Garlon Polyfab Industries Limited reported a net loss of ₹0.51 lakh for the quarter ended September 30, 2024, as total expenses matched the lack of operational income. The company's Board of Directors approved the unaudited financial results for Q2FY25 at a meeting held on November 14, 2024.

The financial statements, prepared in compliance with Indian Accounting Standards (Ind AS), indicate that the company recorded no income from operations during the quarter. Total expenses for the period amounted to ₹0.51 lakh, driven by depreciation and amortisation expenses of ₹0.36 lakh and other expenses of ₹0.15 lakh.

Financial Performance

For the half year ended September 30, 2024, the company reported a net loss of ₹1.13 lakh, compared to a loss of ₹2.39 lakh in the corresponding period of the previous year. Total expenses for the half year stood at ₹1.13 lakh, down from ₹2.39 lakh in the prior year period.

The paid-up equity share capital remained unchanged at ₹46,132,000, with a face value of ₹10 per share. The basic and diluted earnings per share (EPS) for the quarter and half year were reported at (0.00).

Balance Sheet Highlights

The company's total assets stood at ₹6.22 lakh as of September 30, 2024, a decrease from ₹6.39 lakh in the previous year. Shareholders' funds were negative at ₹202.63 lakh, compared to a negative ₹199.51 lakh in the prior year.

Auditor and Regulatory Compliance

The standalone financial results were reviewed by the Audit Committee and subsequently approved by the Board. D.C. Shukla & Co., Chartered Accountants, performed a limited review of the interim financial information in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

The auditors noted that they were neither engaged to nor did they review the comparative figures, which were furnished by the management. The filing was submitted to BSE Limited in compliance with Regulation 33(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Garlon Polyfab Industries Limited reported a net loss of ₹1.45 lakh for the quarter ended September 30, 2023, as the company recorded zero income from operations. The loss for the quarter represents a deterioration from the net loss of ₹0.49 lakh reported in the corresponding period of the previous year. For the half year ended September 30, 2023, the accumulated net loss stood at ₹2.39 lakh, compared to a loss of ₹0.88 lakh in the prior year period.

The Board of Directors approved the unaudited standalone financial results at a meeting held on November 11, 2023. The results were reviewed by the statutory auditors, P. D. Agrawal & Co., Chartered Accountants, who issued a limited review report. The company has adopted Indian Accounting Standards (Ind AS) for the financial year commencing April 1, 2017, and the current results are prepared in compliance with these standards.

Financial Performance

The company's financial statements reveal a complete absence of operational revenue during the quarter and half year. Total expenses for Q2FY24 aggregated to ₹1.45 lakh, consisting primarily of employee benefits expense amounting to ₹0.36 lakh and other expenses at ₹1.09 lakh. In the corresponding quarter of the previous year, total expenses were lower at ₹0.49 lakh.

The table below summarizes the key financial figures for the quarter and half year periods:

Balance Sheet and Cash Flows

As of September 30, 2023, the company's total assets stood at ₹6.39 lakh, comprising non-current assets of ₹5.91 lakh and current assets of ₹0.48 lakh. The shareholders' funds reflected a deficit of ₹199.51 lakh, comprising share capital of ₹461.32 lakh and negative reserves and surplus of ₹660.83 lakh. Current liabilities amounted to ₹205.90 lakh, which includes short-term borrowings of ₹195.61 lakh.

The cash flow statement for the half year ended September 30, 2023, indicates that cash generated from operations was ₹2.09 lakh, resulting in a net cash flow from operating activities of ₹0.10 lakh. Cash and cash equivalents increased to ₹0.48 lakh as of September 30, 2023, from ₹0.38 lakh at the beginning of the period.