Please find attached herewith financial results for quarter ending 30th Sept 2020
Awaiting price reaction for this filing.
Garlon Polyfab Industries Ltd submitted its unaudited financial results for Q2 FY21 (quarter ended September 30, 2020) along with a limited review report from P.D. Agarwal & Co. The company reported a net loss of approximately Rs 0.42 lakh for the quarter, slightly wider than the Rs 0.37 lakh loss in the same quarter last year. The half-year loss stood at Rs 0.70 lakh versus Rs 0.42 lakh in the prior year period. Total income and expenses appear minimal, indicating very small-scale operations. The balance sheet reveals deeply negative reserves and surplus of Rs (650.82) lakh and negative shareholders' funds of Rs (189.50) lakh, while short-term borrowings stand at Rs 190.86 lakh against total assets of just Rs 7.77 lakh. The auditor drew attention to Ind AS adoption and noted that prior period comparative figures were not independently reviewed.
The company's negative net worth and significant short-term borrowings against negligible assets raise serious going-concern concerns for shareholders. Persistent losses with virtually no operational scale suggest the stock is highly risky and may face continued financial stress.