Hyundai Motor India Limited (HMIL), one of the country’s leading automobile manufacturers, has received a tax notice of more than Rs 5 crore. The Maharashtra State Tax Authority has sent this show cause notice to the company for irregularities in the input tax credit (ITC) claims for the financial year 2020-21. According to the notice, the tax authority has alleged that the company has not made the tax payment. Due to this, a total demand notice of Rs 2.74 crore has been sent to the company. Apart from this, the company will also have to make an interest payment of Rs 2.27 crore. Hyundai Motor India has clarified in the information given to NSE and BSE under Section 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 that the company will respond to the notice within the stipulated time limit. The notice will not have any effect on the financial activities of the company Hyundai Motor India further said that this notice will not have any effect on the financial, operational and other activities of the company. This issue is related to routine compliance. Hyundai has planned to resolve the matter through proper channels with the authority. Hyundai Motor India is headquartered in Gurugram, Haryana. It is the Indian subsidiary of South Korean automotive giant Hyundai Motor. Hyundai is a major company in the Indian automobile market. Hyundai India’s profit decreased by 16% in the second quarter Hyundai Motor India has reported a consolidated net profit of Rs 1,375 crore in the second quarter of FY 2024-25. It has decreased by 16.5% on an annual basis. The company had a profit of Rs 1,628 crore in the same quarter a year ago. Hyundai India has released quarterly results for the first time after being listed on BSE-NSE. Operational revenue stood at Rs 17,260 crore in the July-September quarter. It was Rs 18,639 crore in the same quarter a year ago. It has decreased by 7.39% on an annual basis. Hyundai India’s total income decreased by 8.34% In the July-September quarter, Hyundai India’s total income decreased by 8.34% year-on-year to Rs 17,452 crore. In the second quarter of the financial year 2023-24, the company’s total income was Rs 19,042 lakh crore. Hyundai India’s share closed at Rs 1,882 today Hyundai India’s share closed at Rs 1,882.45 today on Tuesday (26 November), up 1.57%. The company’s market cap is Rs 1.53 lakh crore. Hyundai India’s share was listed on BSE-NSE on 22 October. The company’s IPO opened on 15 October and closed on 17 October. The company had fixed its price band at Rs 1,865-1,960. The company had raised Rs 27,870 crore through this IPO.
