Gillette India update on change in tax liability

Gillette India has arrived at an advanced pricing agreement with the tax authorities today, viz. 26 March 2024, determining appropriate transfer pricing methodology for certain identified transactions with Company's affiliate(s) for the years viz., F.Y. 2012-13, F.Y. 2014-15 to F.Y. 2016-17. As a consequence of this agreement;

1. An additional tax liability, approximately of about Rs. 8 crore (including interest) is payable.

2. There will be a reduction in contingent liabilities of approximately Rs. 250 crore, subject to withdrawal of relevant tax litigations by the respective parties.

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