IITL Projects re-appoints Internal Auditor for FY 2026-2027
IITL Projects Limited's board re-appointed M/s. Sheetal Patankar & Co. as Internal Auditor for FY 2026-2027 effective May 22, 2026, complying with Section 138 of the Companies Act, 2013. The firm provides audit, assurance, and tax consultancy services. Separately, the company reported an annual net profit of ₹125.23 lakh for FY26, down from the previous year, with nil revenue from operations. The auditors noted the company's net worth has been fully eroded by accumulated losses.
*this image is generated using AI for illustrative purposes only.
IITL Projects Limited has re-appointed M/s. Sheetal Patankar & Co., Chartered Accountants, as its internal auditor for the financial year 2026-2027. The decision was taken by the board of directors during its meeting held on May 22, 2026, pursuant to the recommendation of the Audit Committee and in compliance with Section 138 of the Companies Act, 2013. The appointment is effective from May 22, 2026.
The firm provides a range of services, including audit and assurance, tax consultancy, statutory audits, internal audits, tax audits, and internal controls review. This re-appointment was communicated to BSE Limited under Regulation 30 of the SEBI (LODR) Regulations, 2015.
Financial Performance
The re-announcement follows the company's release of its annual audited standalone financial results for the financial year ended March 31, 2026. IITL Projects reported a net profit of ₹125.23 lakh for the year, a decrease from the ₹3,147.12 lakh recorded in the previous fiscal year. Revenue from operations for the year stood at nil, while other income was ₹180.81 lakh, down from ₹214.29 lakh in the prior year.
For the quarter ended March 31, 2026, the company reported a net profit of ₹19.47 lakh. Total income for the quarter was ₹45.74 lakh, driven entirely by other income.
Key Financial Metrics (₹ in lakhs)
| Metric | Year Ended 31.03.2026 | Year Ended 31.03.2025 |
|---|---|---|
| Net Profit/(Loss) | 125.23 | 3,147.12 |
| Total Income | 180.81 | 235.00 |
| Total Expenses | 26.30 | 556.70 |
| Profit Before Tax | 154.51 | 3,185.15 |
| Basic EPS (₹) | 2.51 | 63.06 |
The financial statements highlight that the company's net worth has been fully eroded by accumulated losses of ₹523.76 lakh as of March 31, 2026. Consequently, the auditors noted that the company ceases to be a going concern, and the financial statements have been prepared on a non-going concern basis. Total assets stood at ₹3,536.29 lakh, while total liabilities were higher at ₹3,559.26 lakh.
Board Decisions
In addition to the auditor re-appointment, the company proposed entering into a new line of business, specifically in the areas of brokerage services, construction consultancy, and project management services. This move is intended to generate operational revenue and support business continuity, as the company currently has no business of its own and sustains operations through other income.
Historical Stock Returns for IITL Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +17.62% | +17.96% | +11.70% | -14.23% | -11.11% | +69.63% |
How quickly can IITL Projects realistically generate operational revenue from its proposed brokerage, construction consultancy, and project management services to reverse its going concern status?
What regulatory or legal consequences could IITL Projects face from BSE Limited or SEBI given that its net worth has been fully eroded and it is operating on a non-going concern basis?
Will IITL Projects need to raise fresh capital or seek strategic partnerships to fund its new business lines, and how might this impact existing shareholders given the already negative net worth position?
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