Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 Limited Review Revised Consolidated Results for September 2024 Board approved in ....
Awaiting price reaction for this filing.
Gammon India Limited submitted revised consolidated results for Q2 FY25 (ended September 30, 2024), originally approved on June 11, 2025 and revised on August 2, 2025 after a clerical error in linking 'Net gain/(loss) on fair value of equity instruments through OCI' was corrected. Revenue from operations collapsed to Rs 7.04 crore from Rs 17.00 crore a year earlier, while the company posted a loss after tax of Rs 173.65 crore for the quarter and Rs 489.48 crore for the half year, with EPS of Rs (4.70). Other income surged to Rs 92.04 crore due to a Rs 91.84 crore foreign exchange gain. Net worth is completely wiped out with negative equity of Rs (11,001) crore, and current liabilities exceed current assets by Rs 11,932.61 crore. The auditors (N V C & Associates LLP) issued a qualified conclusion citing disputed claims of Rs 30 crore, penal interest/charges of Rs 743.28 crore not provided for, and unreviewed subsidiary accounts.
The filing confirms an extremely distressed financial position with material going-concern uncertainty, suspended equity trading, NPA-tagged facilities since 2017, lenders taking possession of Gammon House under SARFAESI, and pending winding-up petitions. Shareholders face significant risk of dilution or total loss as a debt resolution plan awaits lender consensus with little progress.