The Anup Engineering Ltd — Annual Report 2021

May 14, 2021

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14[th] �May�2021�

To,� Department�of�Corporate�Services� BSE�Limited,� P.�J.�Towers,�Dalal�Street,� Mumbai���400�001� Security�Code:�542460� Security�ID:�ANUP�

To,� Listing�Department� National�Stock�Exchange�of�India�Limited,� Exchange�Plaza,�5th�Floor�Plot�No.�C/1,�� G.�Block�Bandra���Kurla�Complex,�Bandra�(E),�� Mumbai���400�051� Symbol:�ANUP�

Dear�Sir/Madam,�

Sub.�:� Audited�Standalone�and�Consolidated�Financial�Results�of�the�Company�for�the�quarter�and�year� ended�on�31[st] �March�2021�and�outcome�of�the�Board�Meeting�held�on�14[th] �May�2021�

We�hereby�inform�you�that�the�Board�of�Directors�of�the�Company�at�its�meeting�held�today,� inter�alia :�

• 1� Approved�the�audited�standalone�and�consolidated�financial�results�of�the�Company�for�the�quarter� and�year�ended�on�31[st] �March�2021.�

• 2� Recommended�a�dividend�at�70�%�i.e.�Rs.�7/��per�Equity�Share�of�Rs.�10/��each�of�the�Company�for�the� year�ended�on�31[st] �March,�2021.�

Pursuant�to�Regulation�30�and�33�of�the�SEBI�(Listing�Obligations�and�Disclosure�Requirements)�Regulations,� 2015,�we�enclose�herewith�the�following:��

• 1� The�audited�standalone�and�consolidated�financial�results�of�the�Company�for�the�quarter�and�year� ended�on�31[st] �March,�2021�alongwith�Auditors’�Reports�thereon�issued�by�M/s.�Sorab�S.�Engineers�&� Co.,�Chartered�Accountant,�Statutory�Auditors�of�the�Company;��

• 2� A�copy�of�the�press�release;�and�

• 3� Investor�Presentation.�

The�above�documents�will�also�be�uploaded�on�company’s�website.�

The�Board�meeting�commenced�today�at�11:15�a.m.�and�concluded�at�13:15�p.m.�(IST)�

In�compliance�with�the�provisions�of�Regulation�33(3)(d)�of�the�LODR�Regulations,�the�Company�hereby� declares�that�the�Statutory�Auditors,�M/s.�Sorab�S.�Engineers�&�Co.,�Chartered�Accountant,�have�issued�the� Audit�Reports�with�unmodified�opinion�on�the�Standalone�and�Consolidated�Financial�Results�of�the�Company� for�the�year�ended�31[st] �March,�2021.�

We�shall�inform�you�in�due�course�the�date�on�which�the�Company�will�hold�Annual�General�Meeting�for�the� year�ended�31[st] �March,�2021�and�the�date�from�which�dividend,�if�approved�by�the�shareholders,�will�be�paid� to�the�shareholders.�

You�are�requested�to�take�the�above�on�your�records�and�bring�this�to�the�Notice�of�all�concerned.�

Thanking�you,�

Yours�faithfully,� For,�The�Anup�Engineering�Limited�

Digitally signed by CHINTANKUMAR MAHENDRABHAI PATEL Date: 2021.05.14 13:10:38 Date: 2021.05.14 13:10:38 +05'30'

CHINTANKUMAR MAHENDRABHAI PATEL MAHENDRABHAI PATEL Date: 2021.05.14 13:10:38 +05'30' Chintankumar�Patel� Company�Secretary� Encl.:�As�above

THE ANUP ENGINEERING LIMITED

CIN: L29306GJ2017PLC099085

Behind 66 KV Elec. Sub Station, Odhav Road, Ahmedabad-382 415, Gujarat, India. F: +91 79 2287 0642 T: +91 79 2287 2823, 2287 0622 E: anup@anupengg.com

Engineering Infinite possibilities

The Anup Engineering Limited

Investor Presentation Q4 FY21 14[th] May 2021

Safe harbour statement

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Certain statements contained in this document may be statements of future expectations and other forward looking statements that are based on management‘s current view and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. None of The Anup Engineering Limited or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor of it shall form the basis of or be relied in connection with any part upon any contract or commitment whatsoever.

