IITL Projects Limited announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025, showing a remarkable turnaround to profitability despite facing severe going concern challenges. The Board of Directors approved these results in their meeting held on February 03, 2026, which commenced at 03:36 p.m. and concluded at 04:04 p.m.

Financial Performance Overview

The company demonstrated a significant improvement in its quarterly performance, reporting net profit of ₹63.50 lakhs in Q3 FY26 compared to a loss of ₹120.79 lakhs in the corresponding quarter of the previous year. This represents a substantial turnaround of ₹184.29 lakhs year-over-year.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, IITL Projects reported net profit of ₹105.76 lakhs, a dramatic improvement from the loss of ₹354.60 lakhs in the corresponding period of FY25. The company's total income for nine months stood at ₹135.07 lakhs compared to ₹208.52 lakhs in the previous year.

Critical Financial Position and Going Concern Issues

Despite the improved operational performance, IITL Projects faces severe financial distress. As of December 31, 2025, the company's accumulated losses of ₹543.19 lakhs exceed its paid-up equity share capital of ₹499.09 lakhs, resulting in complete erosion of net worth. The total liabilities exceed total assets, indicating a precarious financial position.

The statutory auditors, Maharaj N R Suresh & Co. LLP, have highlighted significant going concern issues in their limited review report. They noted that the company has no business operations of its own and currently lacks other cash flows, leading to the cessation of going concern status.

Corporate Actions and Strategic Developments

The company completed several important corporate actions during the period:

Regulatory Compliance and Tax Position

The financial results comply with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is subject to income tax under section 115BAA of the Income Tax Act 1961, with current tax provision of ₹8.03 lakhs for Q3 FY26. The results were submitted to BSE Limited under scrip code 531968.

Outlook and Challenges

While IITL Projects has achieved operational profitability in the current period, the company's fundamental challenges remain significant. With its main business focus on real estate development and related activities, the company operates as a single reportable segment under Ind AS 108. The financial statements have been prepared on a non-going concern basis, with assets valued at realization value where lower than cost, reflecting the company's distressed financial condition.

IITL Projects Limited has secured shareholder approval for modifying the redemption terms of its preference shares through a special resolution passed via postal ballot. The company informed BSE Limited on January 09, 2026, about this significant corporate development.

Shareholder Resolution Details

The shareholders granted their approval through a special resolution conducted via postal ballot using remote e-voting mechanism. This approval specifically covers the variation in redemption terms of the company's preference shares issued to its holding company.

Corporate Structure and Compliance

The preference shares in question were issued to Industrial Investment Trust Limited, which serves as the holding company of IITL Projects Limited. The variation in redemption terms required shareholder approval as mandated under corporate governance regulations.

Regulatory Disclosure

This disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company had previously communicated about this matter on December 08, 2025, indicating the structured approach taken for this corporate action.

The formal communication was signed by Ms. Harshida J. Parikh, Manager and Company Secretary, and submitted to BSE Limited's Corporate Relationship Department. The company trades on BSE under the code 531968.