Gujarat HC grants Suzlon relief, stays ₹261 Crore fine

19 Apr 2024 , 11:43 AM

The Gujarat High Court has issued an ad interim stay on the ₹261 Crore penalty that the National Faceless Assessment Center, Income Tax Department, New Delhi, levied in March, according to a plea made today by Suzlon Energy Ltd.

The disallowance of the goodwill depreciation claim, the late provident fund payment, and the late employees' state insurance payment in 2015–16 (April–March) resulted in a penalty of ₹87.59 Crore.

The disallowance of the goodwill depreciation claim, the late provident fund payment, and the late payment of the employees' state insurance in 2016–17 resulted in a penalty of ₹172.76 Crore.

In response, the business filed petitions challenging the aforementioned penalty order.

The wind turbine manufacturer announced a 160% increase in its quarterly net profit for the October–December period over the same period last year.

The company's net profit for the same period last year was ₹69.8 Crore, while this year's net profit was ₹203.2 Crore. The quarter's financing expenses decreased by more than 80% from ₹86.3 Crore to ₹14.3 Crore from the previous year. Suzlon recently paid off its outstanding debts through a rights offering and QIP, becoming a debt-free corporation.

On the NSE, the price of Suzlon Energy's shares traded 2.92% lower at ₹39.95. Suzlon Energy's stock has increased by 7.5% so far this year, while its one-year return is 417%.

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