Revised Q2 FY25 results show widening losses and going concern flag

Gammon India filed revised consolidated results for Q2 and H1 FY25 (ended Sep 30, 2024), revised after a clerical error. Loss after tax widened to Rs 173.65 crore in Q2 and Rs 489.48 crore in H1. Revenue from operations dropped to Rs 7.04 crore from Rs 17 crore year-on-year. Total equity is negative at Rs 11,001 crore and current liabilities exceed current assets by Rs 11,933 crore. Auditor issued a qualified conclusion and flagged material going concern uncertainty. Lenders cumulative disputed penal interest stands at Rs 743 crore.