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 31^st 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.