AJR INFRA AND TOLLING LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
Awaiting price reaction for this filing.
AJR Infra and Tolling Limited (formerly Gammon Infrastructure Projects) reported its Q1 FY26 (June 30, 2025) consolidated results with zero revenue from operations, down from Rs. 1,506.51 lacs a year ago. The company posted a profit of Rs. 1,10,256.29 lacs, almost entirely driven by an exceptional one-time gain of Rs. 1,11,098.39 lacs from a settlement agreement with lenders and concessioning authority (MORTH/MPRDC) in its subsidiary Sidhi Singrauli Road Project Limited (SSRPL). Excluding the exceptional item, the company made a loss of Rs. 882.29 lacs. The auditor issued a qualified conclusion because the material associate Vizag Seaport Private Limited's results were not reviewed. The auditor also flagged a material uncertainty on going concern, noting that current liabilities exceed current assets by Rs. 98,023.47 lacs and multiple SPV projects are under severe stress with ongoing legal disputes, including insolvency proceedings in two subsidiaries (PHPL and RGBL) and a disputed corporate guarantee invocation of Rs. 1,19,024.39 lacs by Phoenix ARC.
The headline profit is misleading — it is entirely a one-time accounting gain from debt settlement, not from operations. The core business has no revenue and ongoing going-concern uncertainty. Shareholders should view this as a distressed company with a positive book event, not improved operations, and watch for outcomes of pending NCLAT and Supreme Court litigations that could materially affect the company.