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 quarter amounted to ₹2.20 lakh, leading to a negative bottom line despite a marginal other income of ₹0.09 lakh. For the full fiscal year ended March 31, 2021, the net loss widened to ₹3.79 lakh from ₹2.42 lakh in the previous year, reflecting continued operational challenges.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2021, at a meeting held on June 29, 2021. The statutory auditors, P. D. Agrawal & Co., provided an unmodified opinion on the financial results, confirming compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were prepared in accordance with the Indian Accounting Standards (Ind-AS).

A detailed review of the expenses reveals that employee benefits expense for Q4FY21 stood at ₹0.36 lakh, while other expenses were recorded at ₹1.04 lakh. In comparison, the employee benefits expense for the same quarter in the previous year was ₹0.51 lakh, and other expenses were ₹0.37 lakh. The total expenses for the fiscal year FY21 increased to ₹3.88 lakh from ₹2.42 lakh in FY20.

The company's earnings per share (EPS) for the quarter ended March 31, 2021, was reported at (0.0048) on a basic and diluted basis. For the full year FY21, the EPS was not provided in the audited results, whereas it stood at (0.005) in the previous year. The paid-up equity share capital remained constant at ₹461.32 lakh throughout the period.

The balance sheet as of March 31, 2021, showed total assets of ₹6.15 lakh, a decrease from ₹6.42 lakh in the previous year. The shareholders' funds stood at a negative ₹192.28 lakh, driven by reserves and surplus of (₹653.60 lakh). Current liabilities increased to ₹198.43 lakh from ₹194.91 lakh in the prior year, comprising short-term borrowings of ₹191.76 lakh and trade payables of ₹5.95 lakh.

Financial Results Summary

Assets and Liabilities

Garlon Polyfab Industries Limited reported a net loss of ₹0.39 lakh for the quarter ended June 30, 2022, as the company recorded zero income from operations. The total expenses for the period amounted to ₹0.39 lakh, primarily comprising employee benefits and other costs. The Board of Directors approved the unaudited financial results at its meeting held on August 08, 2022.

The company's financial statement reveals a complete absence of revenue from operations, other income, and total income for the quarter. Expenses were limited to employee benefits at ₹0.36 lakh and other expenses at ₹0.03 lakh. Consequently, the profit before tax and net profit for the period were reported as a loss of ₹0.39 lakh.

In comparison to the previous quarter ended March 31, 2022, the net loss narrowed from ₹1.05 lakh. However, on a year-on-year basis, the net loss for Q1FY23 was slightly higher than the ₹0.37 lakh loss reported in the corresponding quarter of the previous year. The paid-up equity share capital remained unchanged at ₹461.32 lakh.

The limited review of the unaudited financial results was conducted by P.D. Agarwal & Co., Chartered Accountants. The auditors noted that the statement was prepared in compliance with the Indian Accounting Standards (Ind AS). They also stated that they were not engaged to review the comparative figures, which were furnished by the management.

The earnings per share (EPS), both basic and diluted, stood at ₹0.00 for the quarter. The company confirmed that provisions for income tax and deferred tax would be made at the end of the financial year. The results were reviewed by the Audit Committee and subsequently approved by the Board.

Financial Summary for Q1FY23