Garlon Polyfab Industries Limited reported a net loss of ₹0.49 lakh for the quarter ended September 30, 2022, as the company recorded zero income from operations. The total expenses for the period amounted to ₹0.49 lakh, consisting entirely of employee benefit expenses and other costs. The company's financial position reflects a continuation of operational inactivity during the quarter.

The Board of Directors approved the unaudited standalone financial results for Q2FY23 at a meeting held on November 14, 2022. The results were reviewed by the Audit Committee on November 11, 2022. P.D. Agrawal & Co., Chartered Accountants, conducted a limited review of the financial statements in accordance with the Standard on Review Engagement (SRE) 2410.

Financial Performance

The company's financial statements for the quarter and half-year ended September 30, 2022, were prepared in compliance with the Indian Accounting Standards (Ind AS). The comparative figures for the previous year have been restated to align with Ind AS requirements. Garlon Polyfab Industries Limited adopted Ind AS for the financial year commencing April 1, 2017.

Assets and Liabilities

The standalone statement of assets and liabilities as of September 30, 2022, shows total assets of ₹6.17 lakh. The company's shareholders' funds stood at a negative ₹195.45 lakh, indicating a deficit in reserves. Current liabilities, including short-term borrowings and trade payables, aggregated to ₹201.62 lakh.

The cash flow statement for the half-year ended September 30, 2022, indicates a net increase in cash and cash equivalents of ₹0.30 lakh. Cash generated from operations was ₹0.50 lakh, while cash flow from operating activities totaled ₹0.11 lakh. There were no cash flows from investing or financing activities during the period.

Garlon Polyfab Industries Limited reported a net loss of ₹0.48 lakh for the quarter ended September 30, 2021, with no income from operations recorded during the period. The company's total expenses for the quarter stood at ₹0.48 lakh, driven primarily by employee benefits expense of ₹0.36 lakh and other expenses amounting to ₹0.12 lakh. The financial results were reviewed by the statutory auditors and approved by the Board of Directors at its meeting held on November 15, 2021.

Financial Performance

The company recorded a net loss of ₹0.85 lakh for the half year ended September 30, 2021, compared to a loss of ₹1.00 lakh in the corresponding period of the previous year. Total expenses for the half year increased to ₹0.85 lakh from ₹1.00 lakh in the prior year. Employee benefits expense for the half year was reported at ₹0.72 lakh, while other expenses stood at ₹0.13 lakh.

Key Financial Metrics

Balance Sheet Highlights

As of September 30, 2021, the company's total assets stood at ₹6.13 lakh, a decrease from ₹7.77 lakh in the previous year. Shareholders' funds were reported at negative ₹193.13 lakh, comprising share capital of ₹461.32 lakh and negative reserves and surplus of ₹654.45 lakh. Current liabilities increased to ₹199.26 lakh from ₹197.27 lakh in the prior year.

Cash Flow Statement

The cash flow statement for the half year ended September 30, 2021, showed a net increase in cash and cash equivalents of ₹0.39 lakh. Cash generated from operations was negative ₹0.02 lakh, compared to positive ₹0.14 lakh in the previous year. The closing cash and cash equivalents balance was reported at ₹0.37 lakh.