Please find attached herewith financial results for quarter ending 30th June 2017
Awaiting price reaction for this filing.
Garlon Polyfab Industries, a Kanpur-based small-cap company, has filed its unaudited quarterly results for the three months ended 30 June 2017 along with a limited review report from statutory auditors. The company reported a net loss for the quarter, which includes exceptional items of approximately Rs 34.52 lakhs. For context, the previous quarter (Q4 FY17) ended with a loss of about Rs 39 lakhs, while the comparable quarter a year earlier (Q1 FY17) showed a much smaller loss of around Rs 1.06 lakhs, indicating a sharp deterioration in quarterly performance. The full-year FY17 result was a net loss of Rs 42.16 lakhs. The paid-up equity capital stands at Rs 4.61 crore (face value Rs 10 per share). The company has also transitioned to Ind AS accounting from 1 April 2017, which led to restatement of the corresponding Q1 FY17 figures.
The company is consistently loss-making with losses widening sharply year-on-year in Q1, accompanied by a sizeable exceptional charge. This is a negative signal for shareholders, as continued losses and exceptional items raise concerns about the company's operational health and going concern status.