Good morning, ladies and gentlemen. Welcome to the Q4 FY 2021 Earnings Conference Call of Alicon Castalloy Limited. As a reminder, all participant lines will be in the 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. Mayank Vaswani from CDR India. Thank you, and over to you, sir. Thank you, Lizanne. Good day, everyone, and thank you for joining us on Alicon Castalloy Limited's Q4 and FY 2021 earnings conference call. We have with us on the call today Mr. Rajeev Sikand, Group CEO; Mr. Vimal Gupta, Group CFO; Mr. Shekhar Dravid, COO at Alicon; Mr. Andreas Heim, Managing Director of Illichmann Castalloy; and Mr. Rajiv Gupta, Head of Domestic Business at Alicon Castalloy Limited. Mr. Vimal Gupta will start the call and cover the financial performance for the quarter and year, following which Mr. Dravid will walk us through the operating highlights. In order to share a more granular view of initiatives towards both the global and domestic markets, we also have Mr. Andreas Heim and then Mr. Rajiv Gupta to provide insights on these areas. Mr. Sikand will then cover business developments, following which we will have the forum open for a Q&A session. Before we begin, I would like to point out that some of the statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with all of you earlier. I would now like to hand over the floor to Mr. Vimal Gupta for his opening remarks. Over to you, sir. Good morning to all our investors. I hope that all of you and your near and dear ones are safe and well, given the severity of the second wave. Thank you for taking out time to join our earnings call. The Alicon team derives immense gratification that despite loss of lockdown-induced business volumes in the first half of the year, we were able to record growth in the second half that erased the effect of the deep recession in the first half. We ended the full year with healthy contributions from the Indian operations and our European subsidiaries. We have delivered a robust performance this quarter as total revenues from the operations on a consolidated basis was at INR 323 crore in quarter 4 FY 2021, higher by 63% year-on-year basis. Even on a sequential quarter basis, total revenue from operations grew by 20%. I am pleased to share that this has been the highest ever revenues reported by Alicon in a quarter. The growth during the period was driven by improved volume growth supported by healthy realization and richer product mix. Volumes were driven by strong performance in our domestic auto business, robust pickup in international business, and improving contribution from the EV segment. Before this, our strongest quarter was Q4 FY 2019, and we have been able to realign our performance to our longer-term growth objective, which is a reflection of all strategic measures that we have undertaken over the last several years. Domestic revenues during Q4 FY 2021 were higher by 66% year-on-year basis, while international revenues, including those from our European subsidiary, Illichmann, grew by 56% year-on-year basis as OEM customers scaled up their production schedules. In Q4 FY 2021, export and international business accounted for 23% of our revenues, while 77% was contributed by domestic revenues. Our auto business contributed to 92% of the total revenues for the quarter, and revenues from our non-auto division stood at 8%. During the quarter, our subsidiary company, Illichmann, received a retrospective sales price claim of INR 2.5 crores from customer-related revision in sales price. Having demonstrated the ability to ramp up volumes, this customer has given an enhanced supply schedule in the coming months at this higher price. This order puts us in a good position to showcase our technical capabilities to other customers in Europe who are pursuing increasing the share of electric vehicles in their portfolios. The EBITDA for the quarter was at an all-time high of INR 49.07 crores, growing by 283% on a year-over-year basis and by 46% on a quarter-over-quarter basis. The EBITDA margin was 15.2% in quarter 4 FY 2021, higher by 872 basis points year-on-year basis. The quarter 4 FY 2020 EBITDA was muted on account of lockdown announced in March 2020, and 270 basis points on quarter-on-quarter basis. Our savings and cost optimization initiatives coupled with a richer sales mix and uptick in sales volume helped us record this healthy EBITDA margin. As we look ahead, we hope that this improvement in our sales mix, our profitability metrics will be sustainable and as we continue our thrust on export markets and new products. The value addition which was at INR 130 per kg in FY 2018-2019 increased to INR 138 per kg in FY 2020-2021. As activity level rebounds, our margins should continue to be supported by the savings and belt-tightening that we have implemented at the cyclical lows. Profit after tax for Q4 FY 2021 stood at INR 25.33 crore with a margin of 7.8%. This has improved substantially compared to the loss of INR 5.84 crore in Q4 FY 2020. Owing to the lockdown announced in March 2020, we have also reported very strong growth in PAT on a sequential basis as it has more than doubled from Q3 FY 2021. Another heartening feature of our performance that I would like to share with you is that our focus