Gayatri Projects Limited (The "Company" or 'GPL') had announced its debt position earlier. The Company has now stated that de-leveraging is the key priority for the management and the Company has already made significant steps towards the same.
The Company faced an unusual cash flow mis-match situation arising on account of execution delays in Quarter-2 (Q2) due to prolonged monsoon and delay in payments from state governments. The Company has successfully monetised its stake in power assets of Sembcorp Energy India Limited and the proceeds for the same have been used for repayment of long term debt and for easing the working capital situation to fast track execution.
The Government of India in November approved measures to Fast-track the monetisation of Central Government Arbitral Awards and hence GPL is now at an advanced stage of monetising its arbitration awards worth INR Nine Plus (9+) billion; the proceeds from the same would be used towards de-leveraging. Subsequently the Company would regularise its accounts in the current quarter.
Shares of GAYATRI PROJECTS LTD. was last trading in BSE at Rs.82.9 as compared to the previous close of Rs. 81.3. The total number of shares traded during the day was 805656 in over 110 trades.
The stock hit an intraday high of Rs. 84.3 and intraday low of 81.55. The net turnover during the day was Rs. 66389733.