Monitoring Agency Report for the quarter ended March 31, 2025
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Crisil Ratings, the Monitoring Agency, has filed its report on the use of IPO proceeds for the quarter ended March 31, 2025. Out of the net IPO proceeds of Rs 1,633.69 million, the company has utilized Rs 1,391.19 million, leaving Rs 242.50 million unutilized. The loan repayment object (Rs 100 million) and working capital object (Rs 1,000 million) are fully utilized, while only Rs 13.72 million has been spent on new machinery (out of Rs 100 million planned) and Rs 277.47 million on General Corporate Purposes (out of Rs 433.69 million planned). The unutilized Rs 242.50 million is parked in fixed deposits with Union Bank of India. The Board has approved using the unutilized GCP in FY26 for catering business, advertisement, and working capital needs.
The report shows a delay in the capex and GCP deployment plan, with Rs 242.50 million unspent as of March 31, 2025, though funds remain safely parked in fixed deposits. For shareholders, this is a routine regulatory compliance update and signals that the company has not fully used the machinery purchase budget within the original timeline, which may raise mild concerns about execution pace.