SKIL Infrastructure Limited has reported a standalone net loss of ₹9.47 lakh for the quarter ended December 31, 2024 (Q3 FY25), compared to a loss of ₹3,05,182.11 lakh in the previous quarter ended September 30, 2024. The company, which is undergoing the Corporate Insolvency Resolution Process (CIRP) following an order by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, recorded total revenue of ₹0.14 lakh for the quarter. The financial results were taken on record by the Resolution Professional Committee in lieu of the suspended Board of Directors on May 22, 2026.

The company reported total expenses of ₹9.61 lakh for Q3 FY25, down from ₹18.87 lakh in the preceding quarter. For the nine months ended December 31, 2024, the company reported a net loss of ₹3,05,223.46 lakh, primarily due to exceptional items. The consolidated financial results for the quarter ended December 31, 2024, showed a net loss of ₹9.95 lakh. The group includes the parent company and its subsidiary, SKIL Advanced Systems Pvt. Ltd., while SKIL Shipyard Holdings Pvt. Ltd. was deconsolidated during the period due to loss of control.

Financial Performance

The financial statements reflect the impact of the ongoing CIRP proceedings. The Resolution Professional noted that the company has relied upon assistance from existing staff and key management personnel for the preparation of these results. GPS & Associates, Chartered Accountants, provided a limited review report, highlighting material uncertainties regarding the company's ability to continue as a going concern.

Standalone Financial Results (₹ in Lakhs)

Exceptional Items and Capital Reduction

The results for the quarter and nine-month period were significantly impacted by exceptional items. The company recognized an exceptional loss of ₹3,05,175.40 lakh in the quarter ended September 30, 2024, related to the capital reduction of its associate company, Urban Infrastructure Holdings Pvt. Ltd. (UIHPL). Following the approval of the capital reduction scheme by the NCLT on March 24, 2025, SKIL Infrastructure received a consideration of ₹16,003.34 lakh (net of TDS of ₹408.38 lakh). Consequently, the investment in UIHPL was impaired, resulting in a substantial reduction in the value of holdings from ₹12,415.65 lakh to ₹29.80 lakh.

Additionally, the company reversed an amount of ₹259.10 lakh representing accrued interest booked in the previous quarter, as the interest is no longer payable following the initiation of CIRP. GPS & Associates also noted in their review that complete bank statements and direct confirmations were not made available for certain bank accounts, restricting review procedures relating to cash and bank balances.

SKIL Infrastructure Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated February 1, 2024, has filed its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024. The results were taken on record at the Resolution Professional (RP) Committee meeting held on May 08, 2026. The Committee of Creditors (CoC) was constituted following an NCLAT order dated October 15, 2025, which vacated an earlier interim stay. Subsequently, the CoC approved the appointment of Mr. Purusottam Behera as the Resolution Professional at its first meeting held on November 03, 2025.

Standalone Financial Performance

On a standalone basis, SKIL Infrastructure reported a net loss of ₹3,05,182.11 lakhs for Q2 FY25, a drastic decline from the net profit of ₹2,154.75 lakhs in the corresponding quarter of the previous year. This massive loss was primarily driven by exceptional items amounting to ₹3,05,175.40 lakhs, stemming from the impairment of the company's investment in its associate, Urban Infrastructure Holdings Pvt. Ltd. (UIHPL). The company recorded nil revenue from operations for the quarter, with other income of ₹12.16 lakhs compared to ₹2,577.97 lakhs in Q2 FY24. Total expenses stood at ₹18.87 lakhs.

Consolidated Financial Performance

On a consolidated basis, the company reported a total revenue of ₹12.16 lakhs for Q2 FY25 against ₹2,577.97 lakhs in Q2 FY24. The consolidated net loss attributable to owners stood at ₹2,60,453.35 lakhs for the quarter, compared to a net profit of ₹2,154.12 lakhs in the previous year. Exceptional items of ₹2,60,445.26 lakhs were the primary driver of this loss. Basic and Diluted EPS for the quarter stood at (₹120.26) on a consolidated basis.

Exceptional Items and UIHPL Capital Reduction

The exceptional losses resulted from a 99.76% capital reduction in UIHPL, approved by its board on December 23, 2024, and sanctioned by the NCLT on March 24, 2025. SKIL Infrastructure received ₹16,003.34 lakhs (net of TDS) as consideration for the reduced share capital. This resulted in an exceptional loss of ₹3,05,434.50 lakhs on a standalone basis. Additionally, ₹259.10 lakhs of accrued interest booked in February and March 2024 was reversed as it is no longer payable following the initiation of CIRP.

Auditor's Observations

GPS & Associates, Chartered Accountants, issued a qualified conclusion on the financial results. Key observations included material uncertainty regarding the company's ability to continue as a going concern due to the UIHPL impairment. The auditors also noted unreconciled intercompany loan balances of approximately ₹19.07 lakhs with subsidiary SKIL Advanced Systems Pvt. Ltd. and the deconsolidation of SKIL Shipyard Holdings Pvt. Ltd. due to loss of control. The auditors were unable to determine the impact of the deconsolidation due to insufficient documentation.