Skil Infrastructure Limited has informed the Exchange regarding Un-audited Standalone and Consolidated Financial Results of the Corporate Debtor for the quarter and half year ended on September 30, 2024 pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Awaiting price reaction for this filing.
SKIL Infrastructure Limited, currently under Corporate Insolvency Resolution Process (CIRP) since February 2024, has filed unaudited financial results for Q2 and H1 FY2025. The company reported zero revenue from operations with only other income of Rs. 12.16 lakhs. Consolidated net loss stood at Rs. 2,60,453.35 lakhs, while standalone net loss was Rs. 3,05,182.11 lakhs, both driven primarily by an exceptional loss of Rs. 3,05,434.50 lakhs due to impairment of investment in Urban Infrastructure Holdings Pvt. Ltd. (UIHPL) following a 99.76% capital reduction approved by NCLT in March 2025. The auditors issued qualified conclusions citing material uncertainty about the company's ability to continue as a going concern, unreconciled intercompany balances, incomplete bank statements, and improper deconsolidation of a subsidiary. An amount of Rs. 2,259.10 lakhs representing reversed accrued interest was disclosed as an exceptional item. The Committee of Creditors (CoC) has been constituted and Mr. Purusottam Behera appointed as Resolution Professional.
The company is under insolvency proceedings with significant losses and auditor concerns about going concern. Shareholders face extreme risk as the stock shows a consolidated book value of negative equity, and the outcome depends entirely on successful resolution of the CIRP.