Garlon Polyfab Industries Limited reported a net loss of ₹470,156.36 for the quarter ended December 31, 2018, as per its unaudited financial results. The company recorded a total expense of ₹470,156.36 for the quarter, primarily driven by other expenses amounting to ₹470,156.36. The Board of Directors approved the results at a meeting held on January 25, 2019.

The company has adopted Indian Accounting Standards (Ind AS) for the financial year commencing from April 1, 2018. Consequently, the financial results for the quarter and nine months ended December 31, 2018, have been prepared in compliance with Ind AS. The comparative figures for the previous periods have been restated to align with the new standards.

For the nine months ended December 31, 2018, Garlon Polyfab Industries Limited reported a net loss of ₹1,110,814.36. Total expenses for this period aggregated to ₹1,110,814, with other expenses accounting for ₹1,110,814. The company's paid-up equity share capital remained unchanged at ₹46,132,000, with a face value of ₹10 per share.

The Basic Earnings Per Share (EPS) for the quarter ended December 31, 2018, was reported at (0.01). The diluted EPS was not disclosed. The statutory auditors conducted a limited review of the standalone financial results for the quarter and nine months ended December 31, 2018, in accordance with the Standard on Review Engagement (SRE) 2410.

Financial Results for Q3FY19

Financial Results for Nine Months Ended FY19

Garlon Polyfab Industries Limited reported a net loss of ₹636,831 for the quarter ended September 30, 2018, as per the unaudited financial results approved by its Board. The company has adopted the Indian Accounting Standards (Ind AS) effective from the financial year commencing April 1, 2018, impacting the presentation of its financial statements for the current and prior periods. The results were reviewed by the Statutory Auditors, P. D. Agrawal & Co., who issued a limited review report confirming compliance with Ind AS and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The financial statement reveals a challenging financial position with total assets declining to ₹692,334.24 for the quarter ended September 30, 2018, compared to ₹772,077.00 in the previous year ended September 30, 2017. Non-current assets remained stable at ₹575,698.00, while current assets decreased significantly to ₹116,636.24 from ₹196,379.00 in the corresponding period of the previous year. This reduction was primarily driven by a decrease in cash and cash equivalents.

Financial Performance

The company's equity and liabilities reflected a stressed capital structure. Shareholders' funds turned more negative, settling at ₹17,704,992.76 for the current quarter, a deterioration from the negative ₹16,928,580.00 reported in the previous year. Current liabilities increased to ₹18,397,327.00 from ₹17,700,657.00, largely due to a rise in short-term borrowings to ₹18,293,000.00 from ₹17,320,000.00.

Operational Highlights

For the half year ended September 30, 2018, the company reported a net loss of ₹640,656.00, widening from the loss of ₹68,928 recorded in the same period of the previous year. Total expenses for the quarter were reported at ₹636,831. The paid-up equity share capital remained unchanged at ₹46,132,000.00. The Board meeting, convened on October 25, 2018, approved these results, which are now available on the company's website.