Gayatri Projects Q1FY24 results: Rs 36 cr loss, going concern flag
GAYAPROJ · price
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Gayatri Projects reported a standalone net loss of Rs 36.26 crore for Q1 FY24 (ended June 30, 2023), down from Rs 391.80 crore loss in Q1 FY23. Revenue fell about 35 percent to Rs 184.80 crore from Rs 282.56 crore. An exceptional item of Rs 40.69 crore was booked for bank guarantee invocations by NHAI and UP Jal Nigam. Auditors flagged material going concern uncertainty citing complete net worth erosion, accumulated losses of Rs 1,924 crore, and CIRP initiation. Company faced insolvency from Nov 2022, now resolved after promoters paid full fund-based dues under OTS; CIRP withdrawn in Sept 2025.
Company exited CIRP via debt settlement but net worth fully eroded. Revenue down 35%, heavy contingent liabilities, going concern doubt remain key risks.