on managing our working capital efficiently has paid rich dividends. The fact that we were able to achieve this in this pandemic year which witnessed severe disruptions has been confidence-boosting. The slightly higher level of inventory has been offset by the reduction in receivables. We were able to reduce working capital by INR 29 crore on a year-on-year basis. Sir, your voice is breaking up. Hello? Yes. Now it is clear? Yes, sir. Thank you. Closing receivables as at March 31st, 2021 were marginally lower than March 31st, 2020, despite the increase in sales in Q4 FY 2021 by 63% on a year-on-year basis. This has led to improved cash flow in the backdrop of a highly challenging year. This efficient management of working capital helped us reduce our overall net debt by INR 30 crore. The net debt stood at INR 297 crore on March 31st, 2021 compared to INR 327 crore last year, resulting in a marginal improvement in net debt equity ratio to 0.94x as against 1.04x in FY 2020. On a proposed equity raise, we are in process of taking this initiative forward, and the documentation and application is progressing within the timeline prescribed by the regulators. The funds from these proceeds will support our growth initiatives and will also enhance our liquidity and balance sheet position. As we look ahead, we are consciously following a measured and calibrated capital allocation strategy. With imminent stock business momentum and solid new wins coming our way, the focus is first on efficiently utilizing our current installed capacity of 42,000 metric ton per annum at optimal level before undertaking any new expansions. In order to optimally utilize our casting capacity, we will also have to appropriately scale up our melting and machining capacity and may have to undertake investments in developing capacities for special purpose equipment and process improvements depending upon customer requirements. The company will be consciously rebalancing its existing capacity in a phased manner in the next three to four years so as to achieve optimum output across all focus areas from the existing capacities. Our agenda is to emphasize our investments where there is a healthy value accretion in the longer run. While we will continue to pursue all the defined strategic initiatives and growth opportunities, our CapEx spend will always be within a strict financial discipline criteria. In line with the strategy, our CapEx spend during FY 2021 stood at INR 46 crore as against the earlier annualized plan of INR 57 crore and lower than the CapEx spend in FY 2020 of INR 61 crore. This will allow us to elevate our return ratios back in FY 2018 to FY 2019. Our return on capital employed and return on net worth were healthy at 19% and 17% respectively while absorbing the severe disruption in recent quarter. Our focus continues to be on improving ratios over these levels as the operating performance rebounds and we accrue the benefits of better product mix, healthy profitability, streamlined working capital cycle, and improved balance sheet metrics. We will aspire to take our return ratios above the benchmarks set in FY 2019. The combination of levers to support the better margins combined with a more efficient balance sheet set the course for us to surpass the previous higher peaks highs in return on capital employed and return on net worth. Unfortunately, as we speak, India is experiencing a second wave of the pandemic. It is more virulent than what we saw during the first phase, and various states across the country have imposed lockdowns while trying to balance the twin considerations of life and livelihoods. As the spread of the second wave is contained and macro environment in India normalizes, we are positive that our domestic operations will add to the current robust volume that we see in our overseas business. On that note, I would like now to hand over to Mr. Shekhar Dravid, who will talk about operating highlights for the quarter. Thank you, Vimal. Greetings to all. I trust all of you are well and staying safe. I will share with you some of the trends witnessed in the quarter 4. On the domestic auto front, during the quarter, sales across OEMs witnessed a rebound from a low base with a strong demand emanating from a pandemic-driven preference for personal mobility and the new launches. Passenger vehicles and two-wheeler sales continued to report healthy improvement in sales on a month-over-month basis. Commercial vehicles also saw increased sales on the back of improved sentiment, steadier pathways, and improving demand from road construction and mining. The major pain point has been higher fuel costs. On the international front, most of our key export geographies in the U.S. and Europe reported a healthy auto sales despite lockdown constraints in some of the parts of Europe during the quarter, due to the concerns surrounding the second and third wave of COVID cases. We are quite encouraged to have reported a strong performance in the fourth quarter. There have been a lot of efforts undertaken over the last few quarters and years to position ourselves well to capitalize on the growth trends in the global auto industry. The results that we see this quarter and the momentum of the quarter ahead