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  1. Gammon India net loss narrows to Rs 73.53 crore

Gammon India net loss narrows to Rs 73.53 crore

Gammon India narrowed its standalone net loss to Rs 73.53 crore in the quarter ended March 31, 2015 from Rs 173.59 crore in the same period last year due to a sharp decline in expenses.

By: | Mumbai | Published: May 16, 2015 3:33 AM

Gammon India narrowed its standalone net loss to Rs 73.53 crore in the quarter ended March 31, 2015 from Rs 173.59 crore in the same period last year due to a sharp decline in expenses.

Standalone net sales, however, came in nearly 11% lower at Rs 1,019.02 crore.

Total expenses declined a sharp 20% year-on-year to Rs 969.30 crore. The steep fall was driven by the lower cost of material consumed, which fell about 30% to Rs 358.95 crore.

The company posted an operating profit of Rs 49.72 crore during January-March 2015 against an operating loss of Rs 71.56 crore last year.

Gammon India’s Ebitda margin stood at 9.5% during the quarter, a significant improvement over the corresponding quarter last year when it had slipped into the negative territory (-3.85%).

Other income almost doubled y-o-y to Rs 61 crore.

However, due to a higher finance cost,  the company posted a loss before tax of Rs 62.16 crore, albeit lower than the Rs 185 crore loss before tax posted in the corresponding quarter last year. Finance cost during January-March 2015 increased to Rs 168.56 crore against Rs 143.42 crore last year.

Gammon got a Rs 13,500-crore debt restructuring approved in June 2013, the largest CDR package approved in financial year 2013-2014.

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