Garlon Polyfab Industries Limited reported a standalone net loss of ₹1.22 lakh for the quarter ended March 31, 2024. The company's total assets stood at ₹5.98 lakh for the year ended March 31, 2024, a decrease from ₹6.13 lakh in the previous year. The Board of Directors approved the audited financial results at a meeting held on May 29, 2024.

The company reported zero income from operations for both the quarter and the year ended March 31, 2024. Total expenses for the quarter were ₹0.36 lakh, primarily driven by employee benefits expenses. For the full year, total expenses amounted to ₹4.39 lakh, including employee benefits and other expenses.

Financial Performance

The standalone financial results for the quarter and year ended March 31, 2024, were audited by the Statutory Auditors. The net loss for the year widened to ₹4.39 lakh from ₹2.51 lakh in the previous year. The company's shareholders' funds stood at a negative ₹201.51 lakh, reflecting accumulated losses.

Balance Sheet Highlights

The company's non-current assets remained stable at ₹5.76 lakh, while current assets decreased to ₹0.22 lakh from ₹0.37 lakh in the previous year. Current liabilities increased to ₹207.49 lakh from ₹203.24 lakh, primarily due to short-term borrowings.

The cash flow statement for the year ended March 31, 2024, showed a net decrease in cash and cash equivalents of ₹261.84 hundred. Cash generated from operations was ₹740.15 hundred, while net cash flow from financing activities was ₹3,395.00 hundred, driven by proceeds from borrowings.

Garlon Polyfab Industries Limited reported a net loss of ₹2.54 lakh for the financial year ended March 31, 2023, widening from a net loss of ₹2.28 lakh in the previous year. The company recorded no income from operations during the period, resulting in a total comprehensive loss for the year. The Board of Directors approved the audited financial results at a meeting held on May 29, 2023.

The standalone financial results, audited by P. D. Agrawal & Co., Chartered Accountants, show that the company's expenses were primarily driven by employee benefits and other costs. For the year ended March 31, 2023, employee benefits expense stood at ₹1.44 lakh, while other expenses totaled ₹1.10 lakh. In comparison, the previous year saw employee benefits expense of ₹1.44 lakh and other expenses of ₹0.84 lakh.

The company's balance sheet reflects a negative shareholders' fund of ₹197.11 lakh for the current year, compared to a negative ₹194.57 lakh in the previous year. Total assets decreased marginally to ₹6.13 lakh from ₹6.06 lakh in the prior year. Current liabilities increased to ₹203.24 lakh from ₹200.63 lakh, largely due to short-term borrowings and other short-term provisions.

Financial Performance

The following table summarizes the company's financial performance for the quarter and year ended March 31, 2023:

Cash Flow Analysis

The cash flow statement for the year ended March 31, 2023, indicates a net increase in cash and cash equivalents of ₹73.69, bringing the closing balance to ₹375.15. Cash generated from operations was ₹1,713.00, though the net cash flow from operating activities remained negative at ₹826.31. The company relied on financing activities, with proceeds from borrowings amounting to ₹900.00, to support its operations.

The statutory auditor's report confirmed that the financial results present a true and fair view in conformity with Indian Accounting Standards (Ind AS). The report noted that the results for the quarter ended March 31, 2023, were derived as balancing figures between the audited annual figures and the published unaudited year-to-date figures up to the third quarter.