has been contributed by our five key strategic growth pillars. The first being our auto business. This segment witnessed improved volumes during the quarter, with healthy client engagements coming in from domestic and export regions. During the period, we added eight parts from Dana Incorporated in domestic and 13 parts from the OEM like TitanX, Ashok, MAHLE Behr in exports. Overall in FY 2021, we added 39 parts from 13 existing customers in domestic and 42 parts added from nine existing customers in exports. These orders will amount to lifetime sales value of INR 190 crores, while an average yearly sales of INR 49.2 crores. Amid the pandemic, personal transportation in the domestic market has gained considerable importance, with two-wheelers being the preferred mode of transportation, especially in the rural and semi-urban areas. On the urban area side, we are witnessing improved sales across both two-wheeler and four-wheeler categories. Additionally, we are also seeing some supportive reforms. Favorable policies announced, such as Production-Linked Incentive and Vehicle Scrappage Policy, will assure in long-term benefits and growth opportunity for the industry, which will further create demand for new vehicles, thus going well for the Indian auto industry. Coming now to the second of our growth pillars, which is an electric vehicle division. The continuous global focus on climate change has ensured that all mainstream automobile players have focused their energy on the EV space. Technological improvements have narrowed the cost of ownership between the ICE vehicles and the EVs. In the international market of U.S. and Europe, we have seen growing production and adoption of the electric vehicles, especially in last two, three years. Closer home too, we are steadily witnessing a pickup in consumption of e-mobility. Several auto components which in present combustion engines are in cast iron and steel fabrication or similar composite materials, we believe will get converted into aluminum or other low-density material like aluminum or alloy such as aluminum magnesium alloy in electric vehicles. Aluminum and other low-density material enable a great reduction of a component as much as to the 46% energy EV efficiencies. We are already supplying battery housings to Samsung, who supply onwards to JLR in the EV space. This is one of the examples where we have capitalized on the opportunity provided in this space. We believe our experience in aluminum castings will provide us an opportunity to become one of the front runners in the EV space. Recently, we also provided OEMs with thermal engineering solutions for the e-mobility sector. Let me provide a brief overview of the applicability of these solutions. EV components like motors and batteries generate a lot of heat during the operation, which impact the end product performance. In order to alleviate this impact, through our European subsidiary, we prepared ourselves to cater to this segment and devised a technology solution for electric vehicles. This thermal engineering solution is a value add and premier offering which gives us competitive technical know-how. We have already partnered with Bosch and Samsung for this thermal management solution and have gained significant exposure in the European market. We are leveraging our IP and are now partnering with Dana Incorporated to develop products embedded with ready-to-use technology. A few years ago, we were ramping up our process and R&D capabilities, and now we have successfully demonstrated a niche solution offering and look forward to capitalizing on more such opportunities from our customers in EV space. During the quarter, we have received orders from Dana Incorporated, that is Tier 4, Mahindra & Mahindra, Graziano, and Ashok for their e-mobility platforms. These orders will amount to a lifetime sales value of INR 26.3 crores, which is averagely a yearly sales of INR 5.3 crores. EV as a segment is now looking more promising than what initially anticipated. Our target is now to clock upwards of 25% from the electric vehicle division on growing revenue base by FY 2025/2026. With this trend in EV space, our target is to increase the contribution of EV into this portfolio. Now to the third growth pillar in the technology agnostic platform. We are steadily adding to the proportion of the parts we offer that we require in each vehicle irrespective of the technology platform. Various aspects of the vehicle remain common across both ICE and EV platforms and would remain relevant should there be emergence of any alternative technology too. Our aim is to ensure that we gain relevance in interesting and attractive niche of these products by leveraging our core competencies. For example, previously, components such as the chassis and suspension components in combustion engines were in forged steel. With increasing focus towards the light weighting driven by electric mobility, these components are now changing over to aluminum. This brings in another growth opportunity for Alicon. In addition, we are also getting increased inquiries from other OEMs for development of frames and control arms following successful completion of our orders with JLR for the same product, the product basket. I'm