Income Tax Department Demands Rs 20 Crore from Bosch
Click to start listening
Synopsis
Bosch Limited has received a tax demand exceeding Rs 20 crore from the Income Tax Department for AY 2022-2023. The company plans to appeal the demand and has reported an inadvertent delay in payment.
Key Takeaways
- Bosch Limited faces a Rs 20 crore tax demand.
- The assessment order indicates Rs 18.36 crore in tax and Rs 1.80 crore in interest.
- The company is appealing the decision.
- Bosch reported a 12% decline in net profit for Q3 2024.
- Revenue from operations increased to Rs 4,466 crore.
New Delhi, March 31 (NationPress) Auto components producer Bosch Limited announced on Monday that it has received a tax demand notification exceeding Rs 20 crore from the Income Tax Department for the assessment year (AY) 2022-2023.
The firm disclosed to the stock exchanges that the assessment order, dated March 28, indicated a tax demand of Rs 18.36 crore along with an interest of Rs 1.80 crore.
"The company is currently in the process of filing an appeal. No assessment of penalties has been made," Bosch stated.
As per the regulatory filing, the delay in tax payment was due to an inadvertent oversight and has been promptly reported once it came to light.
Bosch registered a 12 percent decrease in its consolidated net profit, amounting to Rs 458 crore for the third quarter ending December 31, 2024. The firm's net profit was Rs 518 crore in the corresponding period of the previous financial year.
Its operational revenue increased to Rs 4,466 crore for the third quarter compared to Rs 4,205 crore from the same period last year.
The profit before tax stood at Rs 618 crore during the October-December quarter, while EBIDTA saw a minor rise of 0.7 percent to Rs 582.7 crore.
The technology firm also accounted for a provision of Rs 47 crore as an exceptional item during the quarter.
Bosch Ltd MD Guruprasad Mudlapur stated that the company achieved growth through the innovation of advanced automotive components and customer-centric solutions. He noted that the rise in service income from major auto manufacturers demonstrates their enduring confidence in the company's expertise.
The automotive products segment constitutes approximately 87 percent of the total revenue.
Bosch manufactures Electronic Control Units for both domestic and international OEMs, emphasizing diesel systems and gasoline systems divisions. Its Nashik facility also produces nozzles and injectors for both classical and Euro series, serving clients in Europe, the USA, and Southeast Asia.
