Monitoring Agency Report issued by CARE Ratings Limited for the utilization of proceeds raised through Initial Public Offer (IPO) and Pre-IPO Placement, for the Quarter ended March 31, 2025
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Exicom Tele-Systems has filed the quarterly Monitoring Agency Report from CARE Ratings on use of its Rs. 400 crore IPO and Pre-IPO proceeds. Out of the total, Rs. 256.99 crore has been utilized as of March 31, 2025, with Rs. 32.98 crore spent during Q4FY25, leaving Rs. 143.01 crore unutilized. The loan repayment (Rs. 50.30 cr) and general corporate purpose (Rs. 60.36 cr) objectives are fully completed, but deployment is delayed for the Telangana manufacturing facility (only 55% used), working capital (51% used), R&D (just 9% used), and offer expenses (85% used). The company has parked unutilized funds in bank fixed deposits and monitoring accounts. The Board has extended the fund utilization deadline to October 31, 2025. The report confirms no deviation from the original objects of the issue.
The significant delay in deploying IPO funds, especially for R&D and the Telangana plant, signals execution challenges. The company also reported a consolidated net loss of Rs. 47.76 crore in 9MFY25 and cited industry slowdown as a risk. While a large Rs. 1,680 crore advance purchase order offers future revenue visibility, shareholders should watch for timely project commissioning and working capital deployment by October 2025.