Cairn Oil & Gas Slapped With Rs 146-Crore Penalty From Vishakhapatnam Tax Authority
The company is in the process of evaluating the next course of action.
Cairn Oil & Gas Ltd. has received a Rs 145-crore tax penalty from the Visakhapatnam tax authority, on grounds of delayed payment or non payment of Special Additional Excise Duty from July 2022 to March 2024, as per an exchange filing on Saturday.
The major amount of the penalty pertains to non payment of Special Additional Excise Duty of Videocon's share, which is Rs 115 crore. While Cairn's share of the penalty is Rs 6.96 crore.
The company is in the process of evaluating the next course of action to determine the impact on financial and operational activities according to the filing.
The company released its fourth quarter earnings on April 25. Its profit surged 47.3% year-on-year during the quarter ended March 2025, exceeding analysts' estimates. Revenue rose 13.41% to Rs 8,829 crore and Ebitda rose 17.42% to Rs 4,562 crore.
Additionally, margin expanded 176 basis points from 49.9% to 51.67%.
