Anup Engineering Ltd
NSE:ANUP
| US |
|
Fubotv Inc
NYSE:FUBO
|
Media
|
| US |
|
Bank of America Corp
NYSE:BAC
|
Banking
|
| US |
|
Palantir Technologies Inc
NYSE:PLTR
|
Technology
|
| US |
C
|
C3.ai Inc
NYSE:AI
|
Technology
|
| US |
|
Uber Technologies Inc
NYSE:UBER
|
Road & Rail
|
| CN |
|
NIO Inc
NYSE:NIO
|
Automobiles
|
| US |
|
Fluor Corp
NYSE:FLR
|
Construction
|
| US |
|
Jacobs Engineering Group Inc
NYSE:J
|
Professional Services
|
| US |
|
TopBuild Corp
NYSE:BLD
|
Consumer products
|
| US |
|
Abbott Laboratories
NYSE:ABT
|
Health Care
|
| US |
|
Chevron Corp
NYSE:CVX
|
Energy
|
| US |
|
Occidental Petroleum Corp
NYSE:OXY
|
Energy
|
| US |
|
Matrix Service Co
NASDAQ:MTRX
|
Construction
|
| US |
|
Automatic Data Processing Inc
NASDAQ:ADP
|
Technology
|
| US |
|
Qualcomm Inc
NASDAQ:QCOM
|
Semiconductors
|
| US |
|
Ambarella Inc
NASDAQ:AMBA
|
Semiconductors
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
1 255.5707
3 561.95
|
| Price Target |
|
We'll email you a reminder when the closing price reaches INR.
Choose the stock you wish to monitor with a price alert.
|
|
Fubotv Inc
NYSE:FUBO
|
US |
|
|
Bank of America Corp
NYSE:BAC
|
US |
|
|
Palantir Technologies Inc
NYSE:PLTR
|
US |
|
C
|
C3.ai Inc
NYSE:AI
|
US |
|
|
Uber Technologies Inc
NYSE:UBER
|
US |
|
|
NIO Inc
NYSE:NIO
|
CN |
|
|
Fluor Corp
NYSE:FLR
|
US |
|
|
Jacobs Engineering Group Inc
NYSE:J
|
US |
|
|
TopBuild Corp
NYSE:BLD
|
US |
|
|
Abbott Laboratories
NYSE:ABT
|
US |
|
|
Chevron Corp
NYSE:CVX
|
US |
|
|
Occidental Petroleum Corp
NYSE:OXY
|
US |
|
|
Matrix Service Co
NASDAQ:MTRX
|
US |
|
|
Automatic Data Processing Inc
NASDAQ:ADP
|
US |
|
|
Qualcomm Inc
NASDAQ:QCOM
|
US |
|
|
Ambarella Inc
NASDAQ:AMBA
|
US |
This alert will be permanently deleted.
Anup Engineering Ltd
You don't have any saved screeners yet
Ladies and gentlemen, good day, and welcome to the conference call for analysts and investors for post results discussion for quarter and financial year ended March 31, 2021 of the Anup Engineering Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rishi Roop Kapoor, Chief Executive Officer, The Anup Engineering Limited. Thank you, and over to you, sir.
