Hyundai Motor India Limited (HMIL), one of the country's leading automobile manufacturing companies, has received a tax notice of more than Rs 5 crore. Maharashtra State Tax Authority has sent this show cause notice to the company for irregularities in Input Tax Credit (ITC) claims for the financial year 2020-21.
According to the notice, the tax authority has alleged that the company has not paid tax. Due to this, a total demand notice of Rs 2.74 crore has been sent to the company. Apart from this, the company will also have to make interest payment of Rs 2.27 crore.
Hyundai Motor India has clarified in the notice given 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.
The notice will not have any impact on the financial activities of the company.
Hyundai Motor India further said that this notice will not have any impact on the financial, operational and other activities of the company. This issue is related to routine compliance. Hyundai plans to resolve this matter through appropriate channels with the authorities.
The headquarters of Hyundai Motor India is in Gurugram, Haryana. It is the Indian subsidiary of South Korean automotive giant Hyundai Motor. Hyundai is a big company in the Indian automobile market.
Hyundai India's second quarter profit declined by 16%
Hyundai Motor India has made a consolidated net profit of Rs 1,375 crore in the second quarter of the financial year 2024-25. It has decreased by 16.5% on annual basis. The company had made a profit of Rs 1,628 crore in the same quarter a year ago. Hyundai India has released quarterly results for the first time after listing on BSE-NSE.
Operational revenue in the July-September quarter stood at Rs 17,260 crore. It was Rs 18,639 crore in the same quarter a year ago. It has decreased by 7.39% on annual basis.
Hyundai India's total income decreased by 8.34%
In the July-September quarter, Hyundai India's total income declined by 8.34% year-on-year to Rs 17,452 crore. The total income of the company in the second quarter of the financial year 2023-24 was Rs 19,042 lakh crore.
Hyundai India shares closed at Rs 1,882 today
Shares of Hyundai India today closed at Rs 1,882.45, up 1.57% on Tuesday (November 26). The market cap of the company is Rs 1.53 lakh crore. Hyundai India's shares were listed on BSE-NSE on 22 October.
The company's IPO opened on 15 October and closed on 17 October. The company had fixed its price band at Rs 1,865-1,960. The company had raised Rs 27,870 crore through this IPO.
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