Contents

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Introduction

Operational Review

Financial Statement Review

Outlook

Contents

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Introduction

Operational Review

Financial Statement Review

Outlook

Product Range

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Heat Exchangers

• Shell and Tube; Helical Baffle

• Critical waste heat, RG boilers

• Steam surface condensers

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Pressure Vessels

• High Thickness Pressure Vessels (upto 160mm)

• Clad Pressure Vessels

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Columns / Towers

• Packed Column

• Tray Column

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Dished Ends, Expansion Bellows

• Spinning, Point Press and Hot Forming

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Reactors

• High Thickness Pressure Vessels (upto 160mm)

• Clad Pressure Vessels

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Centrifuge

• For starch and chemical industries

• Sizes upto 1600mm diameter

Catering to Wide Spectrum of Industries

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Chemical

Oil & Gas

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Paper & Pulp

Fertilizer

Water treatment Aerospace

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Power

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Global Footprint

• India

• Middle East, South East Asia

• CIS Countries

• Americas (including USA)

• South Africa , Nigeria,

Algeria

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Marquee Clients

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Shareholding Structure

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Share price - Perforamance
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800
700
600
500
400
300
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100
0
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Market data	As on 31st March 2021
No. of Shares Outstanding (Cr)	0.98
Face Value ( ₹ )	10.0
Price ( ₹ )	570.2
52 week High/Low ( ₹ )	839.2 /261.0
Market Capitalization ( ₹ Cr)	560.6

Shareholding % As on 31st March 2021

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Public/Others
34.64%
Promoters and Promoters group
Bodies corporate 43.26%
3.98%
Insurance Companies
2.66% Mutual Funds
7.28%
Foreign Portfolio Investors
Alternate Investment Funds
1.66%
6.52%
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Key Institutional Investors as on31st March 2021	Holding
ABAKKUS EMERGING OPPORTUNITIES FUND-1	5.85%
HDFC TRUSTEE COMPANY LTD - A/C HDFC MID – CAP OPPORTUNITIES FUND	4.66%
THE NEW INDIA ASSURANCE COMPANY LIMITED	2.66%
HABROK INDIA MASTER LP	1.61%

Contents

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Introduction

Operational Review

Financial Statement Review

Outlook

Q4 and FY21 Exec. summary: Best ever performance in a Single Quarter

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	Quarter -4	Quarter -4	Financial Year	Financial Year	Remarks
	Rs Cr	% from	Rs Cr	% from
	FY19 FY20 FY21	FY 19 FY20	FY19 * FY20 FY21	FY 19 FY20
Revenues EBITDA PAT Free Cash Flow	65.6 70.1 132.8 18.2 15.9 35.6 11.3 8.4 27.8 13.4 10.7 28.7	102% 89% 95% 124% 147% 229% 114% 168%	221.0 245.5 279.1 61.0 68.6 68.8 39.1 43.0 53.8 47.0 51.9 57.4	26% 14% 13% 0% 38% 25% 22% 11%	Highest ever turnover backed with excellent execution EBIDTA margin at 25%(including one time impact of Rs 6.3 Cr) Reversal of taxation of Rs 6.9 Cr on account of adoption of Sec-115-BAA(Rs 4.4 Cr) and reversal of previous year provison of Tax (Rs 2.5 Cr) based on assessment order Fixed Deposit Balance of Rs 20.5 Cr

• Excluding Trading revenue & profit in FY19

Strong order pipeline of Rs 256 Cr to provide good execution visibility in the coming year. Infact since 1[st] April till date we have already booked further orders worth Rs 46 Cr.