Thank you, Margaret, and good afternoon to everyone who has joined this call. Before I begin, let me share with you that I have here the me our CFO, Mr. Bhavesh Shah, and Company Secretary, Mr. Chintan Patel. We appreciate you joining today for our fourth quarter earnings call for FY 2021. Before we proceed to the call, let me remind you that the discussion may contain certain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risk that could cause actual results, performance or achievements to differ significantly from what is being expressed and implied in such forward-looking statements.Please note that we have uploaded the results, the press release and also the outcome of the Board meeting on the stock exchanges. And in case if you have not received the same, you can write to us and we would be happy to share with you in due course. Let me begin by taking you through our numbers for the financial year 2021. The revenues for the year were at INR 279 crore, up by 14% for FY '21 as compared to the corresponding previous year, FY '20. PAT at INR 54 crore is up by 20 -- 25% for the current -- for the financial year '21. Sales of INR 133 crore in the Q4 is up by almost 90% as compared to the corresponding quarter in FY '20. The order book also is similar to the number that we have opened this financial year -- the previous financial year. It's INR 256 crore. Overall, the EBITDA margin for FY '21 is 25%. If I may add over here, we have successfully completed the buyback of INR 25 crore in the past financial year. Also pleased to inform you that the Board has recommended a final dividend at 70% that would be INR 7 per equity share of INR 10 each and the company for the year ended on 31st of March 2021. As we would like to move into the questions and answers, let me put on record over here that this quarter, the previous quarter of -- that is the ending quarter, Q4 of FY '21, has seen an exceptional performance from Anup Engineering. And that performance has been actually a revolution, as far as our execution capabilities are concerned. And largely, in fact, I would say that it is completely powered by the kind of teamwork that our team demonstrated with a lot of dedication and commitment despite very, very testing times.So I think it goes without saying that the team has stood the rest of the time. We're also wanting to highlight over here that it was possible in a large scale because of the kind of product mix that we had on our hand that we have selected, and the kind of support which our customers gave us by allowing us to complete those equipment and taking custody of those equipment. So this is how I would like to conclude as far as the quarter performance is concerned. Going forward, I think the next year also, as far as the order book is concerned, we are pretty strong. We have about INR 256 crores for the opening order book for the year. And since then, we have already booked about INR 46 crores. So that takes the number to INR 302 crore for the year. And also, the employee pipeline continues to remain strong, backed by our fantastic execution record. We have a very satisfied customer base. Whether it is EPC, whether it's end users or any other segments. Primarily, the order book comprises of about 14% for exports and 86% domestic. And the reason for that is pretty simple, is that the domestic demand continues to hold up, the lot of our traditional sectors doing very well. So I would like to now invite questions which we can discuss for. Thank you very much.
[Operator Instructions] The first question is from the line of Ankit from Shubkam Ventures.
Am I audible?
Yes, you are.
Sir, a few questions. Sir, what is the capacity now at your Odhav plant and because you were expanding it a little bit, adding some days over there. So as of now, what is the capacity there?
So Ankit, what we have done is that we have added Heavy Bay, which is called [indiscernible] That was commissioned right at the beginning of the year some time and -- last financial year. And also, we have strengthened our existing deals. So this, plus, in addition to these bays assignments which has happened, we have also converted one of the bays that we had, which was an unproductive bay, which was not really being used. It was pretty much idling. We have -- we are constructing a clean room in that place. And once that is commissioned, I think the capacity of this plant that now would be anywhere in the region of about INR 500 crores to INR 550 crores.
So is it fair to assume that since you mentioned in the press release that the clean room would be ready in the first half. So by the end of the first half, the capacity of Odhav would be in the range of INR 500 crores to INR 550 crores revenue potential?
Absolutely.
So by which year you feel that you can reach these levels of revenue for the company, considering that you have now capacity?
Yes, Ankit, that's a good question. We will have to -- as far as the -- going forward, the outlook has to be a little cautious because of the uncertainties which are being thrown up by the current ongoing pandemic, but I think pretty much our capacity is going to be at that level, the moment we commission our clean room. So we have all the necessary infrastructure in place for us to be able to deliver that number. So it will take maybe a couple of years before we reach the target. Maybe 2 to 3 years from now, we should be in a position to actually achieve that number.
So sir, any new time line for your goal to reach INR 1,000 crore revenue?
Again, it's a difficult question to answer at this moment because we have not been able to start the construction work at Kheda and it -- for that -- to do that, we need to have a clean window where we can start and end on an interrupted fashion. Unfortunately, the way the events have stand out over the past 12, 14 months, we are not being able to get that window. But we still feel that the moment we get the clear window of about 6 months, 7 months, we will immediately begin the construction because for Kheda now, almost all the regulatory work are completed, all the approvals and the plans and everything is completed. It's just about getting the work started at the site. So maybe it would be fair to say that sometime in the middle of next year, providing for uncertainties, we are also anticipating the third wave is going to hit us sometime towards the third quarter, second -- end of second quarter. So maybe sometime in the next year, middle of next year, hopefully, that should be commissioned.
So what kind of order inflows you're expecting in the current year, FY '22?
Our order book is not really constrained as far as we are concerned. We are still hoping that we will be continuingly order close as we have demonstrated in the past 12 months. So it will remain at those levels.
What was it in the last year, sir, FY '21?
