Garlon Polyfab Industries Ltd Releases Unaudited Financial Results for Quarter Ended December 2019
Garlon Polyfab Industries Ltd has released its unaudited financial results and a limited review report covering the quarter ended December 2019. The results were reviewed by P.D. Agrawal & Co., Chartered Accountants, who issued a report on the Statement prepared by the Company's management.The limited review was conducted in accordance with the Standard on Review Engagement (SRE) 2410 of the Institute of Chartered Accountants of India, which requires obtaining moderate assurance regarding whether the financial statements are free of material misstatement. The auditor confirmed that nothing came to their attention that suggested the Statement was not prepared in all material respects in accordance with Ind AS and other recognized accounting practices, nor did it contain any material misstatement required for disclosure under Regulation 33 of the Listing Regulations, 2015.
The Chartered Accountants noted that the Company adopted Ind AS for the financial year commencing from April 1, 2017, ensuring compliance with Ind AS in the Statement preparation. They also noted that comparative figures were furnished by management and did not undergo review.
Financial Performance Summary
The standalone financial results of Garlon Polyfab Industries Ltd for the quarter and nine months ended December 31, 2019, have been approved by the Board of Directors. The key operational and profitability metrics are summarized below (figures in Lacs).| Particulars | Quarter Ended Dec 31, 2019 | Nine Months Ended Dec 31, 2019 |
|---|---|---|
| Total Income from Operations | 1310 | 1310 |
| Net Profit / (Loss) for the Period from Continuing Operations | (0.19) | 4.70 |
The financial statements reviewed by the statutory auditors included a range of expense categories, including Cost of materials consumed and Purchase of stock-in-trade, which stood at 50 Lacs each for the quarter ended December 31, 2019.
The management stated that the standalone financial results for the quarter and nine months ended December 31, 2019, are prepared in compliance with Indian Accounting Standards (Ind AS).
Stock Price Movement
As of 15:15, Garlon Polyfab Industries Ltd is ticking up at ₹3.31, representing a significant gain of 19.93%. The shares are trading completely flat, with both the intraday high and low locked precisely at this price point.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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