happy to share that we have also received RFQ for the new generation vehicle of JLR. On the non-auto segment, we are witnessing healthy growth in demand across sectors such as defense, aerospace, agriculture, and energy, and we expect this momentum to strengthen in the quarter ahead. During the quarter, we have received orders from Honeywell Automation India and ABB India as they expand their business in the domestic and the export markets. We also got a repeat business win from Ingersoll Rand for supplying their products in the China market. We are also expecting an order from BEML for supplying cylinder heads for 10,000 Tata trucks. This is also indigenized and developed and is now in the ramp-up phase. The fifth growth pillar is our focus on increasing customer wallet share. We at Alicon have positioned ourselves as a solution provider to our customers. This is aptly demonstrated by our recent thermal engineering solutions to our existing customers. In the e-mobility space, this will enable us to be the preferred partner of choice for our customers across their ICE and EV initiatives. We are also diversifying and expanding our product portfolio to include several niche and value-adding offerings. We are working towards increasing the proportion of machine components or ready-to-use components. Overall, vehicle content has improved by 6% during the year. All our strategic growth initiatives position us to capitalize on the opportunities that the economic revival will provide. As already shared by Mr. Gupta, we are witnessing a second wave of the pandemic in India, and I would like to share with you the steps we are taking to counter the localized lockdowns. In accordance with the break the chain guidelines shared by the Government of Maharashtra, India, our offices and plants in the month of April were operating with the scaled-down levels of manning to meet requirements of our customers. While in quarter 4, we returned to optimum levels of operation, the ongoing lockdowns and restrictions may impact operations and efficiencies in quarter 1 of FY 2021. However, with the actions undertaken by the Government, we are hopeful the second wave will be controlled. Across the company, we remain committed to employee safety and continuance to follow strict adherence to social distancing, hygiene protocol, and safety. On this note, I would like now to hand it over to Mr. Andreas Heim to throw light on our global business. Thank you, Dravid. A warm welcome to all of you. I will briefly cover the development on our international business. This quarter, Illichmann Castalloy has enhanced its contribution in the group financial performance. Those of you who are familiar with the Alicon story would know that Illichmann merged into the Alicon Group in May 2010. Illichmann was originally founded in 1929 in Austria. It has a plant in Slovakia, from where it serves major clients across Europe. Since the European markets have been more readily accepting of electric vehicles development, in these markets, it has witnessed a head start. There is a greater acceptance of EVs and better infrastructure at present. The Illichmann facility is catering to demand for Samsung, Bosch, and Meritor, which has helped scale up the volumes in this quarter. Further, some of the leading OEMs like JLR have been fairly aggressive in the EV adoption and have set the target to be 100% electric by 2024, 2025. It's likely to unlock more opportunities for Illichmann in the coming months. This will be a key contributor to the vision of the group to increase the contribution of the EV in its portfolio. In quarter 4 2021, we have added three new parts from four global customers, such as TitanX, Ashok, MAHLE, and Eaton. In financial year 2021, we have added 42 new parts with nine global customers, with three new logo additions from Flextronics, Ashok, and Mercedes. International business, including sales from Illichmann, contributed to about 23% of our total revenues in quarter 4 2021. Appointment of our global representatives in U.S. and European market, namely CBS in U.S. and Kiekert in Europe, has helped Alicon to penetrate in global business more effectively, and now has started showing the signs of attractions in business wins in these regions, achieving pace in line with our global business strategy. Having these teams in closing proximity to customers has elevated connectivity with existing customers and opened up opportunities to my new customers for future business. Apart from the increased penetration with European customers, the entry into global supply chains enhanced their prospects for proximate markets. We are working on partnering with PSR in U.S., entering in the market in Mexico and Brazil, as well as delivering our entry into the Japanese market with Flextronics. Further, our engagement with players like TitanX and Eaton can lead to development programs for the inbound business. There are niche opportunities emerging in the Middle East, China, and South Korea to significantly elevate the global footprint in the group. On this note, I would like now to hand over to Mr. Rajiv Gupta, who will cover developments in the domestic business for the quarter. Thank you, Andreas. Good day, everyone. The domestic