FY '21, I think the total orders booked was in the region of about INR 300 crores for the year.
Okay. So a further INR 300 crores kind of an order inflow is possible in FY '22.
Yes, yes, definitely.
And sir, last question is, the steel prices are rising continuously. Now I understand your orders are short-cycle in nature. But any impact you see on the margins in the medium term?
Sorry, Ankit, our orders are not short-cycle in nature. I mean, our orders span for about 12 months.
Okay. So any impact of steel prices in margins?
Margin prices. See, what has happened is that we generally go for a back to back agreements and we take the orders. And typically, that's one of the focus areas for us that as soon as we get our orders, we secure the materials. So to that extent, I think we are pretty well covered. But still, I feel this escalation has been pretty exceptional, and it might dent our margins by about 2% to 3%. So maybe about 22%, 23%, 24% would be the range.
Okay, for the current year.
For the current year.
And sir, lastly, just a request, I mean, kindly conduct this earnings conference call on a quarterly basis as in these uncertain times, things are changing on a quarterly basis to a great extent. So as investors, they would like to have the view of the management on the -- how things are panning out. So just a request if you could conduct the quarterly con call on a quarterly basis basically not at the end of the year.
Sure. I think we will keep that -- we'll keep that in mind going forward.
The next question is from the line of Apurva Shah from Phillip Capital.
Am I audible?
Yes. You are audible, Apurva.
Yes. So sir, congratulations to you and the entire team of Anup for the fantastic result. So just need one clarity. So if you look at our quarter 3 number, so I think which was impacted because of the restrictions put by the local government, I think, which led to some execution or dispatch led issue. I think the situation was similar in Q4 as well. But what changed at company level, which led to such a fantastic result in Q4? So I think this is historically high number. So I just need your thought process on what kind of action as the management we took to address the ongoing challenges?
See the -- Apurva, what has happened is that then the kind of spike was experienced immediately post Diwali and the curfew was implemented in Ahmedabad. I think that was very much -- it came as a surprise. And we had our night shifts affected for almost 30, 35 days. In fact, if you look at the whole year, we would have lost somewhere close to about 2.5 months of production if you count in April, May, part of June and some part of post Diwali. So it's actually the surprise with which we were taken because we were not expecting this kind of a lockdown or a curfew. And also, it was also hit by the fact that a lot of our workmen, they go back to their native places during Diwali holidays. And they could not really return back on time. So there was a lag there, which really hit us at a very crucial kind of a period. Whereas in this quarter, we were very prepared for it, and we have taken measures by deploying extra resources and deploying the necessary manpowers in order to ensure that such kind of a blip doesn't happen.
Okay. So sir, considering, I think still there is some night curfew in Ahmedabad region. So if the situation extends maybe for a quarter or 2., so will we face similar challenges like we faced in Q3 or because of our experience to deal with such situation, we may overcome this kind of situation?
So if you look at Ahmedabad, ever since -- even since, I think, in the month of January itself, there has been a bit of a restriction which is imposed throughout the quarter. But since we were very well prepared for it this time, we were able to handle it well. So those learnings will definitely come in handy when we deal the similar situations in the coming quarters. And also the fact that we have at least begun the year better than last year. It is not as good as what we would have liked. But at least there are no shutdowns and there are no lockdowns or curfews, which are allowing industrial work to continue to proceed. So I think that is -- it's -- in that aspect, we have perhaps begun well. And with our learnings that we had acquired to deal with COVID and related issues, restrictions like curfew and the lockdowns, we should be able to deal with it better in the coming year.
Great. Great. And sir, one thing on CapEx. So as you mentioned in the last answer, Kheda, we will be looking for 6, 7 months of clear window to process with Kheda CapEx plan. So what kind of CapEx we will be looking for in FY '22. And Odhav, I think we are just doing some sort of debottlenecking over a period. So what kind of further CapEx will be required at Odhav in coming years?
So Odhav. Apurva we have more or less kind of achieved whatever CapEx we were -- we had planned for Odhav, barring this clean room, which again has to be deferred. It has been impacted again by the second wave. And we could not really work through the last quarter in the way that we had wanted. Initially, I think we were looking to complete it by 31st -- 30th of May, but then it has now been deferred to -- sometimes toward the -- I think of August is what we are expecting. So once we commission the clean room, I think our CapEx, major CapEx, we are not expecting here in Odhav. We would have attained our peak kind of a capacity and infrastructure.
