Outcome of Board Meeting

Date: 10™ December, 2025 To, To, The Listing Department, The Listing Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring, Plot No. C/1, G Block, Rotunda Building, Bandra - Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai - 400 051 Dalal Street, Mumbai - 400 001 NSE Code: GAMMONIND BSE Code: 509550 Dear Sir/ Madam, Sub: Outcome of Board Meeting held on 11" June, 2025 pursuant to Regulation 33 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 33 of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, you are hereby informed that the Board of Directors (“Board”) of the Company at its meeting held on 11" June, 2025 which commenced at 03:30 p.m. and concluded at 04:00 p.m. inter - alia approved the Un- Audited Standalone and Consolidated Financial Statements of the Company for the quarter and nine months ended 315! December, 2024; The aforesaid Financial Results duly reviewed by the Audit Committee, have been approved and taken on record by the Board of Directors together with the Limited Review Report of the Statutory Auditors and the same are placed on the http://www.gammonindia.com/investors/financial-results.htm. You are requested to take the above information on record. Thanking you, For, Gammon India Limited Vemparal Dakshinamurty Additional Director DIN No 00644561 Encl: As above GAMMON INDIA LIMITED CIN:L74999MH1922PLC000997 Statement of unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2024 (Xin Crore )| Particulars Quarter ended Nine Months ended | Year ended 31-Dec-24] 30-Sep-24 | 31-Dec-23 | 31-Dec-24 | 31-Dec-23 | _31-Mar-24 Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | _ Audited 1" income a) Revenue from Operations : 519 6.56 414 17.80 1885 39.25 b) Other Income (Refer Note 10) 052 (0.52) 052 147 252 49.10 ITotal Income (a+b) 571 5.64 466 1927 2137 835 11 |Expenses a) Cost of material consumed 082 204 130 460 7.36 1314 b) Changes in WIP & FG - - - - - - o) Subcontracting Expenses 146 111 105 338 544 662 ) Employee benefits expense 1.60 164 187 478 575 7.90 /&) Finance Costs 25409 247.97 23271 745.31 67721 916,65 ) Depreciation & amortization 051 051 042 153 129 178 8) Other expenses 6337 13.92 1232 78.95 2138 605.64 Total Expenses 32186 267.19 249.67 83855 718.43 155173 i [Profit/{Loss) before exceptional items and tax (316.15)| (26155)| (245.01)] (819.28)| (697.06) (1,463.38) IV |Exceptional items (Income) / Expenses - - - 2245 11401 11401 V. [Profit / (Loss) before tax (316.15)] (26155)| (245.01)] (841.73) (811.07) (1,577.39) Vi [Tax expenses Current Tax - - - - - - Excess / Short Provision of Earlier years - - - - - 384.27 Deferred Tax Liability / {asset) 014 013 021 041 062 134 Total Tax expenses 014 013 021 041 062 38561 Vil [Profit/ (Loss) after tax for the period (316.29)] (26168)] (245.22)| (842.14) (811.69)] (1,963.00)] Vill |Other Comprehensive Income: items that will not be reclassified to profit or loss ( net of Tax ) - Remeasurement gain/ (10ss) on defined benefit plans [neof tta x] 001 (0.01) (0.05) 005 (0.13) (©013) - Net gain/ (loss) on fair value of equity instruments through OCI 17.99 - - 1378 - (Other Comprehensive income: 18.00 (0.01) (0.05) 13.83 (0.13) ©0.13) X |Total Comprehensive Income / (Loss) For The Period / Year (298.29) (26169) (245.27) (82831) (81182)| (1,963.13) X [Paid up Equity Share Capital Face Value X 2 per Equity share ) 7411 7411 7411 7411 7811 7.11 Xi_|Other Equity - (9,570.45)| Xil'[Earnings per equity share (Nominal value of share % 2) Basic/ Dilutive (Rs) (before exceptional) (8.58) (7.09) 6651 (2222 (18.92) (50.13) Basic/ Dilutive (Rs.) (after exceptional) (8.58) (7.09) (665) (22.83) (22.01) (53.22) See accompanying notes to the financial results Notes: 1 The above unaudited standalone financial Results for the quarter and nine months ended December 31, 2024 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on June 11, 2025 2. The Statutory Auditors of the Company have carried out limited review of the unaudited standalone financial results and have issued their modified conclusion thereon. 3. Results for the quarter and nine months ended December 31, 2024 have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rule, 2015 and Companies (Indian Accounting Standards) Amendment Rule, 2016 4. The auditors have qualified their report in respect of the following matters - a) The Company had evaluated its claims in respect of on-going, completed and/or terminated contracts in the earlier periods which amount to Rs. 30.00 crore as at December 31, 2024 with the help of an independent expert in the field of claims and arbitration who had assessed the likely amount of claims being settled in favour of the Company. The management contends that there is no change in position during the year and the same are due to them and they have a very good chance of realisation. b) During the year Quarter ended December 31, 2024 some of the lenders have levied penal interest and charges of Rs 95.35 Crores (based on availability of Loan statements). Cumulative amount of such penal interest and charges amounts to Rs. 774.02 Crores up to December 31, 2024 (based on availability of Loan statements). The management is disputing the same and has not accepted the debit of excess penal interest and charges in its books. They have also requested the lenders to reverse the same. In the resolution plan which is approved by two lenders, this amount is likely to be reversed, and the resolution plan does not consider the Company liability to pay this. 5. In furtherance to the recommendation of the Dispute Resolution Board (DRB) and Arbitration Awards in the Company’s favour, the Company has recognized income to the extent of Rs. 226.00 Crore in the previous years, which is part of Non Current Trade Receivable. The Company contends that such awards have reached finality for the determination of the amounts of such claims and are reasonably confident of recovery of such claims although the client has moved the court to set aside the awards. Considering the fact that the Company has received favorable awards from the DRB and the Arbitration Tribunal, the management is reasonably certain that the awards will get favorable verdict from the courts. Material Uncertainty Relating to Going Concern: The Company’s operations have been affected in the last few years by various factors including liquidity crunch, unavailability of resources on timely basis, delays in execution of projects, delays in land acquisition, operational issues etc. The Company’s overseas operations are characterized due to weak order booking, paucity of working capital and uncertain business environment. Also the Company’s current liabilities exceed the current assets by Rs 11,188.57 Crore as at December 31, 2024. It only increased further in the quarter. The facilities of the Company with the Secured lenders are presently marked as NPA since June 2017. The liquidity crunch has resulted in several winding up petitions being filed against the Company by various stakeholders for recovery of the debts which the Company has been settling as per the mutually agreed repayment terms. The liquidity crunch is affecting the Company’s operation with increasing severity. The Secured lenders have recalled the various facilities, initiated recovery suits in the Debt Recovery Tribunals as well as filing a winding up petition with the National Company Law Tribunal, Mumbai bench under the Insolvency and Bankruptcy code. The Company has been making every effort in settling the outstanding Lenders dues. The Companies Proposal for restructuring has undergone multiple iterations [Showing first 8,000 characters — download PDF for full document]