Monitoring Agency Report for Western Carriers (India) Limited for the quarter ended June 30, 2025
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Western Carriers filed the Crisil Ratings Monitoring Agency Report tracking how it has spent the Rs 4,928.80 million raised through its September 2024 IPO (Rs 4,000 million fresh issue + Rs 928.80 million Offer for Sale). Net proceeds of Rs 3,629.38 million are earmarked for three purposes: loan repayment (Rs 1,635 million), capex on vehicles, containers and reach stackers (Rs 1,517.10 million), and general corporate purposes (Rs 477.28 million), plus Rs 370.62 million in issue expenses. As of June 30, 2025, the company has used Rs 2,183.11 million (~60% of net proceeds), with loan repayment fully completed. Capex utilization remains slow at only Rs 278.93 million spent so far, leaving Rs 1,238.17 million unspent. The unutilized Rs 1,470.41 million is parked in three HDFC Bank fixed deposits earning 7.5% interest, maturing October 2025. A reach stacker purchased this quarter differed from the model listed in the prospectus, but this is permitted under the original offer document. No deviations from stated objects and no implementation delays were reported.
No negative implications for shareholders — IPO funds are being used as promised with no deviations or delays. The slow pace of capex deployment (only ~18% of the Rs 1,517.10 million budget used in three quarters) is a mild watchpoint, though idle funds are earning 7.5% interest, providing some return to the company.