Garlon Polyfab Industries Limited reported a net loss of ₹0.62 lakh for the quarter ended June 30, 2020, as operational income remained nil. The company's board approved the unaudited financial results on August 28, 2020, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The unaudited financial statements were reviewed by P. D. Agrawal & Co., Chartered Accountants, who issued a limited review report. The auditors noted that the statement was prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS). The firm highlighted that comparative figures for the quarter were furnished by the management and were not subject to their review.

Financial Performance

The company recorded no income from operations or other income during the quarter. Total expenses for Q1FY21 stood at ₹0.62 lakh, driven primarily by employee benefits expenses and other costs. This resulted in a net loss for the period, consistent with the loss reported in the preceding quarter and the previous fiscal year.

Key Financial Metrics

The paid-up equity share capital remained unchanged at ₹461.32 lakh during the period. The company reported a basic and diluted earnings per share (EPS) of (0.00) for the quarter. The board meeting, which commenced at 4:00 PM and concluded at 5:00 PM, also approved the limited review report accompanying the results.

Garlon Polyfab Industries Limited reported a net loss of ₹13,835.90 for the quarter ended June 30, 2019, as income from operations remained nil and other income dropped to zero. The company’s total expenses for the period stood at ₹13,835.90, primarily driven by other expenses. In contrast, the company had reported a net profit of ₹877,000.00 for the quarter ended March 31, 2019, supported by other income of ₹1,310,000.00.

The Board of Directors approved the unaudited financial results for the quarter ended June 30, 2019, at a meeting held on July 31, 2019. The results were reviewed by the Audit Committee and the Board. P. D. Agrawal & Co., Chartered Accountants, conducted the limited review of the unaudited financial results in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

The financial statement has been prepared in compliance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013. The statutory auditors noted that they were neither engaged to review nor reviewed the comparative figures for the quarter ended June 30, 2019, which were furnished by the management. The paid-up equity share capital remained unchanged at ₹46,132,000.00 during the reported periods.

Financial Performance Summary

The company reported zero earnings per share (EPS) for both basic and diluted categories for the quarter ended June 30, 2019. For the quarter ended March 31, 2019, the basic and diluted EPS were 0.19. The figures for the previous period have been regrouped wherever necessary. Provision for income tax and deferred tax will be made at the end of the financial year.