Garlon Polyfab Industries Limited reported a net loss of ₹2.21 lakh for the quarter ended March 31, 2021, as the company recorded zero income from operations. The total expenses for the period amounted to ₹2.30 lakh, primarily comprising employee benefits expenses of ₹0.36 lakh and other expenses of ₹1.94 lakh. Consequently, the loss for the quarter widened compared to the ₹0.88 lakh loss recorded in the corresponding period of the previous year.

For the financial year ended March 31, 2021, the company reported a net loss of ₹3.79 lakh. Total annual expenses reached ₹3.88 lakh, with employee benefits costs at ₹1.44 lakh and other expenses at ₹2.44 lakh. The company generated no revenue from operations during the year, while other income stood at ₹0.09 lakh.

The Board of Directors approved the unaudited financial results for the quarter and period ended March 31, 2021, at a meeting held on June 29, 2021. The standalone financial results were reviewed by the Audit Committee and subsequently approved by the Board. The statutory auditors, P. D. Agrawal & Co., audited the quarterly and year-to-date results, confirming compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statement of assets and liabilities as of March 31, 2021, revealed that the company's total assets stood at ₹6.15 lakh, a decrease from ₹6.42 lakh in the previous year. Shareholders' funds were negative at ₹192.28 lakh, comprising share capital of ₹461.32 lakh and a negative reserve and surplus balance of ₹653.60 lakh. Current liabilities increased to ₹198.43 lakh from ₹194.91 lakh in the prior year.

The earnings per share (EPS) for the quarter ended March 31, 2021, was reported at (0.0048) on a basic and diluted basis. The financial results were prepared in compliance with Indian Accounting Standards (Ind-AS), and previous period figures have been regrouped or reclassified for comparability.

Financial Performance Summary

Garlon Polyfab Industries Limited reported a net loss of ₹0.88 lakh for the quarter ended March 31, 2020, as the company recorded zero income from operations. The loss for the financial year widened to ₹2.42 lakh, compared to a net loss of ₹2.34 lakh in the previous year, with total revenue remaining at nil. The company's shareholders' funds stood at a negative ₹188.49 lakh as of March 31, 2020, indicating a deficit in equity.

The Board of Directors approved the unaudited financial results at its meeting held on June 29, 2020. The meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. The filing was made pursuant to Regulation 33(3)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors reviewed the standalone financial results for the quarter and year ended March 31, 2020.

Financial Performance

The company reported no income from operations for both the quarter and the year ended March 31, 2020. Total expenses for the quarter amounted to ₹0.88 lakh, driven by employee benefits expense of ₹0.51 lakh and other expenses of ₹0.37 lakh. For the full year, total expenses were significantly lower at ₹2.42 lakh compared to ₹15.44 lakh in the previous year, primarily due to a reduction in other expenses.

Balance Sheet Highlights

Garlon Polyfab's total assets decreased marginally to ₹6.42 lakh as of March 31, 2020, from ₹6.50 lakh in the previous year. Current assets, comprising cash and cash equivalents, stood at ₹0.66 lakh, down from ₹0.74 lakh. Non-current assets remained flat at ₹5.76 lakh, consisting entirely of long-term loans and advances.

On the liabilities side, current liabilities increased to ₹194.91 lakh from ₹192.58 lakh in the previous year, driven by short-term borrowings of ₹189.08 lakh. Shareholders' funds deteriorated to a negative ₹188.49 lakh, primarily due to a reserves and surplus deficit of ₹649.81 lakh against a share capital of ₹461.32 lakh.