Garlon Polyfab Industries Limited reported a net loss of ₹1.45 crore for the quarter ended September 30, 2023 (Q2FY24). The company's total expenses for the period increased to ₹1.09 crore, up from ₹0.98 crore in the quarter ended June 30, 2023. Depreciation and amortisation expenses remained consistent at ₹0.90 crore for the current quarter.

The Board of Directors approved the unaudited financial results during 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 auditors noted that the comparative figures were not reviewed by them and were furnished by the management.

The financial statements have been prepared in compliance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs. The company has adopted Ind AS for the financial year commencing from April 1, 2017. Previous period figures have been regrouped or reclassified to ensure comparability with the current period.

Financial Performance

The company's paid-up equity share capital remained unchanged at ₹48,132,000.00. The earnings per share (EPS) for the quarter was reported at (0.00). The loss for the half year ended September 30, 2023, was recorded at ₹2.39 crore, compared to a loss of ₹0.88 crore in the corresponding period of the previous year.

Key Financial Figures

Balance Sheet Highlights

As of September 30, 2023, the company's total assets were valued at ₹6.39 crore, compared to ₹6.17 crore in the previous year. Shareholders' funds stood at a negative ₹199.51 crore, primarily due to reserves and surplus of negative ₹660.83 crore. Current liabilities increased to ₹205.90 crore from ₹201.62 crore in the previous year.

Garlon Polyfab Industries Limited reported a net loss of ₹0.49 lakh for the quarter ended September 30, 2022, as the company continued to record no income from operations. The total expenses for the period amounted to ₹0.49 lakh, primarily driven by employee benefits expense. The company's shareholders' funds stood at a negative ₹195.45 lakh, indicating a deficit in equity.

The Board of Directors at its meeting held on November 14, 2022, approved the unaudited financial results for the quarter and half year ended September 30, 2022. The results were reviewed by the Audit Committee on November 11, 2022. P. D. Agrawal & Co., Chartered Accountants, performed a limited review of the financial statements in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India.

The financial statements have been prepared in compliance with the Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs. The company adopted Ind AS for the financial year commencing from April 1, 2017. The statutory auditors carried out a limited review of the standalone financial results for the quarter and half year ended September 30, 2022.

Financial Performance

The company reported a net loss of ₹0.49 lakh for Q2FY23, compared to a net loss of ₹0.48 lakh in the corresponding quarter of the previous year. For the half year ended September 30, 2022, the net loss widened to ₹0.88 lakh from ₹0.85 lakh in the same period last year. The earnings per share (EPS) remained at ₹0.00 for both basic and diluted categories.

Balance Sheet Highlights

The total assets of the company stood at ₹6.17 lakh as of September 30, 2022, slightly up from ₹6.13 lakh in the previous year. The current liabilities increased to ₹201.62 lakh from ₹199.26 lakh in the corresponding period of the previous year. The company's reserves and surplus stood at a negative ₹656.77 lakh, reflecting accumulated losses.

The company's short-term borrowings stood at ₹192.96 lakh, while trade payables were recorded at ₹8.11 lakh. Cash and cash equivalents improved marginally to ₹0.41 lakh from ₹0.37 lakh in the previous year. The long-term loans and advances remained unchanged at ₹5.76 lakh.