Carysil Limited has intimated stock exchange about monitoring agency report for the quarter ended June 30, 2025
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Awaiting price reaction for this filing.
Carysil Limited submitted the Monitoring Agency Report issued by ICRA Limited for the quarter ended June 30, 2025, tracking how it used the Rs. 125 crore raised through a Qualified Institutions Placement (QIP) in July 2024 (net proceeds Rs. 121.65 crore after issue expenses). The funds were earmarked for three purposes: capex on new manufacturing facilities (Rs. 62.50 crore), working capital (Rs. 31.25 crore), and general corporate purposes (Rs. 27.90 crore). Working capital and the GCP portion are fully utilized (Rs. 31.25 crore and Rs. 27.90 crore respectively), while only Rs. 14.52 crore of the capex has been spent so far, leaving Rs. 47.98 crore unutilized and parked in HDFC Bank fixed deposits earning around 7.4%. ICRA confirmed there is no material deviation from the stated objects of the issue. However, the capex component is significantly behind schedule — only Rs. 7.41 crore was deployed by FY25 end against the planned Rs. 37.50 crore, and the remaining Rs. 30.09 crore is now expected to be spent by FY26 end.
This is a routine compliance filing with no negative flags from ICRA — funds are being used as originally stated. The main thing for shareholders to watch is the slow pace of capex deployment (only about 23% used so far), which could delay growth from new manufacturing capacity, though the idle funds parked in FDs are still earning a reasonable return in the meantime.