Financial Results for quarter ended June 2023
Awaiting price reaction for this filing.
Garlon Polyfab Industries Ltd submitted its unaudited financial results for Q1 FY24 (quarter ended June 30, 2023). The company reported a net loss for the quarter, continuing its loss-making trend from the previous year period. Paid-up equity share capital stands at Rs. 461.32 lacs with a negative EPS. The results were approved by the Board on August 24, 2023, and a limited review was conducted by statutory auditors P.D. Agarwal & Co. The auditor's review report drew attention to two matters: the company's transition to Ind AS accounting standards and that comparative figures were not reviewed by them.
The company continues to report losses with no clear sign of turnaround, which is a negative signal for shareholders. The auditor's emphasis on non-reviewed comparative figures adds a caveat to year-on-year comparisons.