The assistant commissioner of the Central GST in Jaipur has imposed a penalty of Rs 11.03 lakh against a wholly owned subsidiary of Suzlon Energy Ltd. over alleged availment of excess input tax credit, according to an exchange filing on Wednesday.
The penalty was levied against Suzlon Global Services Ltd. on Tuesday for the excess ITC of the goods and services tax during financial year 2020–21. There is no material impact on the financial, operational or other activities of the company, it said. "An appeal would be filed in due course of time against the penalty."
Suzlon Energy's consolidated net profit jumped 90% on an annual basis in the third quarter of the current financial year, beating analysts' estimates. The wind turbine manufacturer posted a profit of Rs 386 crore in the third quarter.
Shares of Suzlon Energy rose as much as 9.3% during the day to Rs 55.35 apiece on the National Stock Exchange. It closed 6.95% higher at Rs 54.16 per share, compared to a 0.05% decline in the benchmark Nifty. The share price has fallen 17.36% in the last 12 months.
Five out of the six analysts tracking the company have a 'buy' rating on the stock and one suggests a 'hold,' according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 31.1%.
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