Gammon India: Revised Q1 FY25 Consolidated Results Show Net Loss of ₹315.82 Crore
Gammon India's revised consolidated Q1 FY25 results show a net loss of ₹315.82 crore on total income of ₹7.81 crore. The results were revised due to a clerical error. The company faces material uncertainty regarding its going concern status, with liabilities exceeding assets by ₹11,612.76 crore. Auditors have issued a qualified report on several matters.
The material uncertainty regarding the going concern assumption, coupled with qualified audit reports and significant financial losses, poses a high impact on the company's operational and financial stability, investor confidence, and future prospects.
The company reported a significant net loss and faces material uncertainties regarding its going concern status, with qualified audit reports highlighting financial difficulties and disputes with lenders. The revised financials indicate ongoing financial distress.
Gammon India Limited announced the outcome of its Board Meeting held on August 2, 2025, where the Un-Audited Revised Consolidated Financial Statements for the quarter ended June 30, 2024, were approved. The meeting commenced at 03:30 p.m. and concluded at 04:00 p.m.
The revised consolidated financial results for the quarter ended June 30, 2024, reported a total income of ₹7.81 crore and total expenses of ₹329.98 crore, leading to a Profit/Loss before tax of ₹(315.66) crore. The Profit/Loss after tax for the period stood at ₹(315.82) crore. Total Comprehensive Income attributable to owners of the company was ₹(286.78) crore.
Basic and Diluted loss per share after exceptional items was ₹(8.57).
The revision in financial results was due to a clerical error in linking the ‘Net gain/ (loss) on fair value of equity instruments through OCI’, which was corrected from ₹13.78 crore to ₹(4.21) crore. The Statutory Auditors have carried out a limited review of these revised results and issued a modified conclusion.
The auditors have raised concerns and qualified their report on several matters, including the recoverability of claims amounting to ₹30.00 crore, the dispute over penal interest and charges levied by lenders amounting to ₹713.50 crore, and share application money of ₹16.64 crore received by a subsidiary. A significant concern highlighted is the material uncertainty relating to the going concern assumption for the Holding Company, with current liabilities exceeding current assets by ₹11,612.76 crore as of June 30, 2024. The company's lenders have recalled facilities, and winding up petitions have been filed. A resolution plan is under consideration by lenders, with a joint lender meeting planned.
Similar material uncertainties relating to going concern were noted for subsidiary companies, including Ansaldo Caldaie Boilers India Private Limited. The auditors also noted that financial statements for certain joint ventures have not been available for consolidation.
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