Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015, we hereby submit the Annual Report for the Financial Year 2022-23 of Gammon India Limited.
Awaiting price reaction for this filing.
Gammon India has submitted its Annual Report for FY 2022-23 and the notice for its 101st AGM, scheduled for March 28, 2024 via video conferencing. The AGM includes proposals to adopt audited financials, appoint two new Independent Directors (Mr. Radhakrishnan Nair and Mr. Mahendra Shah), continue Mr. Kashi Nath Chatterjee as Independent Director post age 75, and revise Executive Director Sandeep Sheth's remuneration from Rs. 55.20 lakhs to Rs. 60.72 lakhs per annum. Financial performance shows standalone turnover rising sharply to Rs. 101.48 crore (from Rs. 27.66 crore), but the company posted a standalone net loss of Rs. 1,540.08 crore and a consolidated net loss of Rs. 897.18 crore (vs Rs. 1,180.51 crore loss in FY22). The company disclosed it is in an advanced stage of a lender resolution process, with its secured lender facilities marked as NPA since June 2017, and is working to revive as an EPC company post-resolution.
Despite a sharp jump in turnover, the company's massive losses and ongoing debt resolution process signal serious financial distress; shareholders face continued uncertainty as recovery hinges on the pending consortium lender resolution plan and revival of EPC operations.