Lenskart gets customs duty demand of about Rs 13.17 crore on eyeframe imports

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Nifty Midcap 150market-1.1%-0.2% vs market

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AI summary

The customs authority has issued an order against Lenskart demanding about Rs 13.17 crore in differential customs duty and penalty, plus unquantified interest. The dispute concerns classification of imported optical eyeframes with clip-on: the company used HSN 9003 while the authority wants HSN 9004. Lenskart says it has legal support for its position and will appeal. The company says this has no material impact on operations and was already disclosed as a contingent liability.

Likely market impact

Modest financial impact of about Rs 13.17 crore plus interest, but company is contesting and says it has no material impact on operations.