This is to inform you that the Board of Directors of the Company at their meeting held today i.e. Friday, May 23, 2025, has inter alia considered and approved: 1. Annual Audited Standalone ....
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IITL Projects Ltd's board, meeting on May 23, 2025, approved the annual audited standalone financial results for FY25 along with the re-appointment of M/s Sheetal Patankar & Co. as Internal Auditor for FY26. The company reported a Net Profit of Rs. 3,147.12 lakhs for FY25, up about 40% from Rs. 2,251.40 lakhs in FY24, but this profit is entirely driven by an exceptional item of Rs. 3,506.85 lakhs (reversal of fair-value loss on preference shares held by parent Industrial Investment Trust Ltd). Before exceptional items, the company actually made a pre-tax loss of Rs. 321.70 lakhs versus a profit of Rs. 221.62 lakhs last year. Critically, the company's management has declared that it is no longer a going concern - accumulated losses of Rs. 649.05 lakhs have wiped out its entire net worth, total liabilities exceed total assets, and the company has no business operations or cash flows of its own. The statutory auditor (Maharaj N.R. Suresh & Co. LLP) has issued an unmodified opinion but highlighted the going concern issue as a key matter.
Despite the headline PAT growth, this is a deeply negative situation for shareholders - the company is technically insolvent with negative net worth of Rs. 148.26 lakhs and has been declared non-going-concern. The profitability is non-recurring and accounting-driven (preference share fair-value reversal), while underlying operations continue to deteriorate. Investors should treat this as a high-risk stock; survival depends on continued support from the parent company. The preference share restructuring (redemption price cut from Rs. 110 to Rs. 50, deadline extended to March 2026) further signals financial stress.