Garlon Polyfab Industries Limited reported a net loss of ₹0.94 lakh for the quarter ended June 30, 2023, due to zero operational income. The company's total expenses for the period amounted to ₹0.94 lakh, driven primarily by employee benefits and other costs. The Board of Directors approved the unaudited financial results at its meeting held on August 24, 2023.

The company recorded no income from operations or other income during Q1FY24. Expenses included ₹0.36 lakh towards employee benefits and ₹0.58 lakh in other expenses. In comparison, the company reported a net loss of ₹0.39 lakh for the same quarter in the previous year.

Financial Performance

The unaudited financial results for the quarter ended June 30, 2023, were reviewed by the statutory auditors, P. D. Agrawal & Co., Chartered Accountants. The auditors noted that the comparative figures were not reviewed by them and were furnished by the management.

Key Disclosures

The financial statements have been prepared in compliance with the Indian Accounting Standards (Ind AS). The company stated that provisions for income tax and deferred tax would be made at the end of the financial year. The earnings per share (EPS) for the quarter remained at ₹0.00.

Garlon Polyfab Industries Limited reported a net loss of ₹0.39 lakh for the quarter ended June 30, 2022, as the company recorded no income from operations during the period. The loss widened compared to the net loss of ₹0.37 lakh reported in the corresponding quarter of the previous year. The company's financial performance reflects continued operational challenges with zero revenue generation from its core activities.

The Board of Directors approved the unaudited financial results during a meeting held on August 08, 2022. The meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. The results were reviewed by the Audit Committee and subsequently approved by the Board. The limited review of the unaudited financial results was carried out by the statutory auditors in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company's total expenses for Q1FY23 amounted to ₹0.39 lakh, slightly higher than the ₹0.37 lakh incurred in the same period last year. Employee benefits expense remained constant at ₹0.36 lakh, while other expenses increased to ₹0.03 lakh from ₹0.01 lakh in the prior year quarter. There were no material changes in the company's capital structure, with paid-up equity share capital remaining steady at ₹461.32 lakh.

The financial statement was prepared in compliance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013. The company noted that provisions for income tax and deferred tax would be made at the end of the financial year. Figures from the previous period have been regrouped wherever necessary to ensure comparability.