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.

Garlon Polyfab Industries Limited reported a net loss of ₹0.38 lakh for the quarter ended September 30, 2020, as per its unaudited financial results. The company recorded no income from operations during the period, while total expenses stood at ₹0.38 lakh. The primary expense component was employee benefits, which accounted for ₹0.36 lakh, alongside other expenses of ₹0.02 lakh.

The Board of Directors approved the unaudited financial results for the quarter and half-year ended September 30, 2020, at a meeting held on November 12, 2020. The results were reviewed by the Audit Committee on November 8, 2020. P. D. Agrawal & Co., Chartered Accountants, conducted a limited review of the financial statements in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

For the half-year ended September 30, 2020, the company reported a net loss of ₹1.00 lakh on total expenses of ₹1.00 lakh. Employee benefits expense for the half-year was ₹0.72 lakh, and other expenses totaled ₹0.28 lakh. The company’s paid-up equity share capital remained constant at ₹46,132,000.00, with a face value of ₹10 per share. The earnings per share (EPS) for both the quarter and half-year were reported as (0.00).

The statement of assets and liabilities as of September 30, 2020, showed total assets of ₹7.77 lakh, comprising non-current assets of ₹6.97 lakh and current assets of ₹0.80 lakh. The shareholders' funds stood at a negative ₹189.50 lakh, driven by reserves and surplus of negative ₹650.82 lakh against a share capital of ₹461.32 lakh. Current liabilities were recorded at ₹197.22 lakh, including short-term borrowings of ₹190.86 lakh.

The cash flow statement for the half-year ended September 30, 2020, indicated a net increase in cash and cash equivalents of ₹0.66 lakh. Cash flow from operating activities was positive at ₹0.14 lakh, while there was no cash flow from investing or financing activities. The closing cash and cash equivalents balance was reported at ₹0.80 lakh.

Financial Performance Summary

Assets and Liabilities Snapshot