Garlon Polyfab reports net loss of ₹0.39 lakh in Q1FY23

Garlon Polyfab Industries Limited reported a net loss of ₹0.39 lakh for the quarter ended June 30, 2022, as the company recorded zero income from operations. The total expenses for the period amounted to ₹0.39 lakh, primarily comprising employee benefits and other costs. The Board of Directors approved the unaudited financial results at its meeting held on August 08, 2022.

The company's financial statement reveals a complete absence of revenue from operations, other income, and total income for the quarter. Expenses were limited to employee benefits at ₹0.36 lakh and other expenses at ₹0.03 lakh. Consequently, the profit before tax and net profit for the period were reported as a loss of ₹0.39 lakh.

In comparison to the previous quarter ended March 31, 2022, the net loss narrowed from ₹1.05 lakh. However, on a year-on-year basis, the net loss for Q1FY23 was slightly higher than the ₹0.37 lakh loss reported in the corresponding quarter of the previous year. The paid-up equity share capital remained unchanged at ₹461.32 lakh.

The limited review of the unaudited financial results was conducted by P.D. Agarwal & Co., Chartered Accountants. The auditors noted that the statement was prepared in compliance with the Indian Accounting Standards (Ind AS). They also stated that they were not engaged to review the comparative figures, which were furnished by the management.

The earnings per share (EPS), both basic and diluted, stood at ₹0.00 for the quarter. The company confirmed that provisions for income tax and deferred tax would be made at the end of the financial year. The results were reviewed by the Audit Committee and subsequently approved by the Board.

Financial Summary for Q1FY23

Particulars	Quarter Ended June 30, 2022 (₹ in Lacs)	Quarter Ended March 31, 2022 (₹ in Lacs)	Quarter Ended June 30, 2021 (₹ in Lacs)
Income From Operations	-	-	-
Total Expenses	0.39	1.05	0.37
Net Profit/(Loss)	(0.39)	(1.05)	(0.37)
Paid Up Equity Share Capital	461.32	461.32	461.32

Garlon Polyfab Industries Limited reported a net loss of ₹76,935 lakh for the quarter ended December 31, 2016, driven by exceptional items. The company's Board of Directors approved the unaudited financial results during a meeting held on March 20, 2017. The loss for the nine-month period ending December 31, 2016, was significantly higher at ₹275,131 lakh, reflecting the continued impact of these exceptional charges.

Financial Performance

The unaudited financial results indicate that the company recorded no income from operations or other income during the quarter and the nine-month period. Total expenses for the quarter were ₹49,936 lakh, while depreciation and amortisation expenses accounted for ₹27,000 lakh. The company reported a profit before exceptional items of ₹76,935 lakh for the quarter, which was entirely offset by exceptional items amounting to ₹76,935 lakh.

Key Financial Figures

Particulars	Quarter Ended 31-12-2016 (Unaudited)	Quarter Ended 31-12-2015 (Unaudited)	Nine Months Ended 31-12-2016 (Unaudited)	Nine Months Ended 31-12-2015 (Unaudited)
Total Expenses	49,936	83,057	141,105	140,626
Profit before exceptional items	76,935	153,375	275,131	310,245
Exceptional Items	(76,935)	(153,375)	(275,131)	(310,245)
Net Profit/(Loss) for the period	(76,935)	(153,375)	(275,131)	(310,245)

Regulatory and Audit Details

The financial results were reviewed by P. D. Agrawal & Co., Chartered Accountants. The review report noted that the company adopted Indian Accounting Standards (Ind AS) for the financial year commencing April 1, 2016. The auditors stated that they did not review the comparative figures, which were furnished by the management. The Board meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. on March 20, 2017.