Fortis Healthcare Limited has informed the Exchange about Receipt of GST order as per attached disclosure.
FORTIS · price
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Awaiting price reaction for this filing.
Fortis Healthcare has received GST orders from the State Tax Officer (Group IX, Chengalpattu Intelligence Division, Tamil Nadu) covering three financial years. The tax authority has confirmed total demands of approximately INR 21.4 crores (INR 2,139.61 lakhs), including interest and penalties, across FY 2020-21 (INR 478.08 lakhs), FY 2021-22 (INR 850.00 lakhs), and FY 2022-23 (INR 811.53 lakhs). The original show cause notices were for about INR 18.17 crores, and the balance amounts from those notices have been dropped. The company may explore appeal options against these orders. The disclosure was made under SEBI Listing Regulations to keep the stock exchanges informed.
This is a moderate tax liability that, if upheld after appeals, could dent near-term earnings, though the amount is not material relative to Fortis's overall business size. Shareholders should watch for any further updates on whether the company contests these orders, as the outcome may affect financial provisions.