Gayatri Projects Reports FY24 Loss Amid Successful Debt Settlement Resolution
Gayatri Projects Limited's FY24 results show a net loss of ₹5,301.82 crores despite revenue of ₹67,955.03 crores, marking significant improvement from previous year's loss of ₹1,42,610.18 crores. The company successfully resolved its Corporate Insolvency Resolution Process through a comprehensive One Time Settlement proposal involving ₹750 crores fund-based settlement and ₹1,229 crores non-fund settlement, with 97.20% creditor approval leading to CIRP withdrawal and management control restoration.
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Gayatri Projects Limited reported a net loss of ₹5,301.82 crores for the financial year ended March 31, 2024 (FY24), as the Board of Directors approved audited financial results in their meeting held on December 24, 2025. The company has successfully completed its debt settlement process under Section 12A of the Insolvency and Bankruptcy Code with overwhelming creditor support.
Financial Performance Overview
The company's audited financial results for FY24 demonstrate significant operational challenges with substantial losses despite maintaining revenue levels:
| Metric: | FY24 | FY23 | Change |
|---|---|---|---|
| Revenue from Operations: | ₹67,955.03 cr | ₹1,01,720.97 cr | -33.18% |
| Other Income: | ₹3,740.80 cr | ₹4,230.03 cr | -11.57% |
| Total Income: | ₹71,695.83 cr | ₹1,05,951.00 cr | -32.33% |
| Net Loss: | ₹5,301.82 cr | ₹1,42,610.18 cr | Reduced loss |
| Earnings Per Share: | ₹(2.83) | ₹(76.18) | Improved |
The company's total expenses stood at ₹73,394.72 crores, with cost of materials and work expenditure being the largest component. Notably, the company benefited from a positive change in inventories of work in progress amounting to ₹2,486.38 crores.
Debt Settlement and CIRP Resolution
Gayatri Projects successfully resolved its Corporate Insolvency Resolution Process (CIRP) through a comprehensive One Time Settlement (OTS) proposal under Section 12A of the Insolvency and Bankruptcy Code. The settlement details include:
| Settlement Parameter: | Details |
|---|---|
| Fund-based Settlement: | ₹750.00 crores |
| Non-fund Settlement: | ₹1,229.00 crores |
| Arbitration Claims: | ₹462.39 crores (75% of ₹612 cr) |
| COC Approval: | 97.20% lenders accepted |
| NCLT Approval Date: | September 10, 2025 |
| Management Handover: | September 16, 2025 |
The CIRP was initiated against the company on November 15, 2022, following defaults in loan repayments and working capital constraints. The successful OTS proposal has resulted in the withdrawal of CIRP proceedings and restoration of management control to the promoters.
Exceptional Items and Operational Challenges
The financial year witnessed exceptional items totaling ₹8,544.88 crores, primarily due to arbitrary invocation of Performance Bank Guarantees by NHAI and Uttar Pradesh Jal Nigam due to slow progress of works. This was attributed to working capital constraints and the impact of the COVID-19 pandemic on business operations.
Going Concern and Future Outlook
Despite accumulated losses of ₹1,94,114.35 crores and complete erosion of net worth, the financial results have been prepared on a going concern basis. The successful debt settlement and NCLT's withdrawal of CIRP proceedings provide a foundation for operational continuity. The management has regained control of company affairs and is positioned to focus on business recovery and growth initiatives following the completion of the debt restructuring process.
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