Hyundai Motor India Limited (HMIL), one of the country's leading automobile manufacturing companies, has received Rs. More than 5 crore tax notices have been received. The Maharashtra State Tax Authority has issued this show cause notice to the company for irregularities in the input tax credit (ITC) claim for the financial year 2020-21.
According to the notice, the tax authority has alleged that the company has not paid the tax. Due to which the company has a total of Rs. 2.74 crore demand notice has been sent. Apart from this, the company will also have to pay an interest of Rs 2.27 crore.
Hyundai Motor India has clarified in its notice to NSE and BSE under Section 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 that the company will respond to the notice within the prescribed time limit.
This notice will not affect the financial activities of the company Hyundai Motor India further said that the notice will not have any impact on the financial operational and other activities of the company. This issue is related to regular compliance. Hyundai plans to resolve the matter through appropriate channels with officials.
Hyundai Motor India is headquartered in Gurugram, Haryana. It is the Indian subsidiary of South Korean automotive giant Hyundai Motor. Hyundai is a major company in the Indian automobile market.
Hyundai India's second quarter profit fell 16% Hyundai Motor India in the second quarter of the financial year 2024-25 Rs. 1,375 crore in consolidated net profit. It has decreased by 16.5% year-on-year. In the same quarter a year ago, the company posted Rs. 1,628 crore profit was made. Hyundai India has announced quarterly results for the first time since listing on BSE-NSE.
Operational income in the July-September quarter was Rs. 17,260 crores. In the same quarter a year ago, it was Rs. 18,639 crores. It has decreased by 7.39% year-on-year.
Hyundai India's total revenue down 8.34% Hyundai India's total revenue in the July-September quarter fell 8.34% year-on-year to Rs. 17,452 crores. The total revenue of the company in the second quarter of the financial year 2023-24 was Rs 19,042 lakh crore.
Shares of Hyundai India today at Rs. It closed at 1,882 Shares of Hyundai India today, Tuesday (November 26), rose 1.57% to Rs. closed at 1,882.45. The market cap of the company is Rs 1.53 lakh crore. Hyundai India shares were listed on BSE-NSE on October 22.
The company's IPO opened on October 15 and closed on October 17. The company had fixed its price band at Rs 1,865-1,960. The company through this IPO raised Rs. 27,870 crore was collected.
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