Please find attached herewith Quarterly Financial Results for quarter ending 31st Dec 2017
Awaiting price reaction for this filing.
Garlon Polyfab Industries has filed its unaudited financial results for the quarter and nine months ended 31 December 2017, along with a limited review report from statutory auditors P.D. Agrawal & Co. The company continues to report losses, with a net loss of about Rs. 0.29 lakh for the quarter and Rs. 1.06 lakh for the nine-month period, compared to losses of Rs. 0.27 lakh and Rs. 0.89 lakh in the corresponding prior-year periods. This is the company's first set of results prepared under the new Indian Accounting Standards (Ind AS), which the management has highlighted in the notes. Turnover and operating income appear very small, and the auditor issued an unmodified limited review report with no qualifications, though they noted that prior-period comparatives and Ind AS reconciliations were furnished by management and not independently reviewed.
Shareholders should note that the company remains loss-making with negligible operating revenue, and the stock is likely to remain illiquid and thinly traded. The Ind AS transition does not change the underlying picture of weak operations, and there is no near-term catalyst for re-rating visible in these results.