Garlon Polyfab reports net loss of ₹0.78 lakh in Q3FY24
Garlon Polyfab Industries Limited reported a net loss of ₹0.78 lakh for Q3FY24 with zero operational income. The loss widened from ₹0.69 lakh in the year-ago period, driven by finance costs and other expenses. For the nine months ended December 31, 2023, the net loss totaled ₹3.17 lakh.
*this image is generated using AI for illustrative purposes only.
Garlon Polyfab Industries Limited reported a net loss of ₹0.78 lakh for the quarter ended December 31, 2023, as the company recorded zero income from operations. The loss for the quarter widened compared to the net loss of ₹0.69 lakh reported in the corresponding period of the previous year. The Board of Directors approved the unaudited financial results at a meeting held on February 14, 2024.
The financial statements, prepared in compliance with Indian Accounting Standards (Ind AS), show that the company incurred total expenses of ₹0.78 lakh during the quarter. Key expense components included finance costs of ₹0.42 lakh and other expenses amounting to ₹0.78 lakh. Changes in inventories of finished goods and work-in-progress were recorded at ₹0.36 lakh. The company reported no tax expense for the period.
For the nine months ended December 31, 2023, Garlon Polyfab Industries Limited accumulated a net loss of ₹3.17 lakh. In comparison, the net loss for the nine months ended December 31, 2022, was ₹1.57 lakh. The company's reserves, excluding revaluation reserve, stood at ₹4.51 lakh as of December 31, 2023, compared to ₹4.61 lakh in the previous year.
Financial Performance Summary
| Particulars | Quarter Ended Dec 31, 2023 (Unaudited) | Quarter Ended Dec 31, 2022 (Unaudited) | Nine Months Ended Dec 31, 2023 (Unaudited) | Nine Months Ended Dec 31, 2022 (Unaudited) |
|---|---|---|---|---|
| Income From Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Expenses | (0.78) | (0.69) | (3.17) | (1.57) |
| Net Profit (Loss) | (0.78) | (0.69) | (3.17) | (1.57) |
| Basic EPS | (0.17) | (0.00) | (2.00) | (0.34) |
P. D. Agrawal & Co., Chartered Accountants, conducted a limited review of the unaudited financial results. The auditors noted that they did not review the comparative figures, which were furnished by the management. The company has adopted Ind AS for the financial year commencing from April 1, 2017. The results were also reviewed by the Audit Committee.
What steps is Garlon Polyfab Industries taking to resume operations and generate income?
How will the company manage its finance costs if the current operational stagnation continues?
Are there any strategic initiatives or partnerships being explored to reverse the widening losses?
16
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