So sir, excluding Kheda, it can be INR 10 crores to INR 15 crores for FY '22?
Yes, yes. I would think so.
Okay. Great. And sir, just final clarity for Bhavesh. So Bhavesh, can you just give me clarity what will be customer advances in our balance sheet?
Absolute terms will be to the tune of 20% of the order book. If you cover the [indiscernible]
So our current liabilities around INR 50 crores, so 20 percentage of INR 50 crores, right?
No, the order book is INR 256 crores. So we roughly have advanced in the management for the time to the 20% of the order book.
[Operator Instructions] The next question is from the line of Kirthi Jain from Sundaram Mutual Fund.
Sir, congratulations for good comeback in the performance. Sir, my first question is with regard to the orders won in the current year. Sir, any new applications or any new clients we have added in the recent times and how successful have we been with that client? If you can highlight anything that would be great, sir?
Sorry, your voice is cracking a bit. You have to go a little louder and slower.
Yes. Sir, my question was, any new client or application we have added in the current year? And how successful we were in delivering the project to the client?
That's a -- I think that there is 1 area where we have done well. We have added several new export lines in the previous year. And also the technological product we have added, which is called EMbaffle, where we have tied up with an Italian company. And we have -- we won the order sometime about March, April last year, and we have delivered it in the current financial year -- in the previous financial year, that is FY '21. So that's -- that really opens the door for us for more such requirements. And the good part is that we are the sole kind of collaborators or sole partners for this particular technology in India.
Okay. So that will allow us to penetrate Indian market with that technology sir or we can apply anywhere in the world, sir, with that technology, new technology?
Yes, definitely, this was last year, but the effort in that direction continues to take a lot of our focus and attention because that's a way forward. If you talk about the future of this company, we have to go on adding these special products to our portfolio, which act as a great kind of a differentiator between us and other fabricators. So I mean, if you would to look at -- like I mentioned about the kind of work that we did in the past quarter, in Q4, it was possible primarily because of the kind of critical work that we did. And it allowed us to deliver this kind of a performance, purely because of the kind of product mix that we had. And that product mix is critical. We have certain kind of leverage with the customer, not too much, but a little leverage we do have with the customer. And that's our effort and endeavor going forward that to strengthen this portfolio by adding more and more critical and complex equipment in the manufacturing range.
Sir, in the previous participants, one of the questions you had highlighted that our order flow target will be in the vicinity of INR 3 billion. But when we see our presentation, you had guided that the inquiry pipeline is strong. Sir where is a disconnect, sir, like, then it should have been higher, right sir, in terms of the order flow?
We have given it in the presentation, which slide are you referring to?
No, you've given the strong inquiry pipeline, sir. You've given strong inquiry pipeline. Outlook. In outlook, sir. In outlook first line is strong order within inquiry pipeline you have given.
Yes.
And also in the previous participant's question, you had highlighted that our order flow will be in the vicinity of INR 3 billion. That's what [indiscernible]
It is INR 300 crores to -- INR 300 crores plus.
Okay.
Yes.
Yes. Okay. So that can be double-digit growth in order flow, sir? What will be -- I mean manufacturing, you can't say, but in terms of order flow, is the negotiation pipeline...
To answer, we can definitely look for double-digit growth in the order flow in this coming year, definitely. So we are talking about something in the range of INR 300 crore to INR 350 crore, INR 330 crores. Definitely, there are opportunities which are available to us.
Okay. So subject to manufacturing availability, the growth will be there. That's the correct interpretation, sir?
Waging are constrained for a fabricator like -- because of the special skills that we have.
Okay. Okay. Sir, then with regard to the Kheda CapEx, will we now downsize it? Or how will the plan be, sir, for Kheda, given the relays and everything?
We're not looking to downsize it. The only thing is we are looking for more certainty in this current environment. I mean we can't really mobilize during this COVID pandemic and we have -- this is a problem. And once the project gets started, if it kind of gets interrupted and if it is languishing for -- in time and what happens is it will escalate the cost as well. So it doesn't help us at all by -- so we've got to wait for a more opportune time to begin the construction work over there. And so apart from that, no other changes in the plan for Kheda, the kind of layouts that we have finalized already, they will continue to hold.
