Gammon India Ltd., a Mumbai-based civil engineering construction company, slipped Monday after fiscal first quarter widened on lower sales and higher finance costs.
Net loss widened to Rs 1.87 billion in the three months ended Jun 30 compared to loss of Rs 1.20 billion in the corresponding period a year earlier, Gammon India said in a statement to the stock exchanges on Friday after market hours.
The company net sales slipped 19.3% to Rs 7.44 billion in the Apr-Jun period while finance costs jumped 17% to Rs 1.72 billion in the first quarter.
Gammon India had a forex fluctuation gain of Rs 50.3 million in the quarter.
Meanwhile, the company's board has approved a restructuring proposal for segregation of business.
The said restructuring would be achieved by a scheme of arrangement for transfer of civil EPC undertaking and T&D undertaking of Gammon India to its wholly owned subsidiaries, Gammon Retail Infra and Transrail Lighting.
At 11:10AM, Gammon India slipped 2.45% to Rs 17.90 on the Mumbai stock exchange.
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