Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015
MANKIND · price
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Mankind Pharma's material subsidiary, Bharat Serums and Vaccines Limited (BSV), has received an income tax assessment order dated May 13, 2025 for Assessment Year 2022-23. The Income Tax Department has raised an additional tax demand of INR 76.30 crores (including interest) under Section 143(3) read with Section 144C(3) of the Income-tax Act, citing certain transfer pricing adjustments and disallowance of depreciation on intangible assets. Mankind Pharma stated that the demand is not tenable in law and that BSV will file an appeal. The company also mentioned that the tax authorities did not account for certain prepaid taxes from a merged entity, and a rectification petition will be filed to reduce the demand accordingly. Mankind Pharma believes there will be no material impact on the financials or operations of BSV or the company.
Despite the sizeable tax demand, management expects no material financial or operational impact as it plans to contest the order. Investors should watch the appeal outcome, as an adverse final ruling could affect earnings, though the company views the demand as legally weak.