Okay. Okay. Sir, any new customer acquisition will happen in the near, medium term, sir, anything -- what new product the company will add in our portfolio, sir, in the coming year?
Like I said I mean we are -- if we were to look at the kind of order book that we have, we have almost 70% shelling through heat exchangers. So that is our strength, and we will continue to build on that. So more different varieties of heat exchangers, more advanced designs of these exchangers -- heat exchanges will definitely be there, right up there on the priority list. And of course, we are -- we have -- we do have about 30% from columns, vessels and reactors because that is something which we are -- again, we are doing -- we have started very well in the past year as well. And this year also, we have those sort of large vessels and columns, which we have -- which we are actually executing and which are very much there in the order books for the current year. So we -- I think the entire effort on improving the product mix will continue by adding more customers, by adding more kind of differentiated products to our manufacturing range. We have been able to add a lot of customers in the past year even in those times of -- when we were just beginning the quarter, we were able to conduct virtual audits and -- by global customers and we were able to successfully fare in those audits. And I think that kind of a market initiative will continue going forward.
[Operator Instructions] The next question is from the line of Sameer Dosani from Carnelian Asset Management.
Hello, can you hear me? Hello?
Yes, we can hear you, sir.
Sir, I had 2 parts to the question. First part was, again, you did touch upon. I just wanted to understand the inquiry which is robust. I think that some delays...
Can you please speak a little slowly, voice is again cracking a bit, maybe it's something wrong with our system, but...
[Operator Instructions]
Is it better now. Hello? Hello, is it better?
Okay. Please go a little slower.
Yes, sure. So basically, you did touch upon the order inquiry, which is robust. So just wanting to understand is the order inflow getting delayed on account of higher commodity prices and therefore, once this commodity prices kind of start to cool down, right, there could be further extension to the order book? That is my first question. The second question, presently, 14% of our order book forms export part, right? So how are we seeing the traction when it comes to the export part because of various regions, say, for that matter, where China was dominant, quality issues out there. So how do -- how are we seeing traction out there when it comes to our export book. I mean presently, INR 300 crores, INR 350 crores order book, the ratio more or less remain same? Or there is quite a bit of export component out there as well.
Yes. Sameer, sorry, the question was not clear. I think you -- maybe the second part of the question, I was able to understand little. Your questions is on the export, the proportion of export orders in the overall order mix. Is that correct?
Yes. How are you seeing the traction out there when it comes to exports, sir, basically, is what I'm trying to understand. I mean I -- is Anup saying it is limited on account of China placement, a strategy that has been adapted globally and how is the ratio in the INR 300 crores to INR 350 crores kind of order book, which we envisaged to have in this current year?
See, in the coming year, I think as far as the ratio of the export order is concerned, maybe it is not going to be more than, let's say, 20%, 22% going forward. But eventually, we would like to stabilize that 50% exports and 50% domestic. So that's the direction in which we are working towards getting the necessary connects with our new customers in the overseas market. Fortunately, in the last 1 year or maybe 2 years, we have been working with the giant EPC companies who have the global projects across continents and across different countries. And they do have a very good and functional peer sharing model where every project, whether it is located in Australia or it is located in Canada, they are connected, and they are looking for best sourcing. And when we look at the fundamentals of this business, India is very well placed to service this -- the global market. And I don't see any reason why we cannot hit our target of 50% exports in the coming years, maybe in 2 to 3 years' time. So that's definitely there. And as far as the short-term or midterm opportunities are concerned, yes, there is -- we have plenty of opportunities in the export market.
Okay. Okay. And the first part of the question, sir, I mean, because of the rise in the commodity prices, right? Are you seeing some order inquiry not getting translated into order book, which probably would get converted as commodity prices kind of cool down to have that cushion further on the upside when it comes to the order book?
Not yet. We are not seeing that in the short to midterm.
And the next question is from the line of Chetan Vora from Abakkus Asset Manager.
So the first thing I wanted to ask, how should one see your gross margins? I understand it is very tough to keep a pen on a quarterly thing. But the volatility or the fluctuation is quite high. So how should one see that?
Let Bhavesh answer that question.
Yes. So the current gross margin for the year was 47%.
Right.
