Coromandel International rallied 4.20% to Rs 1,850 after the Central Tax & Customs Department issued a favourable ruling, overturning a tax recovery demand of Rs 589.18 crore.
Earlier, the company filed an appeal against the order issued by Additional Commissioner Central Tax, Visakhapatnam Central GST Commissionerate.The Office of the Commissioner, Guntur, Central Tax & Customs, Visakhapatnam issued a favourable order stating that the demand for recovery of Rs 589.18 crore along with equivalent penalty and applicable interest has been quashed.
Coromandel International is among India's pioneers and leading Agri Solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: nutrient and other allied businesses and crop protection. These include Fertiliser, crop protection, bioproducts, specialty nutrients, and organic businesses.
The companys consolidated net profit declined 12.3% to Rs 664.05 crore despite of 6.4% rise in net slaes to Rs 7,432.83 crore in Q2 FY25 over Q2 FY24.
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