Kesoram Industries Limited has informed the Exchange about Update on Income Tax Demand

KESORAMIND · price

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Price reaction · full curve 14 horizons · vs prior close

+5.3%1-day move

₹10.17

prior close

₹10.60

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AI summary

Kesoram Industries informed exchanges that an Income Tax Assessment Order for Assessment Year 2024-25 had raised a demand of ₹70.54 Crores. After the company represented the matter before the appropriate authority, the demand has been reduced to ₹6.03 Crores. The company is now examining the order and evaluating further legal remedies for the remaining balance. The company has stated that there is no material adverse impact on its operations from this matter.

Likely market impact

This is a positive development for shareholders as the tax demand was slashed by over 91% (from ₹70.54 Cr to ₹6.03 Cr). The remaining ₹6.03 Cr liability is relatively small, and further legal action may reduce it further, reducing potential cash outflow.