Bharat Heavy Electricals Gets Rs 31-Lakh Demand From Maharashtra Tax Authorities
The engineering and manufacturing company that the order is “appealable and an assessment will be made to exercise our right to appeal”.
Bharat Heavy Electricals Ltd. on Tuesday said that the Maharashtra sales tax authorities have sent the company an order demanding Rs 30.59 lakh.
The amount includes tax amounting to Rs 14.31 lakh, penalty of Rs 3.58 lakh, and interest of Rs 12.70 lakh and dates back to the financial year 2009–10, according to the company’s exchange filing.
The Central Sales Tax appeal order has been raised for disallowance due to non-submission of concessional forms.
However, according to the engineering and manufacturing company, “There is no material impact on financials, operation or other activities of the company.” It added, that the order is “appealable and an assessment will be made to exercise our right to appeal.”
Earlier, in November, Bharat Heavy Electricals had informed stock exchanges that Power Grid Corp. had awarded the Khavda Nagpur HVDC project to a consortium led by the heavy equipment maker.
The project, which was won via domestic competitive bidding, is to be completed by the year 2029. The work involves designing and executing the 800 kV, 6,000 megawatt, 1,200 km high-voltage direct current terminal stations to evacuate renewable energy from Khavda in Gujarat to Nagpur in Maharashtra.
For the second quarter of the current financial year, Bharat Heavy Electricals had reported a net profit of Rs 106 crore versus a net loss of Rs 63 crore in the year-ago period.
Revenue for the September quarter was up 28.5% at Rs 6,584 crore compared to Rs 5,125 crore that was recorded in the similar period last fiscal. The company’s Ebitda stood at Rs 275 crore, while for the year-ago period, its Ebitda was in the negative at Rs 154 crore.
Shares of Bharat Heavy Electricals Ltd. closed 0.38% lower at Rs 248.60 apiece on the NSE, compared to a 0.04% decline in the benchmark Nifty 50.
