Monitoring Agency Report for the Quarter ended March 31 2025
AFCONS · price
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Afcons Infrastructure has submitted the Crisil Ratings Monitoring Agency Report for the quarter ended March 31, 2025, covering the use of proceeds from its October 2024 IPO which raised Rs 1,250 crore gross. Of the revised net proceeds of Rs 1,214.64 crore, Rs 1,197.35 crore has been utilized so far, with Rs 52.65 crore still unutilized. Two objectives are fully completed: long-term working capital funding (Rs 320 crore) and prepayment/repayment of borrowings (Rs 600 crore). General corporate purposes (revised to Rs 214.64 crore) was also fully utilized, with Rs 85.20 lakh used this quarter for employee salaries. Issue expenses came in lower than estimated at Rs 35.36 crore versus the original Rs 43.88 crore, and the Rs 8.52 crore savings was added back to the general corporate purposes bucket. Unutilized funds of about Rs 53.92 crore are parked in fixed deposits with IndusInd Bank earning 7.0–7.4% interest.
Investors should note a disclosed delay in the construction equipment purchase objective — only Rs 28.33 crore of the planned Rs 80 crore was spent by FY2025-end because equipment orders are placed but not yet dispatched, with spending pushed to FY2026. This is a minor red flag on execution timing, but no material deviation from stated objects, and the remaining unutilized funds are safely parked in bank FDs.