We are seeing a good trajectory to be maintained.
Okay. Because...
Approximately a few basis points based on the metal price, uncovered raw material for the recent orders which we might have got.
I think it's time to be a little cautious about it because this kind of upswing is, on one hand, we have been traditionally securing our raw materials as soon as we get our orders. And generally, we are on a back-to-back basis where the valid quotations are available with us, and we have targeted vendors. So it -- to an extent -- I mean, to a large extent, we have managed it very well in the past, consistently. But this time, I think we -- it's an exceptional situation. So we would like to be a little cautious about telling you about how much is going to be -- whether it is going to be impacted or not. There is a decent chance it will not get impacted, but we would like to be more cautious on that. Maybe it would be 2 or 3 basis -- percentage points impact.
Right. But if we -- I see on a yearly basis, FY '20, we did a gross margin of 55%. And this year, it has come down to 47%. So should it be attributable only to the commodity push or whether there is a change in the product mix also?
Yes. I think if you look at it -- as you look at our quarterly performance, if you look at maybe Q2, that's where I think if you look at maybe our gross margins were lower. And that was perhaps mainly because of the kind of product mix that we had in that particular quarter. Barring that, if you look at the rest of the 3 quarters, it has been very much consistent.
No. But again, even in the December, it had shot up to 87%, which is also very unexplainable.
No, that was the quarter where there was execution -- was to the fuel of close to around INR 60 crores but we were able to sell only INR 40 crores worth of equipment because of the last minute lockdowns. So that's where the overhead of Q3 when allocated to the inventory. So that's the reason that was -- where may say, it's a kind of one-off quarter. But if you see the year as a whole, this 87% gross margin appears to be in the tight range.
Okay. So just on a yearly basis, the 55% has come down to 47%. How much of that will be attributable to the commodity push -- commodity pressure?
So commodity pressure would not have been a very...
I don't think commodity pressure would have been a factor of...
It will be more of product mix kind of...
Yes. It is primally the product mix.
Okay. Got it. Yes. The second question was that, when the -- initially, as per my understanding that we were expecting to commission the Kheda plant by the quarter 3 of FY '22, the first phase, if I'm not wrong. But now what I understand that right now, we have deferred the expansion plan considering the uncertainty in the macro environment, is that right?
We have not deferred it, Chetan, but what we are saying is that we will -- we are looking for a clear window in order to start and finish the project in an uninterrupted manner.
Correct.
So what I would like to mention over here is, for example, if we are able to get that window sometime in October this year, we will begin the work.
Okay.
If we get that window maybe 1 or 2 months down the line, we will begin to work at that time. So we are in the state of preparedness, if -- you would know that we can't have firm plans like this because we even -- the costs have also been impacted to some extent. However, it doesn't change our decision to go ahead with the project. But it is difficult to kind of plan it so well that we can predict, when we be able to start it. I hope to start sometime towards the -- maybe Q3.
Completely agreed. So the thing was that, once we start, how much lead time you will need to start with the first phase? Any color on that? What should be the lead time to...
Lead times on the start, it should be about 6 months.
Okay.
Not too long.
Okay. And then the second thing you said earlier to the participant that to reach the potential revenue of INR 500 crores to INR 550 crores in the Odhav, you will take 2 to 3 years. Is that right?
Yes.
Okay. So this year, we have done a number of nearly close to INR 280 crores. So we are expecting revenue to reach INR 500 crores to INR 550 crores in next 2, 3 years?
Definitely. From Odhav, yes, because most of our CapEx is now being -- is going to be concluded with the commissioning of the clean room. I think that's something that we are looking to advance and I mean try and minimize this COVID impact -- the second wave impact on that. So we hope to commission it by end of August, so that gets off the ground.
Correct. And lastly, in our revenue for the full year, how much would be contributable from the heat exchanger?
Last year. I think it was similar about maybe...
70%.
70%.
Okay. And whether this mix will be changing because -- as per of our initial talks also, we were planning to kind of do the other process equipment like reactors, columns and that mix to increase. So how this mix will look like? In a...
So what will happen Chetan is that our product mix has evolved over the last 2 to 3 years because we had always kept Kheda in our plans. And we wanted to get the work -- get some work under our belt, which will keep us at very good strength and the Kheda is commission, the first phase is commission.
