Please find attached herewith Financial Results for quarter ended Sept 2023
Awaiting price reaction for this filing.
Garlon Polyfab Industries submitted its Q2 FY24 unaudited results with a limited review report from auditor P.D. Agarwal & Co. The company reported a loss for the quarter, reflected in negative EPS. Most strikingly, the company's net worth is deeply negative at Rs -199.51 lakhs (down from Rs -195.45 lakhs a year ago), driven by accumulated losses sitting in reserves at Rs -660.83 lakhs. Short-term borrowings rose slightly to Rs 195.61 lakhs from Rs 192.96 lakhs. Total assets stood at just Rs 6.39 lakhs, confirming this is a micro-cap entity. The auditor drew attention to the Ind AS adoption transition matter but did not flag any material misstatement in the review.
Negative net worth and growing accumulated losses are serious red flags suggesting the company is financially distressed and may face going-concern issues. Existing shareholders are effectively wiped out on a book-value basis, and any equity investment here carries very high risk.