Pursuant to Regulation 33 of SEBI (Listing Obligations and Requirements), Regulations, 2015 Limited reviewed Financials for the Quarte ended 30th June 2024 approved in Board meeting dated ....
Awaiting price reaction for this filing.
Gammon India reported a standalone loss after tax of Rs 268.19 crore for Q1 FY25 (June 30, 2024), versus a Rs 331.25 crore loss in the year-ago quarter. Revenue from operations collapsed to just Rs 6.05 crore, down sharply from Rs 9.01 crore a year earlier. The statutory auditor issued a qualified limited review conclusion, flagging concerns over Rs 30 crore of retained contract claims and Rs 713.50 crore of cumulative disputed penal interest and charges from lenders. The filing explicitly carries a 'Material Uncertainty Relating to Going Concern' note — standalone current liabilities exceed current assets by Rs 10,674 crore, the company has been an NPA with secured lenders since June 2017, winding-up petitions have been filed, equity trading is suspended, and the debt resolution plan has made no recent progress. Consolidated loss after tax for the quarter stood at Rs 315.82 crore with negative other equity.
Investors should treat this as a deeply distressed situation. With persistent large losses, negative net worth of over Rs 9,570 crore, suspended trading, and the survival of the company hinging on an unresolved debt restructuring plan that lenders have not approved, the equity remains high-risk with substantial dilution or wipeout potential if insolvency proceedings advance.