SKIL Infrastructure Ltd Reports Audited Financial Results Amid CIRP; Qualified Opinion Issued

SKIL Infrastructure Ltd Reports Audited Financial Results Amid CIRP; Qualified Opinion Issued​

SKIL Infrastructure Limited, which is currently undergoing proceedings under the Corporate Insolvency Resolution Process (CIRP), has released its audited standalone and consolidated financial results for the quarter and year ended March 31, 2025. These results were taken on record at the meeting of the Resolution Professional (RP) Committee.

The company is in CIRP following an admission by the National Company Law Tribunal (NCLT), Mumbai Bench, dated February 1, 2024. The Interim Resolution Professional (IRP), Purusottam Behera, has seen the status transition from IRP to RP after the Committee of Creditors (CoC) was constituted and approved.

The audited financial statements reflect the ongoing uncertainties related to the CIRP process, as highlighted in the auditor's report. Both sets of results carry a Qualified Opinion due to several critical observations made by GPS & Associates Chartered Accountants.

Financial Performance Overview​

Key figures from the Audited Standalone Financial Results for the quarter and year ended March 31, 2025 are detailed below:


The Consolidated Financial Results for the year ended March 31, 2025, show the following performance metrics:

Key Observations and Auditor Qualifications​

The audit of both the standalone and consolidated financial statements resulted in a Qualified Opinion by GPS & Associates Chartered Accountants. The qualification is based on several unresolved matters relating to the CIRP process and internal controls:

Key Concerns Highlighted in the Audit Qualification:

• Admitted Claims: Auditors could not verify the details related to claims admitted by the RP, as the amounts of these admitted claims were not fully aligned with the contingent liabilities disclosed by the Company in its financial statements.
• Going Concern Uncertainty: The financial results do not adequately disclose the material uncertainty associated with the ability of the company to continue as a going concern due to the ongoing CIRP process and reliance on the successful outcome of the resolution plan.
• Borrowings and Defaults: The company has defaulted in repayment of borrowings and interest thereon. The ultimate settlement amount is dependent upon the outcome of the CIRP process, and adjustments could not be determined.
• Gratuity Liability: A defined benefit obligation towards gratuity was recognized; however, since no actuarial valuation had been obtained as required by Ind AS 19, the liability recognition was based on management's calculation rather than an independent assessment.
• Bank Balances: The company has balances with banks as of March 31, 2025, but confirmations from certain banks could not be received, precluding adequate audit evidence for these balances.

Specific Transactional Discrepancies (Standalone & Consolidated):
The auditors noted a difference in the outstanding balances between the Company and SKIL Advanced Systems Pvt. Ltd. (SKAD) as at March 31, 2025, amounting to 216.49 lakhs. This discrepancy arose because while certain expenses incurred by SKAD on behalf of the company were approved by the Committee of Creditors/RP and recorded in the books, other expenses were not supported by documentary evidence of approval.

The financial statements also include an emphasis of matter regarding the pledged investment in Urban Infrastructure Holdings Pvt. Ltd. (UIHPL), noting that 716,003.34 lakhs represents the consideration received in substitution of the pledged investment, which remains subject to existing encumbrance.