Maruti Suzuki wins ₹13,000cr ITAT relief may cut ₹6,300cr liabilities
Business
Big news for Maruti Suzuki: the Income Tax Appellate Tribunal (ITAT) just gave them a ₹13,000 crore tax break for eight financial years.
This move should ease their interest payments and help cut down their potential liabilities by about ₹6,300 crore.
Revenue +36% profits -11% shares +2.4%
The tribunal decided Maruti wasn't on the hook for certain taxes, which the company is definitely happy about.
Even with this win, though, Maruti's day-to-day business hasn't changed much: last quarter saw revenue jump 36%, but profits actually dipped 11% thanks to higher costs.
Still, investors liked the news: shares went up 2.4% and closed at ₹11,445 on NSE.