IITL Projects Ltd — Board Meeting, 23-05-2025: Board Meeting

IITL Projects Limited has announced a board meeting to approve the financial results for the quarter and half-year. The company reported a net profit of Rs. 3.15 Cr for the year, recovering from losses in the prior period, aided by the reversal of impairment losses and an exceptional item related to the fair value adjustment of preference shares. However, accumulated losses exceed paid-up capital, eroding net worth, and liabilities exceed assets. The company has exited its associate joint venture and currently has no business operations or cash flows, leading to a non-going concern status. The audit report was unmodified, confirming the accuracy of the financials. The board re-appointed M/s Sheetal Patankar & Co. as internal auditors for FY 2025-26.