Pursuant to Regulation 33 of SEBI (Listing Obligations and Regulations Requirements) Regulations, 2015 Limited Review Results for the Quarter and Nine months ended 31st December 2024.
Awaiting price reaction for this filing.
Gammon India reported deeply negative results for Q3 FY25 (quarter ended Dec 2024). Standalone revenue from operations was just Rs 5.19 Cr in the quarter (Rs 17.80 Cr for nine months), sharply lower than Rs 39.25 Cr in the prior nine-month period. Total expenses were dominated by finance costs of Rs 254.09 Cr in the quarter (Rs 745.31 Cr for nine months), leading to a standalone loss after tax of Rs 316.29 Cr for the quarter and Rs 842.14 Cr for nine months. On a consolidated basis, the loss after tax widened to Rs 1,022 Cr for nine months. The auditors issued a qualified conclusion, flagging Rs 30 Cr in long-pending contract claims and Rs 774 Cr cumulative penal interest charged by lenders which the company is disputing. The company also explicitly carries a 'material uncertainty relating to going concern' — current liabilities exceed current assets by over Rs 11,188 Cr (standalone), the firm has been an NPA with lenders since June 2017, trading in its shares is suspended, and winding-up petitions have been filed.
This is a highly distressed filing. Shareholders face significant risk of dilution or wipeout if the lenders' resolution plan is approved or insolvency proceedings advance. With suspended trading, massive accumulated losses, and no operational turnaround in sight, the stock remains a high-risk, low-liquidity situation with very negative near-term implications.