auto industry saw a sharp rebound, with sales volumes increasing 27% year-on-year in quarter 4 FY 2021. Across the industry, most OEMs are now operating at near normal utilization levels despite raw material inflation. From an industry perspective, sales of tractors, two-wheelers, passenger vehicles, and commercial vehicles remained strong during the quarter. Coming to the performance. The overall positive momentum in the domestic auto industry has had a favorable impact on the domestic volumes of Alicon. Alicon was able to grow domestic sales by 66% year-on-year in quarter 4 2021, outpacing the growth of the domestic industry. We have made good progress in building up volume sales to commercial vehicle and three-wheeler customers, in addition to our strong hold of two-wheelers and four-wheelers. During quarter 4, we added eight parts from a leading domestic customer, and in fiscal year 2021, we have added 49 new parts with 12 domestic customers and three new logo additions. On the whole, we have reported an encouraging growth in the domestic auto segment during the quarter, led by improving demand on account of pent-up sales, substitute switch, and higher preference towards personal mobility. We are witnessing a good level of inquiries and bookings in the market and are hopeful that improving macros will further support this momentum. The scrappage policy, PLI linked scheme, and improved allocation towards road infrastructure on the ramp for auto sector and will help boost consumption going forward. On this note, I would now request our Group CEO, Mr. Rajeev Sikand, to share with you his perspective on Alicon performance. Thank you, Rajiv. Thank you. I welcome all our investors. Thank you for joining this call. I hope you and your family members are well and safe. My colleagues have shared with you the details of our performance and perspective on the operating environment. I would just like to add that apart from the impact of the second wave, we are very confident of our growth potential and the opportunities across the auto, non-auto, and the e-mobility space in near to medium term. These are a good sign of sustained revival in demand and inquiries across markets driven by augmented customer sentiment, improvements in finance availability, and a gradual pickup in business and economic activity. Better macro, along with a stabilized raw material environment, should help build further momentum and boost consumption. I would also like to say my deep thank you to my own team, Alicon, who have stood at this juncture when the situation in March 2020 was of a sheer desperation. However, team Alicon showed resilience and led all of us through the entire journey to cross the new milestone in 21st March 2021. At the company level, our impetus has been on encouraging the adoption of 3R mindset, which stands for reflection, resilience, and reimagination across our organizations. This approach, even in a difficult year, has enabled us as an organization to adapt to the new normal. In this year, despite unprecedented challenges, all of us at Alicon within our growth areas continued on this cumulative journey to build and create a stronger company, undertaking significant initiatives to solidify the trajectory of the growth. Our multi-pronged focus towards strengthening our existing customer base, adding new clients across markets, and ramping up of our product basket continued to drive business momentum. We also expanded our bouquet of products towards high margin and value add categories to serve the need of our customers both in domestic and export markets. During the year, we announced significant order wins with multiple OEMs, which provide us an healthy growth visibility for years to come. Our business fundamentals are strong and intact, and we are proactively engaging with the customers to ensure we fast-track scale-up performance going forward. We are also ensuring that all our people, all our blue collar, white collar, are well taken care of in this extremely challenging environment and are having a deep communication with all of them on a virtual daily basis. As we look forward in the promising and opportunistic future, our objective at Alicon will always be towards making ourselves future ready, while also being consistent, trustworthy, and reliable partner to our strong and growing customer base. We strive to achieve this by effectively leveraging upon our comprehensive product portfolio, strong innovation and R&D capabilities, agile manufacturing abilities, and strong reference base, both in domestic and global markets. On this note, we would be happy to take your questions now. Thank you all. