Gayatri Projects FY25 Loss Widens to ₹6,879.61 Crores Despite CIRP Resolution
Gayatri Projects Limited announced audited FY25 results showing widened net loss of ₹6,879.61 crores compared to ₹5,301.82 crores loss in FY24. Revenue declined 25.2% to ₹44,992.45 crores with exceptional items of ₹2,817.83 crores. The company successfully resolved CIRP proceedings with 97.20% creditor approval for debt settlement of ₹750 crores fund-based and ₹1,229 crores non-fund based recovery.
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Gayatri Projects Limited has announced its audited financial results for the year ended March 31, 2025, showing continued operational challenges despite the successful resolution of Corporate Insolvency Resolution Process (CIRP) proceedings.
FY25 Financial Performance
The construction company reported a net loss of ₹6,879.61 crores for FY25, compared to a loss of ₹5,301.82 crores in the previous year. This represents a deterioration in financial performance year-on-year.
| Financial Metric | FY25 | FY24 | Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹44,992.45 cr | ₹67,055.03 cr | -25.2% |
| Total Income | ₹47,002.91 cr | ₹71,695.83 cr | -34.4% |
| Total Expenses | ₹51,064.69 cr | ₹68,452.77 cr | -25.4% |
| Net Loss | ₹(6,879.61) cr | ₹(5,301.82) cr | -29.8% |
| Basic & Diluted EPS | ₹(3.68) | ₹(2.83) | -30.0% |
Revenue from operations declined significantly by 25.2% to ₹44,992.45 crores from ₹67,055.03 crores in FY24. The company's total expenses decreased proportionally to ₹51,064.69 crores, down 25.4% from the previous year.
Q4FY25 Performance
For the quarter ended March 31, 2025, the company reported:
| Quarter Metrics | Q4FY25 | Q4FY24 | Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹13,713.61 cr | ₹16,445.74 cr | -16.6% |
| Total Income | ₹14,531.76 cr | ₹18,562.20 cr | -21.7% |
| Net Loss | ₹(3,198.53) cr | ₹(735.18) cr | -335.1% |
| Basic & Diluted EPS | ₹(1.71) | ₹(0.39) | -338.5% |
Exceptional Items and Settlement Impact
The FY25 results included exceptional items worth ₹2,817.83 crores, primarily related to the write-off of EPC receivables. During the CIRP period, a settlement agreement was reached with NHAI, GHL, and WUTPL, resulting in the company receiving ₹1,133.08 crores as full and final settlement against its receivables of ₹3,620.49 crores.
CIRP Resolution and Debt Settlement
A major milestone was achieved with the successful resolution of CIRP proceedings. The NCLT Hyderabad Bench approved the company's application under Section 12A of the Insolvency and Bankruptcy Code on September 10, 2025, allowing withdrawal of CIRP proceedings initiated in November 2022.
| Settlement Details | Amount |
|---|---|
| Fund-based Debt Settlement | ₹750.00 crores |
| Non-fund based Recovery | ₹1,229.00 crores |
| Arbitration Claims Payment | ₹462.39 crores |
| Corporate Guarantee Settlement | ₹500.00 lakhs |
The one-time debt settlement proposal was accepted by 97.20% of Committee of Creditors (COC) members, and management control was restored to promoters effective September 16, 2025.
Balance Sheet Position
As of March 31, 2025, the company's financial position remained challenging with current liabilities exceeding current assets by ₹2,36,891.28 crores. The company has accumulated losses of ₹2,00,993.96 crores, resulting in complete erosion of net worth.
Going Concern and Future Outlook
Despite the financial challenges, the company has prepared its results on a going concern basis, supported by the NCLT's directive to continue operations and the successful debt restructuring. The company has paid the entire fund-based settlement amount as specified in the approved proposal, marking a significant step toward financial recovery.
With the resolution of insolvency proceedings and restoration of management control, Gayatri Projects Limited aims to stabilize operations and work toward financial recovery, though substantial operational and financial challenges remain.
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