Monitoring Agency Report for the quarter ended March 31, 2025
CARYSIL · price
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Carysil Limited has filed the quarterly Monitoring Agency Report from ICRA Limited covering the use of funds raised through its Qualified Institutions Placement (QIP) in July 2024. The QIP raised Rs. 125 crore in total, with net proceeds of Rs. 121.65 crore earmarked for three purposes: Rs. 62.50 crore for capital expenditure on new manufacturing machines and equipment, Rs. 31.25 crore for working capital, and Rs. 27.90 crore for general corporate purposes. As of March 31, 2025, the company has utilized Rs. 66.56 crore in total — working capital and general corporate purpose funds are fully deployed, while only Rs. 7.41 crore out of the Rs. 62.50 crore earmarked for capex has been spent so far. The remaining Rs. 55.09 crore of unutilized funds is parked in fixed deposits with HDFC Bank earning 7.40% interest and held in monitoring/current accounts. ICRA confirmed there is no deviation from the stated objects and all projects are on schedule.
No red flags for shareholders — ICRA confirmed funds are being used as originally promised with no deviations or delays. The slow capex deployment is normal for setting up a new manufacturing facility, and idle funds are safely earning ~7.4% in bank FDs. Investors should expect the bulk of capex spending to flow through in FY2025-26, which could support future growth in production capacity.