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. Anyone wishing to ask a question may please press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question from the line of Saurabh Jain from Sushil Finance. Please go ahead. Good day, everyone. First of all, I hope all of you and people around you are safe and doing well. Secondly, many congratulations for the wonderful set of numbers. I have few questions, sir. First is, looking at the results. Hello. Am I audible? Yes. Looking at the results, Illichmann has done quite well this quarter. The top line of almost INR 40 crores and EBITDA margin above 18%. This is probably the first time we saw that number as against a little over 11% in the previous quarter. What got us reach these levels, both on top line and margin, and is there any one-off in this? How much of that is sustainable going forward? Thank you, Saurabh. About the Illichmann, first of all, this was a special quarter when we started the major supplies for the EV segment, and there was initial higher level of demand from the customers. That has given us the improvement bottom, top line as well as the bottom line. On the way forward, the volumes are increasing, and we are hoping that in the coming year, 2021, 2022, we'll see improved bottom, this top line levels as well as on the bottom line. Definitely, this was a special quarter that in our notes also we have explained the special price given by the customer, around INR 2.5 crore that has impacted the results of the Q4. Overall, when we see that improvement in the top line of Illichmann, definitely there is a improvement in the bottom line, in the margins also. If you see the previous years of Illichmann performance, so up to that level, they were at almost at breakeven. After that when the volumes grows, so definitely there is a good improvement we see in the bottom line, in the margins. I think I have answered your question, Saurabh. Okay. Yeah. How much of this INR 43 crore-INR 44 crore of the revenue came from this new EV business? Approximately 40% is from the EV. Okay. Sir, the same is true for the standalone business as well. We recorded the highest ever margins. Can we assume that we can sustain these 15% kind of margin for the full year and so perhaps improve next year from these levels? Yes, definitely. If you remember that in our earlier call also, we are explaining that when we are taking off and moving towards the new businesses, their margins are high. That is the start now from the quarter 4 of 2021. Definitely there will be improvement in the margins in the coming quarters that we will see when we have the normal cycle of the business. Okay. I have a couple of more questions. I'll get back in the queue. Okay. Thank you. Sure. We'll move on to the next question that is on the line of Rohit Ohri from Progressive Shares. Please go ahead. Sir, two questions which are related to the developments at the property at Khed. If you can just give us a highlight as to what exactly is happening there. At this moment we have kept on hold because what now we are more focused to utilize our existing facilities and because you also know that when we go to a new location, so for that, in the new location, we have lot of fixed cost and investments in the non-productive equipment, like land and building, such type of things we have to develop. At present in the current year, we are more focused on to utilize the existing facilities and improve our output from the present facilities. You feel that there is still more time and you are able to spread the assets which are with the current plant and the current capacity utilization is ample enough for you to not go to Khed and go and explore that property. Yeah, at this moment, yeah. What is the current capacity utilization that you have? Our current capacity utilization is around 70% in 2021. Looking at the capacity utilization for this line, we will be around 80% we will reach it by next financial year. Okay. Sir, your presentation speaks about a program to reduce the interest cost. Can you elaborate what exactly are you trying to do or what is on your credit card that you have chopped out to get the margin slightly higher from here despite the new product launches that you have done? Yes. This is to reduce the interest cost, mainly our main focus is on the investment side, how to optimize our existing facilities. Second side on the, you have seen that in the last year how we are more focused to reduce the working capital. Now further more pressure we are putting to renegotiate our payment terms with the customers where some money is stuck, all these things. Further we will see improvement in the working capital cycle as well as on the investment side. Second is now the interest rates because we are renegotiating whatever the opportunities are there to reduce our interest rates. That we are putting a pressure to the lenders. All the efforts wherever opportunities are there, we are putting up all these things. Okay. This is a kind of a long shot. Are you looking at any fundraising plans as such to kind of boost the operations of the four plants or maybe the property at Khed as well? For the property at Khed that we already explained to you a little bit it will take time. Already this fundraising is in the plan and you know. Already AGM have held and this Q3. That is in progress. Okay. This property is owned by us, right? The property at Khed is in the books of Alicon, and they are the owners, right? It is not on lease. Yes. Okay. Sir. Thank you. I'll get back in touch with you. Thanks a lot. Thank you. The next question is from the line of Pritesh Chheda from Lucky Investment Managers. Please go ahead. Yes, sir. The utilization number which you gave for FY 2021 at about 70%, does it mean that quarter 4 was actually 100% utilization for us? It