Garlon Polyfab Industries Limited reported a net loss of ₹0.51 lakh for the quarter ended September 30, 2024, as the company recorded zero income from operations. The loss for the half year ended September 30, 2024, widened to ₹1.13 lakh compared to ₹2.39 lakh in the same period last year. The Board of Directors approved the unaudited financial results at a meeting held on November 14, 2024.

The company's financial statements reveal a complete absence of revenue streams, including income from operations and other income. Total expenses for the quarter amounted to ₹0.51 lakh, driven by employee benefits expense of ₹0.36 lakh and other expenses of ₹0.15 lakh. For the half year, total expenses reached ₹1.13 lakh, with employee benefits costing ₹0.72 lakh and other expenses totaling ₹0.41 lakh.

Financial Performance

The standalone statement of profit and loss highlights the company's continued operational inactivity during the quarter. The figures for the quarter ended June 30, 2024, also reflected a net loss of ₹0.62 lakh with no operational income. The company's earnings per share (EPS) remained at (0.00) for both basic and diluted categories.

Key Financial Metrics (₹ in Lacs)

Balance Sheet Position

The company's balance sheet as of September 30, 2024, shows total assets of ₹6.22 lakh, a decrease from ₹6.39 lakh in the previous year. Non-current assets, consisting solely of long-term loans and advances, stood at ₹5.75 lakh. Current assets were reported at ₹0.47 lakh, entirely comprising cash and cash equivalents.

On the liabilities side, shareholders' funds turned negative at ₹-202.63 lakh, primarily due to a negative reserves and surplus balance of ₹-663.95 lakh against a share capital of ₹461.32 lakh. Current liabilities increased to ₹208.85 lakh, with short-term borrowings accounting for ₹197.50 lakh.

Assets and Liabilities Summary (₹ in Lacs)

The statutory auditors, D.C. Shukla & Co., performed a limited review of the financial results. The report confirmed that the results were prepared in compliance with Indian Accounting Standards (Ind-AS). The auditors noted that they did not review the comparative figures or the reconciliation to total comprehensive income, which were furnished by the management.

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.