Right.
So keeping that in mind, if you will see, for the past maybe 2 or 3 years, the proportion of other kind of equipment like columns and vessels and reactors has progressively increased from being somewhere, let's say, about 20%, 15%, about 3 years back to about 30%. So -- and we have also successfully delivered the kind of heavy wall thicknesses, vessels and reactors and columns, large columns, which we intend to do from Kheda. So it will keep on changing. It will kind of -- because there is going to be an increase in the revenue also. And I think there is going to be a proportional increase in the percentage of columns and reactors going forward.
The next question is from the line of Chirag Shah from ICICIdirect.
Sir, if I look at the quarter 3 cash and liquid investment balance, we were somewhere around in excess of INR 70-odd crores. And this quarter, we -- for the FY '21, we have ended the same at a figure of INR 23-odd crores. So is there some stretch in the working capital? Or it's just the kind of execution that we have seen in this quarter? This is just a quarter 4 phenomena and probably money will release once the milestone comes for the payment? Is my reading correct on that?
Yes. So in Q4, as you might be aware, we have buyback of INR 25 crores, which at gross level had a cash outflow of INR 31.2 crores, taxes and other expenses. And also if you have seen our balance sheet, the [indiscernible] has increased because we have a very skewed execution in the -- in Q4. Because Q3 sales have got postponed to Q4, which would get liquidated in the current quarter. So that's why the liquidity from the Q3 end has reduced to INR 20.5 crores of fund balance as of 31st of March.
Okay. So with respect to our CapEx on Kheda, whenever it starts. So it will be funded from the internal accruals as envisaged earlier, right? So that does not change. Whenever the...
Absolutely.
Okay. Okay. And sir, your PPT mentioned you -- earlier participants have mentioned that there was strong inquiry pipeline. So which are the segments or which are the sectors which you are seeing that there's a good amount of traction coming in? And coupled with that, given steel and cement sector are hitting peak utilization levels. So do you expect any kind of opportunity from that segment if the CapEx revised from there.
Which segment, you said? Sorry.
Sir, steel and cement, given steel and cement, we have not...
Steel and cement have so far not been our traditional customer base. We have not supplied too much to steel and -- except barring, maybe some of the associated plants for companies like, let's say, JSPL when they had commissioned their whole gasification plant. And that kind of an opportunity will present to us in the future as well. But as far as our traditional sectors are concerned, we still have -- the demand is pretty much holding very well. I mean we talk about refining, and we see now the fertilizer sector is also picking up and petrochemicals. So these are the 3 traditional sectors that have been providing us with maximum opportunities. And that's where we are not seeing any kind of a let up in terms of demand. So that is going to grow. But at the same time, we have been able to enter in a limited way in new sectors like power and chemicals and even in the water sector. So I think those are the sectors where we are looking to penetrate further and become -- pick up some more substantial kind of order book from these sectors.
Okay. Okay. So you have mentioned that you have already won INR 46 crores of orders in Q1 -- in April till now. So which are the segments that orders have come from? Are these the new ones like power, chemical or water you mentioned? Or it's just the...
That comes from the traditional sector. So far, they've come from the traditional. But it's too short of time. I think we should be discussing it maybe 6 months or 8 months down the line.
Sure. Sure. And sir, within your traditional sector, it is more of an OEM demand or more of a replacement demand that you are looking...
I think all greenfield projects. Either capacity enhancements or completely greenfield projects. So these are sizable new projects that we are seeing.
Okay.
Replacement, of course, continues to be our special focus area because that's why we get an opportunity to serve our end users, and that's something which we really cherish and value the most.
Okay. And sir, out of this INR 256 crore of order backlog that we have, how much will be fixed price contracts and how much -- what proportion would be on the price variation clause?
See, typically, our contracts are not coming with an escalation clause because that's not there in the -- it's in the paring contract between our customer and the end users. So it's not -- it's coming with a fixed price contract. There is no escalation clause there.
Ladies and gentlemen, due to time constraint, that was the last question. I now hand the conference over to Mr. Rishi Roop Kapoor for closing comments.
Thank you very much. On behalf of the Anup Engineering Limited, and -- thank you for joining us. You may please disconnect your lines. Thank you, everyone, for being on the call.
Thank you. On behalf of the Anup Engineering Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.