Monitoring Agency Report for the Quarter ended March 31, 2025 in relation to the Initial Public Offer (IPO) of the Company.
QUADFUTURE · price
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CARE Ratings, the Monitoring Agency, has filed its report on Quadrant Future Tek's Rs. 290 crore IPO (allotted January 10, 2025) for the quarter ended March 31, 2025. The report confirms no deviation from stated objects. Of the total proceeds, Rs. 105.84 crore has been utilized and Rs. 184.16 crore remains unutilized, parked mostly in bank fixed deposits. Key spending includes Rs. 23.61 crore to repay an HDFC working capital term loan (completed), Rs. 38.81 crore for Speciality Cable working capital, Rs. 18.03 crore on issue expenses, and Rs. 25.39 crore for general corporate purposes. No funds have been deployed yet for the Rs. 24.38 crore Electronic Interlocking System capex. The report flags a shortfall in FY25 utilization versus the original schedule and a Rs. 8.45 crore net loss in Q3FY25 driven by Kavach project employee and R&D costs. Government/statutory approvals related to the IPO objects are yet to be obtained, and Kavach approvals from CLW/Railways remain pending.
This is a routine compliance filing with no negative surprise on deviation, but investors should note the slow deployment of IPO funds, the dependency on pending Kavach approvals for future utilization and profitability, and the unapproved carry-forward of unutilized proceeds to FY26. It is a neutral-to-mildly-negative signal — no red flag on misuse, but execution delays and pending approvals remain a watchpoint.