Pursuant to Regulation 33 of SEBI (LODR), Regulations, 2015, please find attached the Annual Audited Financial Results for the quarter and financial year ended March 31, 2025.
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IITL Projects Ltd reported audited standalone results for FY25 showing a net profit of Rs. 3,147.12 lakhs, up from Rs. 2,251.40 lakhs in FY24, but this is almost entirely driven by a large exceptional item of Rs. 3,506.85 lakhs (write-back of preference share fair value reduction and reversal of impairment on Capital Infraprojects Pvt Ltd). Core revenue from operations remained tiny at just Rs. 250.31 lakhs for the full year. The board has declared that the company is no longer a going concern: accumulated losses of Rs. 649.05 lakhs have wiped out the net worth, total liabilities exceed total assets, and the company has no business operations of its own. The statutory auditor (Maharaj N.R. Suresh & Co. LLP) issued an unmodified opinion but flagged going concern and the joint venture exit as Emphasis of Matter. Operating cash flow remained negative at Rs. (156.53) lakhs. M/s Sheetal Patankar & Co. was re-appointed as Internal Auditor for FY26.
Despite the headline profit being positive, the underlying business has essentially shut down — there is no revenue, net worth is fully eroded, and the company itself states it is not a going concern. The reported profit is accounting-driven (non-cash reversals and write-backs), not operational, making this a high-risk situation for shareholders. The stock is likely to remain volatile and illiquid; investors should treat the PAT figure as non-recurring and focus on the going concern warning.