Larsen & Toubro wins tribunal case, ₹702 crore customs demand quashed – CNBC TV18
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“We wish to inform that the company on December 5, 2024, has received a favourable order of the Tribunal allowing the appeal filed by the Company and setting aside the entire demand,” Larsen & Toubro said in a regulatory filing.
The demand stemmed from an earlier order by the Principal Commissioner of Customs, Ahmedabad, which denied customs duty exemptions to the company. L&T had filed an appeal with the tribunal challenging the order. On December 5, 2024, the tribunal ruled in favour of L&T, allowing the appeal and setting aside the entire demand.
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“The company had filed an Appeal with the Central Excise & Service Tax Appellate Tribunal, Ahmedabad (‘Tribunal) against the order ‘passed by the Principal Commissioner of Customs, Ahmedabad towards Customs demand of Rs 702 crore, in respect of the denial of customs duty exemption,” it said.
Larsen and Toubro reported a 5.4% year-on-year (YoY) increase in net profit at ₹3,395.3 crore for the second quarter that ended on September 30, 2024. In the corresponding quarter of the previous fiscal, Larsen & Toubro posted a net profit of ₹3,223 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹3,200 crore for the quarter under review.
The company’s revenue from operations surged 20.6% to ₹61,554.6 crore against ₹51,024 crore in the year-ago period, aided by accelerated progress in the various businesses in the Projects & Manufacturing (P&M) portfolio. The CNBC-TV18 poll had predicted revenue of ₹57,942.6 crore for the quarter under review.
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Shares of Larsen and Toubro Ltd ended at ₹3,865.80, up by ₹35.55, or 0.93% on the BSE.
