Statement of Deviation or Variation under Regulation 32 for the Quarter ended March 31, 2026
HITECH · price
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Hi-Tech Pipes Ltd filed its quarterly utilization statement for funds raised via QIP in October 2024 amounting to Rs 50,079 Lakhs. The company has utilized only Rs 1,201.9 Lakhs during the quarter, with the entire amount deployed towards capital expenditure for expanding the existing Sanand (Gujarat) manufacturing unit and setting up a new unit in Sri City (Andhra Pradesh). No funds have been deployed for the planned debt repayment (Rs 25,000 Lakhs allocated) or general corporate purposes (Rs 8,186 Lakhs allocated). The monitoring agency is CRISIL Ratings Limited. The company has declared there is NO deviation or variation in the use of funds from the stated objects.
The slow utilization of funds indicates the capital expenditure projects are still in early stages. The full deployment for debt repayment and corporate purposes remains pending, which may provide future flexibility for the company. No red flags for shareholders as the utilization aligns with stated objects.