Monitoring Agency report for the Q4 FY 25

Crisil Ratings, the appointed Monitoring Agency, has submitted its report on the utilisation of Netweb Technologies' IPO proceeds for the quarter ended March 31, 2025. The total net IPO proceeds of Rs 1,940.24 million have been fully utilised across all stated objects, with the Monitoring Agency account balance standing at nil. Some cost revisions were noted versus the offer document: civil construction for the SMT line was reduced from Rs 90 million to Rs 73.12 million and equipment costs from Rs 232.86 million to Rs 136.60 million, while General Corporate Purposes (GCP) was correspondingly raised from Rs 112.16 million to Rs 225.30 million. A board resolution dated March 24, 2025 reallocated Rs 113.14 million of unutilised capex to GCP, which is permitted under the offer document. The GCP amount was used for working capital needs, including purchase of raw materials and statutory dues. No deviations from objects, no major adverse events, and no change in means of finance were reported. A small balance of Rs 5.39 million remains in the public offer account pending issue expense reconciliation, and Crisil will continue monitoring until that is fully settled.