H2 Comparative

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H2
FY20 FY21 % Remarks
Revenues 146.8 162.2 11%
Growth over last year H2 despite impact of night curfew in Q3 FY21.
EBITDA 36.9 42.3 15%
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Key indicators – FY20 Vs FY21

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Turnover 14%99 Rs Cr
279.1
89%9 245.5
132.8
70.1
Q4 FY20 Q4 FY21 FY20 FY21
Q4 FY20 Q4 FY21 FY20 FY21
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14%99
0%9 Rs Cr
EBIDTA
279.1
68.6 68.8
124%
9
35.6
15.9
FY21 Q4 FY20 Q4 FY21 FY20 FY21
FY21
Q4 FY20 Q4 FY21 FY20 FY21
PAT 25% 9
Rs Cr
53.8
229%
9
43.0
27.8
8.4
Q4 FY20 Q4 FY21 FY20 FY21
Q4 FY20 Q4 FY21 FY20 FY21
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Order Book Review

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Equipment wise	Rs Cr	%
Heat Exchanger	178.3	70%
Vessels	56.8	22%
Tower & Reactor	18.0	7%
Centrifuge	2.9	1%
Total	256.1	100%

Order Book

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36.7
14%
219.4
86%
Dom Export
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• Strong Enquiry pipeline in traditional customer sectors viz. Petrochemical, refining, fertilizers etc. Infact since 1[st] April till date we have already booked further orders worth Rs 46 Cr.

• Robust Order book gives us a good platform for execution in the coming year

Contents

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Introduction

Operational Review

Financial Statement Review

Outlook

FY20 V/s FY21 Profitability

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Rs Cr	Q4 FY20	Q4 FY21	FY20	FY21
Revenue from Operations	70.1	132.8	245.5	279.1
Raw Material Consumed	31.9	50.3	142.9	140.4
(Increase) /Decrease in Stock	10.0	28.5	-32.6	7.7
Employees' Emoluments	4.0	4.3	16.2	17.4
Others Expenses	8.5	14.0	50.3	44.9
	54.3	97.2	176.8	210.3
EBIDTA	15.9	35.6	68.6	68.8
Margin	23%	27%	28%	25%
Other Income	1.0	1.3	4.1	3.7
Interest & Finance Cost	0.0	0.1	0.8	0.3
Cash Accruals	16.9	36.8	71.9	72.2
Depreciation	2.2	3.3	8.9	10.5
Profit Before Taxes	14.7	33.5	63.0	61.7
**Tax Expense ***	6.2	5.7	20.0	7.9
Profit After Tax	8.4	27.8	43.0	53.8

* Tax Expense reinstated for Rs 6.9 Cr on adoption of Sec-115 BAA of Income tax(Rs 4.4 Cr) & reversal of previous year provision of Tax(Rs 2.5 Cr) based on assessment order

Balance Sheet Review

Rs Cr	Mar-20	Mar-21
Share Capital	10.2	9.8
Other Equity	312.7	327.6
Net Worth	322.9	337.4
Non Current Liabilities	15.1	12.6
Current Liabilities	84.1	81.0
Total (A)	422.1	431.0
NetFix.Assets and CWIP	156.4	189.6
IntangibleAssets	27.1	23.7
Other Non-CurrentAsset	22.3	1.2
Total Non Current Assets	205.9	214.5
Current Assets	216.2	216.4
Total (B)	422.1	431.0

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• Successfully completed the buy back of Rs 24.9 Cr (excluding tax and expense) reducing the no. of shares by 3.88 Lac.

• Strong liquidity in form of FD of Rs 20.5 Cr.

Contents

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Introduction

Operational Review

Financial Statement Review Outlook

Outlook

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• Strong Order book & Enquiry Pipeline.

• Due to increase in COVID-19 intensity and various restriction been put by Govt.(including diverting oxygen for healthcare) to mitigate it, has resulted into difficulty in predicting the supply side constraint going forward.

• Ongoing Capex for development of clean room facility is likely to complete in H1 FY22.

• Now that we have obtained all necessary statutory/regulatory approvals, we are pro-actively working to mobilise actual construction work at site in Kheda at the earliest opportunity.

New H7 Bay

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