Please find attached herewith quarterly financial results for quarter ending 30th June 2019
Awaiting price reaction for this filing.
Garlon Polyfab Industries reported nil revenue from operations for the quarter ended 30 June 2019, compared with Rs. 13.10 lakh in the same quarter last year (a complete drop in operating income). With no operating income, the company posted a net loss of Rs. 1.38 lakh against a small profit of Rs. 87,700 in the year-ago quarter. Total expenses of Rs. 1.38 lakh were entirely unabsorbed by any income, dragging basic EPS to a negative Rs. 0.19. Statutory auditor P.D. Agarwal & Co. issued an unqualified limited review report, but drew 'attention to' (emphasis of matter) two points: that the company adopted Ind AS from 1 April 2017, and that the comparative quarter figures were furnished by management and were not independently reviewed. The results were approved by the Audit Committee and Board on 31 July 2019.
The disappearance of operating revenue suggests the core textile business has effectively stopped generating sales in Q1 FY20, which is a serious red flag for investors. Combined with a return to losses, this raises concerns about business continuity and could weigh negatively on the stock and shareholder confidence until revenue resumes.