Garlon Polyfab reports net loss of ₹0.69 lakh in Q3FY23
Garlon Polyfab Industries Limited reported a net loss of ₹0.69 lakh for Q3FY23 with zero operational income. The loss widened from ₹0.38 lakh in the same period last year. For the nine months ended December 31, 2022, the net loss stood at ₹1.57 lakh.
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Garlon Polyfab Industries Limited reported a net loss of ₹0.69 lakh for the quarter ended December 31, 2022, as the company recorded zero income from operations. The loss for the quarter increased compared to the net loss of ₹0.38 lakh reported in the same period of the previous year. The Board of Directors approved the unaudited financial results for the quarter and nine months ended December 31, 2022, at a meeting held on February 10, 2023.
The financial statements were prepared in compliance with the Indian Accounting Standards (Ind AS) and reviewed by the statutory auditors, P. D. Agrawal & Co., Chartered Accountants. The auditors noted that they did not review the comparative figures for the quarter ended December 31, 2022, which were furnished by the management.
Total expenses for Q3FY23 amounted to ₹0.69 lakh, up from ₹0.38 lakh in the corresponding quarter of the previous year. Employee benefits expense stood at ₹0.36 lakh, while other expenses were recorded at ₹0.33 lakh. There was no cost of materials consumed, purchase of stock-in-trade, or finance costs reported during the quarter.
For the nine months ended December 31, 2022, the company reported a net loss of ₹1.57 lakh, compared to a loss of ₹1.23 lakh in the same period of the previous year. Total expenses for the nine-month period rose to ₹1.57 lakh from ₹1.23 lakh a year ago. Income from operations remained nil for both the quarter and the nine-month period.
The paid-up equity share capital of the company remained unchanged at ₹4.61 lakh, with a face value of ₹10 per share. The basic earnings per share (EPS) for Q3FY23 was reported as a loss of ₹0.15, compared to a loss of ₹0.09 in the corresponding quarter of the previous year.
Financial Performance Summary
| Particulars | Quarter Ended Dec 31, 2022 (Unaudited) | Quarter Ended Dec 31, 2021 (Unaudited) | Nine Months Ended Dec 31, 2022 (Unaudited) | Nine Months Ended Dec 31, 2021 (Unaudited) |
|---|---|---|---|---|
| Income From Operations | 0.00 | 0.00 | 0.00 | - |
| Total Expenses | 0.69 | 0.38 | 1.57 | 1.23 |
| Net Profit/(Loss) for the period | (0.69) | (0.38) | (1.57) | (1.23) |
| Basic EPS | (0.15) | (0.09) | (0.09) | (0.21) |
What strategic initiatives is Garlon Polyfab Industries planning to resume income from operations?
How will the company manage its increasing expenses without generating operational revenue?
Are there any potential mergers, acquisitions, or partnerships being considered to revitalize business operations?
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