Pursual to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Audited Standalone and Consolidated Financial Statements of the Company for the quarter ....
Awaiting price reaction for this filing.
Gammon India reported audited results for FY24 showing a massive standalone net loss of Rs 1,963 crore, wider than Rs 1,540 crore loss in FY23. Revenue from operations fell sharply to Rs 39.25 crore from Rs 101.48 crore, while finance costs remained enormous at Rs 916.65 crore. Net worth on a standalone basis is deeply negative at Rs (9,496) crore, and current liabilities exceed current assets by Rs 10,442.54 crore. The statutory auditor issued a Qualified Opinion and flagged a Material Uncertainty Related to Going Concern, noting that lender facilities have been NPA since June 2017, winding up petitions have been filed, and a resolution plan is pending with lenders. Equity trading is suspended, and the company is also contesting cumulative penal interest of Rs 678.67 crore levied by lenders.
This is a deeply negative filing for shareholders — the company is loss-making, insolvent on a book basis, under going-concern uncertainty, and facing possible insolvency proceedings, which means equity value remains highly speculative. The qualified audit opinion and suspended trading signal extreme financial distress.