MONITORING AGENCY REPORT FOR THE QUARTER ENDED MARCH 31, 2025.
PLATIND · price
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Platinum Industries Limited has filed the Monitoring Agency Report by CRISIL Ratings for the quarter ended March 31, 2025, tracking the use of money raised from its February 2024 IPO. The company raised Rs 2,353.17 million (net proceeds of Rs 2,118.29 million) from the IPO for four purposes: investing in its Egypt subsidiary (Rs 677.21 million), setting up a Palghar manufacturing facility (Rs 712.61 million), funding working capital (Rs 300 million), and general corporate purposes (Rs 428.47 million). As of March 31, 2025, only about Rs 839.26 million (~40% of net proceeds) has actually been deployed, with the Egypt project barely started (Rs 2.75 million used) and the Palghar facility around 58% complete. The balance is parked in fixed deposits with Kotak, ICICI, and Indian Overseas Bank earning 6.85%–7.45% interest. There are no deviations from the stated objects, but all four project timelines have been pushed to FY 2026 mainly due to pending government approvals and ongoing design work for the Egypt plant.
Slow deployment of IPO funds (only ~40% used in over a year) and clear project delays, especially the Egypt facility, may concern investors tracking execution. On the positive side, idle funds are earning healthy FD interest and CRISIL found no deviation from the disclosed objects, though shareholders should watch for further delays in approvals and fund utilization in FY 2026.