The Exchange had sought clarification from IL&FS Engineering and Construction Company Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. Financial results submitted is not as per format prescribed by SEBI The response of the Company is enclosed.
IL&FSENGG · price
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Awaiting price reaction for this filing.
IL&FS Engineering and Construction Company submitted a revised Statement on Impact of Audit Qualification for its consolidated financial results for FY24-25, after NSE flagged that the original filing did not follow SEBI's prescribed format under Regulation 33 of LODR. The company reported total income of Rs. 37,238 lakhs, a net loss of Rs. 489 lakhs (EPS of -0.37), and a deeply negative net worth of Rs. -3,18,928 lakhs. The auditor issued a Qualified Opinion because the financials of an overseas subsidiary, Maytas Infra Saudi Arabia Company, were not included in consolidation. This is the same qualification first reported for FY19. Management stated the investment in the subsidiary has already been fully written off and it has had no operations for over 3 years, so the impact is not material.
This is mainly a procedural/format compliance response rather than new bad news, but it highlights the company's severely negative net worth and ongoing audit qualifications. Shareholders should note the distressed balance sheet, which remains a major overhang on the stock.