Please find attached herewith Financial Results for quarter ended June 2017.
Awaiting price reaction for this filing.
Garlon Polyfab Industries has filed its unaudited Q1 FY18 (quarter ended June 30, 2017) results along with a limited review report from statutory auditors. The company reported a net loss of approximately Rs. 38.99 lakh for the quarter, wider than the Rs. 1.06 lakh loss in the corresponding quarter last year (Q1 FY17), but slightly better than the Rs. 42.16 lakh loss in Q4 FY17. Exceptional items of Rs. 34.52 lakh were charged during the quarter. The company has transitioned to Ind AS accounting from April 1, 2017 (transition date April 1, 2016) and accordingly restated comparative figures for Q1 FY17.
Persistent quarterly losses and a large exceptional item drag signal continued operational stress for this small-cap textile/polyfab company; the Ind AS transition and restatement are accounting adjustments, not business improvements, so shareholders should not read this as recovery.