Hexaware Technologies Limited has informed the Exchange about disclosure under Regulation 30 of LODR
HEXT · price
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Awaiting price reaction for this filing.
Hexaware Technologies received a rectification order from the GST department in Chennai reducing its earlier tax demand significantly from INR 127.50 Cr to INR 15.13 Cr (including a penalty of INR 1.32 Cr and applicable interest). The original demand, which dated back to February 2025, related to alleged non-payment of tax on non-realization of export proceeds during FY 2020-21. The company has stated that the revised demand is not material and will not have a meaningful impact on its financials or operations. Hexaware believes the demand is unjustified and plans to challenge it through legal channels. This follows a rectification application the company had filed after the initial order.
Shareholders can view this as a positive development since the tax demand has been slashed by roughly 88% after rectification, reducing potential financial exposure. The company has clearly signaled that the remaining demand is immaterial and will be contested, so near-term impact on earnings or stock price should be limited.