Please find attached herewith Financial Results for quarter ending 30th September 2023
Awaiting price reaction for this filing.
Garlon Polyfab Industries has reported weak results for Q2 FY24 with revenue from operations at just Rs 0.27 lakh, sharply lower than Rs 1.54 lakh in the same quarter last year. Total expenses of Rs 3.33 lakh pushed the company to a loss before tax of Rs 3.06 lakh, resulting in a net loss of Rs 2.61 lakh for the quarter, compared to a loss of Rs 0.34 lakh in Q2 FY23. EPS for the quarter stood at negative Rs 0.06. The balance sheet shows deeply negative shareholders' funds of Rs -199.51 lakh (reserves and surplus of Rs -660.83 lakh against share capital of Rs 461.32 lakh), with short-term borrowings of Rs 195.61 lakh. The auditor (P.D. Agarwal & Co.) issued an unqualified limited review report, noting they did not review comparative figures for prior periods.
Negative equity and ongoing losses raise serious going-concern questions; shareholders face a high-risk situation with an eroded net worth, weak revenue base, and dependence on short-term borrowings to stay afloat. The stock is likely to remain under pressure.