Garlon Polyfab Industries Ltd Releases Annual Financial Results for Fiscal Year 2024; Statements Give True and Fair View
Garlon Polyfab Industries Limited has released its Standalone Statement of Assets and Liabilities for the financial year ended March 31, 2024. The results provide a comparative view against the previous fiscal year (March 31, 2023), with auditors confirming that the statements present a true and fair picture in conformity with applicable Indian Accounting Standards.The company's annual financial data, covering assets and liabilities, stands as follows:
| Financial Metric | Year ended 31/03/2024 (In Lacs) | Previous year ended 31/03/2023 (In Lacs) |
|---|---|---|
| Total Assets | 5.98 | 6.13 |
| Non Current Assets | 5.76 | 5.76 |
| Total Current Assets | 0.22 | 0.37 |
| Shareholders Fund (Equity) | -201.51 | -197.11 |
| Long Term Borrowings | N/A | N/A |
| Total Current Liabilities | 207.49 | 203.24 |
Key Financial Components
The financial statement details the composition of assets and liabilities across both periods.Under Assets:
- Non-Current Assets totaled 5.76 Lacs in both fiscal years, comprising long-term loans and advances.
- Total Current Assets were reported as 0.22 Lacs for the year ended March 31, 2024, compared to 0.37 Lacs in the previous year.
Regarding Equity and Liabilities:
- Share Capital was recorded at 461.32 Lacs in both years (March 31, 2024 and March 31, 2023).
- Reserves and Surplus reflected a deficit of -662.83 Lacs for the current year, compared to a deficit of -658.43 Lacs in the previous fiscal year.
- Total Current Liabilities amounted to 207.49 Lacs in the current financial year, slightly higher than the 203.24 Lacs recorded in the prior year.
The management has affirmed that these statements were prepared based on standalone annual financial statements and include comprehensive internal controls and appropriate accounting judgments.
Auditor's Opinion
The Independent Auditor's Report stated that the Standalone Financial Results for the year ended March 31, 2024, are presented in accordance with Indian Accounting Standards (Ind AS). Furthermore, the results give a true and fair view consistent with Ind AS and other generally accepted accounting principles.In reviewing the interim financial information for the quarter ending March 31, 2024, the auditor concluded that nothing had come to their attention that would cause them to believe that the quarterly results contained any material misstatement or failed to disclose necessary information.
Stock Price Movement
As of 15:15, Garlon Polyfab Industries Ltd shares are edging higher at ₹3.31, reflecting a significant gain of 19.93%. However, the stock is trading completely flat, as its intraday high and low are both locked at the ₹3.31 level.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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