was not. Basically, as you know, last time also we had discussed at any point of time, we are working with a 20% of our spare capacity. Our utilization has been improved because of the multiple things what we have taken up in last year that the multi-cavity tools using the output per machine has been increased. All these have given us the output from the existing capacity. Still, I will maintain that in the quarter 4 also it was within the range of 70%-72%. sir, the annual cannot be 70%, right? If quarter 4 is 70% at INR 320 crores. Yes. The other quarters were not normal. When you are referring to the utilization number, you are referring to quarter 4 utilization, that's what you are mentioning? Yes. That explains confusion. My second question is, on the order wins that we have got and we have announced in the past calls as well, what would be the progress there and how much of those new order wins would be executable in 2022 and 2023 in terms of value? One moment. Yeah. In quarter 4, we have added a sum total of 21 parts, which will give us a average sales of INR 38 crores. The project value for these parts are INR 190 crores. No, sir, that's not my question. My question is, whatever order wins we have announced so far in the last one year, there were different orders. There was Toyota, then there was TitanX and lot of orders. There is a lifetime value of those orders, and you would have got something in quarter 4 also. I just wanted to know how much of those new orders, in terms of annual execution, is slated in FY 2022 and 2023 by value. Basically, new order executable in 2022 and 2023, if you could share that number. Yeah. In 2021, 2022, with these new businesses what we have got, we are projecting to sell INR 382 crores. In 2022, 2023, this will realize to INR 605 crores. You are saying that you will execute INR 400 crores of incremental business in FY 2022, and you will execute INR 600 crores of business incrementally in FY 2023, that's how you are putting it? Right. Sir, this number differs from what it was, let's say, a call which was done on 18th December. Right. Where it was mentioned that out of the total orders that we have got, INR 80 crores is executable in 2022 and INR 160 crores is executable in 2023. Sir. I'm asking for the annual execution of new orders, sir. I'm not asking for the lifetime values. Whatever orders were not there in 2021 becomes a new order, right? The projections which were declared, talked in December call, those were based on the plant which customer has been given at that time. As and when the situation has changed, the projects which were previously which we have developed and which were in ramp-up and were delayed at customer end, the customer has ramped up in this year, and hence we are seeing a growth of this value from that point of view. Also, the new businesses what we added, those businesses also going into a ramp-up in 2022, 2023. The business will take up place in 2021, 2022. That's why this cost of our total of INR 380 crores what we are looking into. These are the total overall business from the businesses which we have captured it in last two years and that account gone up into development and the ramp-up. I should add this INR 400 crore of new business on INR 800 crore of revenue that we have done in 2021, right? You can do about INR 1,200 crore of revenue in 2022. Yes. It goes to something like INR 1,400 crores-INR 1,500 crores of revenue in 2023. Yes. Okay. My last question is, sir, in the quarter 4 we see your company outpacing the volume growths of the- Hold on. Yeah. Yeah. Of course, this is only a takeaway is that it depends on what will be the localized lockdown which we are now seeing. Rajiv is giving basically on the figure which would be a normal business year. Yeah, sir. That much only will be a differential. Thank you. Yeah, sir. On the quarter 4 outpacing of the vehicle growth, we are exposed to PV and- ...CV to a larger extent. What explains this outpacing of the industry growth? Any specific comments that you have when we look at the auto growth and when we look at your revenue growth QOQ or YOY, whichever way, it's completely different. Any comments there? Yes. If you talk about the quarter 4 performance, as rightly said, we were above the industry growth. The industry has witnessed a growth of 27 and we were at 54. The reason we were able to perform better from the industry was the new business what we have added. This has helped us to grow the momentum and reach in our businesses. Secondly, take away the SOB increase in our SOB in this quarter with wherever we have this issue, mostly we are single source, so we work on flexibility and enable this by providing this flexibility to our customer. Okay. Thank you very much, sir. Thank you. All the best to you, sir. Thank you. Thank you. The next question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead. Thank you very much, sir, for the opportunity. Just wanted to understand what is the CapEx? Thank you, sir. Mr. Poddar, sir, we're not able to hear you clearly. Hello? Yes, sir. I just wanted to understand, sir, what's the capacity utilization you'll be targeting in FY 2022? It is around 75%-90%. 