HCL Infosystems Limited has informed the Exchange regarding 'Intimation regarding receipt of refund'.
HCL-INSYS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
HCL Infosystems Limited has received a Value Added Tax (VAT) refund of INR 26.35 Crores from the Rajasthan VAT Authorities. The refund relates to pre-deposit made in connection with a dispute concerning the taxability of batteries sold in composite packs along with mobile phones in Rajasthan. This pertains to tax periods 2009-10 and 2011-12. The company has filed this intimation under SEBI Listing Regulations, Regulation 30. This is essentially a recovery of previously deposited tax amount related to an old tax dispute.
This is a positive cash flow event as the company recovers INR 26.35 Crores, which improves its liquidity position. However, since this is a one-time tax refund from a resolved dispute, it does not indicate any change in underlying business performance or future revenue trajectory.