Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 Limited Review Results for the Quarte and Half year ended September 2024 approved ....
Awaiting price reaction for this filing.
Gammon India filed unaudited results for Q2/H1 FY25, showing standalone revenue from operations of just ₹12.61 Cr (down from ₹14.72 Cr in H1 FY24). The company posted a massive loss after tax of ₹(525.87) Cr standalone and ₹(489.48) Cr consolidated for the half year, driven largely by finance costs of ₹491.23 Cr. Total equity is deeply negative at ₹(10,026.36) Cr standalone, with current liabilities (~₹10,978 Cr) swamping current assets (~₹42 Cr). The auditor issued a qualified conclusion, flagging disputed old claims of ₹30 Cr and unaccounted cumulative penal interest of ₹743.28 Cr charged by lenders. The report explicitly highlights material uncertainty over going concern — loans have been NPA since June 2017, a resolution plan awaits lender consensus, winding up petitions are pending, and Gammon House property has been taken over under SARFAESI with a demand of ₹1,136.71 Cr. Equity trading remains suspended.
This is a deeply distressed, loss-making company with negative net worth, a qualified audit, and an explicit going-concern warning. Shareholders face material risk of further value erosion or insolvency proceedings if the lender-led resolution plan fails to materialize.