalities, which restricts the future growth opportunities. Despite the lower pre-issue P/E at 10.1x 1HFY2020 annualized earnings (at the upper end of the issue price band), we recommend NEUTRAL rating on the issue.

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