Garlon Polyfab reports nil income for Q3FY21
Garlon Polyfab Industries Limited reported unaudited financial results for the quarter ended December 31, 2020, revealing zero income from operations. The company incurred finance costs of ₹0.36 lakh for the quarter, a decrease from ₹0.90 lakh in the same period last year. The Board of Directors approved the results on February 12, 2021.
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Garlon Polyfab Industries Limited reported unaudited financial results for the quarter ended December 31, 2020, revealing zero income from operations. The company's total expenses for the quarter stood at ₹0.36 lakh, driven primarily by finance costs. The Board of Directors approved the results during a meeting held on February 12, 2021, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The financial statements, prepared under Indian Accounting Standards (Ind AS), indicate that the company has not generated any revenue from operations, other income, or total income for the current quarter, the previous quarter, or the corresponding quarter in the prior year. Expenses were minimal, with finance costs accounting for the entirety of the ₹0.36 lakh spent in Q3FY21. This represents a decrease from the ₹0.90 lakh finance cost reported in the quarter ended December 31, 2019.
For the nine months ended December 31, 2020, the company continued to report zero income from operations. Total expenses for this period aggregated to ₹1.08 lakh, consisting solely of finance costs. In comparison, the finance costs for the nine months ended December 31, 2019, were ₹0.90 lakh. The company also reported exceptional items amounting to ₹0.50 lakh for the nine-month period, up from ₹0.54 lakh in the previous year.
The basic and diluted earnings per share (EPS) for the quarter ended December 31, 2020, were reported as (0.13). This contrasts with the EPS of (0.00) for the same period in the previous year. The paid-up equity share capital remained unchanged at zero, while reserves excluding revaluation reserves stood at ₹4.61 lakh, consistent with the audited balance sheet of the previous year.
P.D. Agarwal & Co., Chartered Accountants, conducted a limited review of the unaudited financial results. The review report confirmed that nothing came to their attention to suggest the statements were not prepared in accordance with Ind AS and other recognized accounting policies. The auditors noted that they did not review comparative figures, which were furnished by the management.
Financial Performance Summary
| Particulars | Quarter Ended Dec 31, 2020 (Unaudited) | Quarter Ended Dec 31, 2019 (Unaudited) | Nine Months Ended Dec 31, 2020 (Unaudited) | Nine Months Ended Dec 31, 2019 (Unaudited) |
|---|---|---|---|---|
| Income From Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Income | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Expenses | 0.36 | 0.90 | 1.08 | 0.90 |
| Finance Costs | 0.36 | 0.90 | 1.08 | 0.90 |
| Net Profit/(Loss) | 0.00 | 0.00 | 0.00 | 0.00 |
| Basic EPS | (0.13) | (0.00) | (0.00) | (0.00) |
What strategic initiatives is the company planning to resume operations and generate revenue?
How does the company intend to manage its finance costs given the lack of operational income?
Are there any potential mergers, acquisitions, or partnerships in the pipeline to revitalize the business?
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