New Delhi, March 31 Auto components manufacturer Bosch Limited said on Monday that it has received a tax demand notice of more than Rs 20 crore from the Income Tax Department for the assessment year (AY) 2022-2023.
The company informed the stock exchanges that the assessment order, dated March 28, raised a demand of Rs 18.36 crore as tax along with an interest of Rs 1.80 crore.
"The company is in the process of preferring an appeal. No quantification of penalty has been passed," Bosch said.
According to the regulatory filing, the delay in paying the tax "is inadvertent and is swiftly reported, once it was brought to the notice".
Bosch reported a 12 per cent decline in its consolidated net profit to Rs 458 crore for the third quarter ended December 31, 2024. The company had made a net profit of Rs 518 crore in the October-December period of the previous financial year.
Its revenue from operations rose to Rs 4,466 crore for the third quarter compared to Rs 4,205 crore in the year-ago period.
The company’s profit before tax worked out to Rs 618 crore during the October-December quarter, while EBIDTA increased by 0.7 per cent to Rs 582.7 crore.
The technology company also made a provision of Rs 47 crore as an exceptional item during the quarter.
Bosch Ltd MD Guruprasad Mudlapur said that the company generated growth during the quarter through the development of advanced automotive components and customer-focused solutions. He attributed the increased service income from major auto manufacturers as reflecting their continued trust in the company and its expertise.
The company's automotive products business accounts for about 87 per cent of the total revenue.
Bosch manufactures Electronic Control Units for both domestic and international OEMs, focusing on diesel systems and gasoline systems divisions. Its Nashik factory also manufactures nozzles and injectors for classical as well as Euro series, catering to customers in Europe, the USA, and Southeast Asia.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor