Please find attached herewith Financial Results for quarter ended Dec 2018
Awaiting price reaction for this filing.
Garlon Polyfab Industries has submitted its unaudited financial results for the quarter and nine months ended December 31, 2018, along with a Limited Review Report from statutory auditors P.D. Agarwal & Co. The company has transitioned from Indian GAAP to Ind AS accounting standards effective April 1, 2018, and has accordingly restated previous period figures. The results show the company reporting losses for both the quarter and the nine-month period. The auditor issued an unqualified review report but drew attention to two matters: the Ind AS transition and the fact that comparative figures were furnished by management and not independently reviewed.
Shareholders should note the company posted losses during the quarter, and the shift to Ind AS has triggered restatement of historical numbers, which may make simple year-on-year comparisons misleading. The auditor raised no concerns about going concern or material misstatements, but the lack of revenue visibility in the submission warrants caution.