Garlon Polyfab Industries Limited reported a net loss of ₹13,835.90 for the quarter ended June 30, 2019, as income from operations remained nil and other income dropped to zero. The company’s total expenses for the period stood at ₹13,835.90, primarily driven by other expenses. In contrast, the company had reported a net profit of ₹877,000.00 for the quarter ended March 31, 2019, supported by other income of ₹1,310,000.00.

The Board of Directors approved the unaudited financial results for the quarter ended June 30, 2019, at a meeting held on July 31, 2019. The results were reviewed by the Audit Committee and the Board. P. D. Agrawal & Co., Chartered Accountants, conducted the limited review of the unaudited financial results in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

The financial statement has been prepared in compliance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013. The statutory auditors noted that they were neither engaged to review nor reviewed the comparative figures for the quarter ended June 30, 2019, which were furnished by the management. The paid-up equity share capital remained unchanged at ₹46,132,000.00 during the reported periods.

Financial Performance Summary

The company reported zero earnings per share (EPS) for both basic and diluted categories for the quarter ended June 30, 2019. For the quarter ended March 31, 2019, the basic and diluted EPS were 0.19. The figures for the previous period have been regrouped wherever necessary. Provision for income tax and deferred tax will be made at the end of the financial year.

Garlon Polyfab Industries Limited reported a net loss of ₹3,827 for the quarter ended June 30, 2018, with no income generated from operations during the period. The company's total expenses for Q1FY19 stood at ₹3,827, solely comprising other expenses, as cost of materials, purchases, and finance costs were nil. The paid-up equity share capital remained unchanged at ₹46,132,000.00, with a face value of ₹10 per share.

The Board of Directors approved the unaudited financial results at a meeting held on August 29, 2018. The meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. The results were reviewed by the Audit Committee and subsequently approved by the Board. The financial statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), with the company adopting Ind AS effective April 1, 2017.

P.D. Agrawal & Co., Chartered Accountants, conducted a limited review of the unaudited financial results. The review was performed in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India. The auditors noted that they did not review the comparative figures, including reconciliation to the Total Comprehensive Income for the quarter ended June 2018, which were furnished by the management.

The company stated that the statement does not include Ind AS compliant results for the preceding quarter and previous year ended March 31, 2017, as it is not mandatory per SEBI's Circular dated July 5, 2016. Provision for Income Tax and Deferred Tax will be made at the end of the financial year. The basic earnings per share (EPS) for the year ended March 31, 2018, was reported at -0.04.

Financial Summary for Q1FY19