Garlon Polyfab reports Q3FY17 loss of ₹76,935 lakh

Garlon Polyfab Industries Limited reported a net loss of ₹76,935 lakh for the quarter ended December 31, 2016, driven by exceptional items. The company's Board of Directors approved the unaudited financial results during a meeting held on March 20, 2017. The loss for the nine-month period ending December 31, 2016, was significantly higher at ₹275,131 lakh, reflecting the continued impact of these exceptional charges.

Financial Performance

The unaudited financial results indicate that the company recorded no income from operations or other income during the quarter and the nine-month period. Total expenses for the quarter were ₹49,936 lakh, while depreciation and amortisation expenses accounted for ₹27,000 lakh. The company reported a profit before exceptional items of ₹76,935 lakh for the quarter, which was entirely offset by exceptional items amounting to ₹76,935 lakh.

Key Financial Figures

Particulars	Quarter Ended 31-12-2016 (Unaudited)	Quarter Ended 31-12-2015 (Unaudited)	Nine Months Ended 31-12-2016 (Unaudited)	Nine Months Ended 31-12-2015 (Unaudited)
Total Expenses	49,936	83,057	141,105	140,626
Profit before exceptional items	76,935	153,375	275,131	310,245
Exceptional Items	(76,935)	(153,375)	(275,131)	(310,245)
Net Profit/(Loss) for the period	(76,935)	(153,375)	(275,131)	(310,245)

Regulatory and Audit Details

The financial results were reviewed by P. D. Agrawal & Co., Chartered Accountants. The review report noted that the company adopted Indian Accounting Standards (Ind AS) for the financial year commencing April 1, 2016. The auditors stated that they did not review the comparative figures, which were furnished by the management. The Board meeting commenced at 04:00 P.M. and concluded at 05:00 P.M. on March 20, 2017.

Garlon Polyfab Industries Limited reported a net loss of ₹1,54,341 for the quarter ended June 30, 2016, as the company recorded no income from operations. The Board of Directors approved the unaudited financial results at a meeting held on August 31, 2016. The company has adopted the Indian Accounting Standards (Ind AS) for the financial year commencing from April 1, 2016, and the current results have been prepared in compliance with these standards.

The financial statement reveals that total expenses for the quarter amounted to ₹1,54,341, driven primarily by employee benefits expense and other expenses. Employee benefits expense stood at ₹80,026, while other expenses were recorded at ₹74,315. There was no income generated from operations or other sources during the period. Consequently, the net loss for the period from continuing operations was ₹1,54,341.

Financial Performance

The table below details the financial performance of Garlon Polyfab Industries Limited for the quarter ended June 30, 2016, compared to the preceding quarter and the corresponding period in the previous year.

Particulars	Quarter Ended 30.06.16 (Unaudited)	Quarter Ended 31.03.16 (Unaudited)	Quarter Ended 30.06.15 (Unaudited)	Year Ended 31.03.16 (Audited)
Income from Operations	-	-	-	-
Other Income	-	-	-	-
Total Income	-	-	-	-
Total Expenses	1,54,341	2,98,662	44,609	6,08,908
Net Profit/(Loss)	(1,54,341)	(2,98,662)	(44,609)	(6,08,908)

Key Disclosures

P.D. Agarwal & Co., Chartered Accountants, issued a limited review report on the unaudited financial results. The firm stated that the review was conducted in accordance with the Standard on Review Engagement (SRE) 2410 issued by the Institute of Chartered Accountants of India. The auditors noted that they were neither engaged to review nor did they review the comparative figures, which were furnished by the management.

The company is engaged in a single business segment. The Basic and Diluted Earnings Per Share (EPS) for the year ended March 31, 2016, were reported at (0.130). The financial results have been reviewed by the Audit Committee and approved by the Board of Directors.