Audited Q4 FY19 results: profit of 2.34L vs loss last year, but negative net worth

Garlon Polyfab reported FY19 profit of Rs 2.34 lacs versus a loss of Rs 1.94 lacs in FY18, on other income of Rs 13.10 lacs. Revenue from operations was nil. However, shareholders funds are deeply negative at minus Rs 186.08 lacs, reserves stand at minus Rs 647.40 lacs, and operating cash flow was negative. Short term borrowings of Rs 188.05 lacs remain. Results restated under Ind AS. Auditor gave a clean unmodified opinion.