Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015, we hereby submit the Annual Report for the Financial Year 2023-24 of Gammon India Limited.
Awaiting price reaction for this filing.
Gammon India has submitted its 102nd AGM notice and annual report for FY 2023-24, with the AGM scheduled for November 30, 2024 via video conferencing. Standalone turnover dropped sharply to Rs. 39.25 crore from Rs. 101.48 crore in the previous year, while standalone net loss widened to Rs. 1,963 crore from Rs. 1,540 crore. Consolidated turnover also fell to Rs. 71.74 crore, with consolidated net loss ballooning to Rs. 1,968.56 crore, driven largely by provisions and write-offs on claims and receivables. The company continues to be classified as a non-performing asset (NPA) with secured lenders since June 2017, though a winding-up petition was withdrawn and a debt resolution plan is said to be in advanced stages. Shareholders will also consider the appointment of Mr. Ramchandra Balkrishna Bhatkar as Independent Director and ratification of cost auditor remuneration of Rs. 70,000.
This is largely a procedural filing, but the underlying numbers paint a grim picture — revenues have collapsed, losses have deepened, and the company remains under severe financial stress with no dividend since FY 2012-13. Shareholders may view the resolution plan progress and eventual investor infusion as the key catalyst, but near-term prospects remain weak until debt restructuring is completed.