Garlon Polyfab Industries Limited reported a net loss of ₹1.05 lakh for the quarter ended March 31, 2022 (Q4FY22). For the full year ended March 31, 2022 (FY22), the company recorded a net loss of ₹2.28 lakh. The company reported zero income from operations for both the quarter and the fiscal year.

The Board of Directors at its meeting held on May 30, 2022, approved the audited standalone financial results for the quarter and year ended March 31, 2022. The statutory auditors, P. D. Agrawal & Co., provided an unmodified opinion on the financial results. The Audit Committee reviewed the results on May 30, 2022, prior to the Board's approval.

Financial Performance

The company's financial statements for the quarter and year ended March 31, 2022, reflect a continuation of operational inactivity with respect to income generation. Total expenses for the quarter stood at ₹0.69 lakh, while total expenses for the year were ₹0.84 lakh. Employee benefits expense accounted for ₹0.36 lakh in the quarter and ₹1.44 lakh for the year.

The company reported exceptional items amounting to a loss of ₹1.05 lakh for Q4FY22 and ₹2.28 lakh for FY22. Consequently, the net loss for the period from continuing operations was ₹1.05 lakh for the quarter and ₹2.28 lakh for the year. The paid-up equity share capital remained constant at ₹461.32 lakh.

Standalone Financial Results

Assets and Liabilities

The standalone statement of assets and liabilities as of March 31, 2022, shows total assets of ₹6.06 lakh, a decrease from ₹6.15 lakh in the previous year. Shareholders' funds stood at a negative ₹194.57 lakh, compared to a negative ₹192.28 lakh in the prior year. Current liabilities increased to ₹200.63 lakh from ₹198.43 lakh in the previous year.

Cash and cash equivalents decreased to ₹0.30 lakh as of March 31, 2022, from ₹0.39 lakh in the previous year. The cash flow statement for FY22 indicates a net decrease in cash and cash equivalents of ₹88.02, primarily due to net cash used in operating activities.

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