ARSS Infrastructure Projects Announces Q1 2026 Financial Results and Appoints New Auditors
ARSS Infrastructure Projects Limited released its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, following a board meeting held on August 14, 2026. The results, along with other corporate approvals, were made public, including the approval of the Director's Report for the Financial Year 2025-26.Key operational and governance changes approved during the meeting included the change in designation of Mr. Dipti Ranjan Patnaik to Chairman cum Managing Director, effective August 14, 2026.
Key Financial Highlights (Q ended June 30, 2026)
The company reported comprehensive losses across its operations for the quarter. The following table details key financial metrics for both Standalone and Consolidated results:| Metric | Standalone (₹ Lakhs) | Consolidated (₹ Lakhs) |
|---|---|---|
| Total Revenue from Operations | 1,452.91 | 1,452.91 |
| Net Profit / (Loss) before Tax | (1,093.12) | (1,094.13) |
| Total Comprehensive Income | (1,095.64) | (1,089.98) |
| Earnings per share (Basic & Diluted) | (1.22) | (1.21) |
Board Decisions and Corporate Appointments
The board meeting approved several operational and procedural items:- Financial Results: The Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026 were considered and taken on record.
- Statutory Appointments: The company recommended A D V & Co. LLP, Chartered Accountants, for appointment as Statutory Auditor for two consecutive years, with approval scheduled at the Annual General Meeting (AGM). M/s I C Kundu & Co., Cost Accountants, was appointed to conduct the Cost Audit for FY 2026-27.
- General Meetings: The date and details for the ensuing Annual General Meeting were fixed for September 29, 2026, at 11:00 AM via video conferencing or other audio visual means (OAVM). The record date for e-voting was set on September 22, 2026.
Auditor Review Notes and Qualified Conclusions
The Unaudited Standalone Financial Results were reviewed by A D V & Co. LLP, which issued a qualified opinion based on certain matters that remain unresolved.Specific points highlighted by the Independent Auditor’s Limited Review Report include:
- Arbitration Claims: The company had recognized arbitration claims totaling Rs. 70,831.96 Lakhs as income under Exceptional Items in the Statement of Profit and Loss for the quarter and year ended March 31, 2026. The auditor noted that these claims are subject to ongoing arbitration proceedings, making their receivability uncertain based on Ind AS 115 'Revenue from Contracts with Customers'.
- Related Party Transaction: Regarding a loan availed from M/s Ocean Capital Market Limited (OCML), described as a Successful Resolution Applicant and a related party, the auditor found that the accrual of interest expense amounting to Rs. 554.23 Lakhs for the quarter ended June 30, 2026, exceeded the scope of the approved Resolution Plan, leading to a modification in the conclusion on the Statement.
The company reported that it is actively pursuing amendments to its approved Resolution Plan before the Hon'ble NCLT, as certain provisions identified during implementation require clarification or amendment within the stipulated period.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.