SKIL Infrastructure Limited has informed the Exchange regarding Un-audited Standalone and Consolidated Financial Results of the Company for the quarter ended on December 31, 2024 pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Awaiting price reaction for this filing.
SKIL Infrastructure is under Corporate Insolvency Resolution Process (CIRP) admitted by NCLT Mumbai from February 1, 2024. Q3 FY25 results show near-zero revenue (Rs 0.14 lakh other income only) with operating losses on both standalone and consolidated basis. A major exceptional loss of Rs 3,05,175.40 lakh (standalone) and Rs 2,60,445.26 lakh (consolidated) was triggered by the 99.76% capital reduction of associate Urban Infrastructure Holdings Pvt Ltd (UIHPL) approved by NCLT in March 2025. The company received only Rs 16,003.34 lakh from UIHPL against an original investment valued at Rs 2,97,984 lakh under Ind AS deemed cost. Additionally, Rs 2,259.10 lakh of accrued interest was reversed as an exceptional item following CIRP initiation. The auditor issued a qualified opinion citing multiple unresolved issues including CIRP claims differing from book values, inability to verify bank balances, and unreconciled intercompany differences of Rs 221.59 lakh with subsidiary SKAD.
The company is deep in insolvency proceedings with a massive Rs 3,000+ crore exceptional write-off, near-zero revenue, qualified auditor opinion, and a going concern warning. Shareholders face extreme risk as the outcome depends entirely on successful resolution of the CIRP via a resolution plan.