Please find attached herewith financial results for quarter ended March 2017
Awaiting price reaction for this filing.
Garlon Polyfab Industries reported audited results for Q4 FY17 and the full year ended March 31, 2017. The company reported zero revenue from operations, with only Rs 3.41 lakh of other income in Q4. It posted a net loss of Rs 38.99 lakh for the quarter, driven by a massive exceptional item loss of Rs 34.52 lakh. For the full year FY17, total income was just Rs 7.64 lakh against a net loss of Rs 42.16 lakh, compared to a net loss of Rs 6.09 lakh in FY16. The balance sheet shows deeply eroded reserves and surplus of Rs -6.30 crore (negative), and total assets collapsed from Rs 59.58 lakh to just Rs 7.64 lakh year-on-year.
This is a deeply negative filing for shareholders. The company has no operating revenue, mounting losses, wiped-out reserves, and a shrinking asset base, raising serious concerns about its financial viability and continued operations.