Gammon India on 20% UC

By Research Desk
about 8 years ago

Gammon India has breached the 20% upper circuit today at Rs.14.89, clocking 7.5 lakh volume v/s 2-week average of less than 1.2 lakh shares.

The company on Saturday declared its numbers for Q4FY16 and FY16 and it was a turnaround for Q4Fy16. The company reported a net profit of Rs.53 crore v/s loss of Rs.121 crore in Q3Fy16 and loss of Rs.73 crore in Q4FY15. Net sales showed a 9% (YoY) increase at Rs.1115 crore.

It ended FY16 with a net profit of Rs.15 crore, much lower than Rs.68 crore posted in previous year. This is despite the fact that FY16 was a 18–month period v/s 9M period in previous year. Interest outgo ate away all – it was at Rs.1038 crore, up 130%. Borrowings as at 31st March 2016 stood at Rs.5084 crore.

On the debt front, the lenders had invoked the SDR in Nov’15 and it converted Rs.272 crore worth of debt into equity, representing 62.77% of the equity capital. It is also hiving off its T&D and Civil EPC business into separate entities.

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