75%-90%? Not 80% because it will be between 70%- 75%. I believe more 75%. In the quarter, sir, our capacity utilization was 70%, if I heard it correctly, right? 72%. 72%. Okay, fair enough. Okay. That's it from me. Thank you very much. Thank you. The next question is from the line of Raghunandhan N L from Emkay Global. Please go ahead. Congratulations, sir. Wonderful performance. Q4 earnings is higher than the full year FY 2021 numbers. Sir, just a couple of questions. Firstly, on sales to EV customers, how much is the share of revenue currently for EVs? If you can give some color on what is the pending order book. Just wanted to better understand how you see the contribution rising in FY 2022, 2023, now that we have set an endeavor of 25% over the next few years. Yeah. Talking about EV, the last year the contribution was 8%. This year we are targeting 9%, and eventually it's going to increase over the years. Particularly if you talk about volume, in India EV is still the contribution is very low. Here we have gained that momentum with our European subsidiary wherein the dealer has set up very well. Very closely we are watching how the trend is changing in EV and ICE. As per the research, what we know at this moment, the EV contribution is 13%. By 2025, it will reach up to 30%. We have defined very clearly, and last year also we have done quite well in the EV space. We're getting a lot of businesses in this particular space. Yes, we have defined and we have revisited our targets because we have noticed that the market is shrinking and there's a lot of discussion coming up, and in EV we are getting high value addition. As we mentioned about the USP of the thermal engineering with these solutions we are giving to our customers, and this will help us to grab our share in this particular area. Thank you, sir. Wishing you all the best. My second question was on working capital. Receivables have been reduced. Has receivables still stand at about 139 days? Just wanted to understand what is the comfortable level and what is the expected target for the company. I remember you had indicated that you are working towards a few pending settlements with customers and can also use discounting as an option to reduce the working capital level. Vimal sir, if you can comment a little on that. Yes, definitely, because now we are more focused on this. On the other side we have to see the trend. We are growing in the export market where always the payment terms are longer. Definitely from these whatever we are having, we are focused maybe in the range of 110 - 115 days at least for this year we are targeting. Thank you, sir. Thank you so much. Just one clarification. Would you be able to share the volume and the machining ratio for FY 2021? If you have it handy, otherwise I'll take it later. We will give you later. Yeah. No problem, sir. Thank you, and I'll come back in the queue. Thank you. The next question is from the line of Aditya Makharia from HDFC Mutual Fund. Please go ahead. Hi. This is Aditya from HDFC Securities. I just had one question. You did mention that the use of aluminum in two-wheelers, which is two-wheeler EVs, will go up from 5 kgs to something like 12-13 kgs. I wanted to know, will the realization come down because of the aluminum usage will go up so much? Thanks. As you know that we are working with Ather, where we are supplying around 17 kgs per vehicle now from whatever the developments we have done so far. Looking forward, at this moment, whatever the orders we have captured, the percentage of that, we are in a growth stage where we are acquiring more and more components for this. It will be very difficult from the cost point of view to quantify it at this moment for other sectors. Definitely, we are working on it, and this will increase the aluminum content in EV, and that will be an opportunity created for Alicon. Yeah. No, I get that. Obviously, you are going to get more orders, the per kg realization, will it be lower in the case of a EV compared to ICE? If you are supplying 5 kgs of aluminum component, that goes mainly in the engine for a ICE vehicle. Perhaps for an EV, the aluminum content may be used for chassis and other products. The realization will come down, is what I was understanding. No. These parts qualify in a certain segment which we have defined inside our group. These are the segments where the value addition, as Vimal had explained earlier, the value addition per kg is moving up. This comes in that kind of a basket where the whole movement moves slightly up year-on-year. Okay, got it. We can maybe take a little off time later as well. Thank you. Thank you. Ladies and gentlemen, that is the last question. I now hand the conference over to the management for the closing comments. I thank everybody once again for joining us today and wish you all are safe, your families are safe, and let's hope the whole pandemic intensity reduces. We are seeing in Maharashtra over the last three weeks that there's a reduced testing rate, showing low track, and hopefully certain other states it's going to show sooner or later. I wish you all the very best for the day. Thank you very much. Thank you. Thank you. Ladies and gentlemen, on behalf of Alicon Castalloy Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Thank you.