Garlon Polyfab Industries Limited reported a net loss of ₹0.49 lakh for the quarter ended September 30, 2022, as the company continued to record no income from operations. The total expenses for the period amounted to ₹0.49 lakh, primarily driven by employee benefits expense. The company's shareholders' funds stood at a negative ₹195.45 lakh, indicating a deficit in equity.

The Board of Directors at its meeting held on November 14, 2022, approved the unaudited financial results for the quarter and half year ended September 30, 2022. The results were reviewed by the Audit Committee on November 11, 2022. P. D. Agrawal & Co., Chartered Accountants, performed 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.

The financial statements have been prepared in compliance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs. The company adopted Ind AS for the financial year commencing from April 1, 2017. The statutory auditors carried out a limited review of the standalone financial results for the quarter and half year ended September 30, 2022.

Financial Performance

The company reported a net loss of ₹0.49 lakh for Q2FY23, compared to a net loss of ₹0.48 lakh in the corresponding quarter of the previous year. For the half year ended September 30, 2022, the net loss widened to ₹0.88 lakh from ₹0.85 lakh in the same period last year. The earnings per share (EPS) remained at ₹0.00 for both basic and diluted categories.

Balance Sheet Highlights

The total assets of the company stood at ₹6.17 lakh as of September 30, 2022, slightly up from ₹6.13 lakh in the previous year. The current liabilities increased to ₹201.62 lakh from ₹199.26 lakh in the corresponding period of the previous year. The company's reserves and surplus stood at a negative ₹656.77 lakh, reflecting accumulated losses.

The company's short-term borrowings stood at ₹192.96 lakh, while trade payables were recorded at ₹8.11 lakh. Cash and cash equivalents improved marginally to ₹0.41 lakh from ₹0.37 lakh in the previous year. The long-term loans and advances remained unchanged at ₹5.76 lakh.

Garlon Polyfab Industries Limited reported a net loss of ₹0.48 lakh for the quarter ended September 30, 2021, with no income from operations. The company's total expenses for the period stood at ₹0.48 lakh, consistent with the lack of operational revenue. The Board of Directors approved the unaudited financial results for the quarter and half year ended September 30, 2021, at a meeting held on November 15, 2021.

The financial statements, prepared in compliance with Indian Accounting Standards (Ind AS), were reviewed by the statutory auditors. P.D. Agrawal & Co., Chartered Accountants, conducted the limited review and confirmed no material misstatements were identified. The auditors noted that comparative figures were furnished by the management and not reviewed by them.

Financial Performance

The company recorded no income from operations or other income during the quarter. Expenses were limited to employee benefits costing ₹0.36 lakh and other expenses at ₹0.12 lakh. For the half year ended September 30, 2021, the net loss widened to ₹0.85 lakh, with total expenses reaching ₹0.85 lakh.

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. Non-current assets were recorded at ₹5.76 lakh, primarily consisting of long-term loans and advances. Current assets totaled ₹0.37 lakh, entirely attributed to cash and cash equivalents.

The shareholders' funds reflected a deficit of ₹193.13 lakh, comprising share capital of ₹461.32 lakh and negative reserves of ₹654.45 lakh. Current liabilities amounted to ₹199.26 lakh, including short-term borrowings of ₹192.16 lakh and trade payables of ₹6.67 lakh.