Summary of Key Information:
Reporting Period: Quarter and Year Ended March 31, 2024
Nature of Filing / Announcement: Regulation 33 Compliance - Financial Results Submission
Date of Board Meeting / Approval: October 28, 2024 (Meeting held from 4:00 pm to 5:00 pm)
Audit Opinion: Qualified Opinion
Auditor's Comment: Auditors issued qualified opinion due to three main issues: (1) Unverified claims of ₹30 crore, (2) Unprovided exposure of ₹28.95 crore to subsidiary ACBI, and (3) Unprovided penal interest and charges of ₹678.67 crore levied by lenders
Key Financial Highlights [₹ in Crore]
Standalone Results:
Revenue from Operations:
- Q4 FY24: ₹20.40 crore
- FY24: ₹39.25 crore (FY23: ₹101.48 crore) - 61.3% decline YoY
Total Income:
- Q4 FY24: ₹66.98 crore
- FY24: ₹88.35 crore (FY23: ₹123.44 crore) - 28.4% decline YoY
Net Profit/(Loss):
- Q4 FY24: ₹(1,151.31) crore
- FY24: ₹(1,963.00) crore (FY23: ₹(1,540.08) crore) - Loss widened by 27.5% YoY
EPS:
- Basic EPS: ₹(53.22) per share (FY23: ₹(41.75) per share)
- Diluted EPS: ₹(53.22) per share (FY23: ₹(41.75) per share)
Other Equity: ₹(9,570.45) crore (FY23: ₹(7,607.31) crore)
Cash and Cash Equivalents: ₹0.00 crore (FY23: ₹0.00 crore)
Debt: Not specified in detail
Consolidated Results:
Revenue from Operations:
- FY24: ₹71.78 crore (FY23: ₹115.05 crore) - 37.6% decline YoY
Total Income:
- FY24: ₹218.81 crore (FY23: ₹238.31 crore) - 8.2% decline YoY
Net Profit/(Loss):
- FY24: ₹(1,968.56) crore (FY23: ₹(897.18) crore) - Loss widened by 119.4% YoY
- Attributable to owners: ₹(1,965.38) crore
- Non-controlling interest: ₹(3.18) crore
EPS:
- Basic EPS: ₹(53.28) per share (FY23: ₹(25.12) per share)
- Diluted EPS: ₹(53.28) per share (FY23: ₹(25.12) per share)
Other Equity: ₹(10,355.49) crore attributable to owners (FY23: ₹(8,241.95) crore)
Segment-wise Performance:
The Company is engaged mainly in "Construction and Engineering" segment. No separate segment reporting disclosed as required by INDAS-108 as this segment represents substantially all operations.
Corporate Actions:
No dividend declarations, share splits, bonus issues, buybacks, or capital raising activities announced.
Entities Included/Excluded in Consolidation:
Joint Ventures Not Consolidated:
- M/s Campo Puma Oriente S.A, Panama (no financials available post December 2019)
- M/s Gammon OJSC Mosmetrostroy (no financials available for current year)
Subsidiaries Included: 19 subsidiaries listed in Annexure A including Gammon International BV, Gammon Holdings Mauritius Limited, Ansaldo Caldaie Boilers India Private Limited, etc.
Change in Accounting Policy:
No change in accounting policy disclosed affecting comparability.
Management Outlook:
Management continues to believe that going concern assumption is intact albeit with uncertainty regarding lender acceptance of resolution plan. Engaged with lenders for solution, with joint lender meeting planned in near future.