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Hot Pursuit
29-Nov-24
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Torrent Pharma gets penalty of Rs 2.32 cr from Income Tax Department
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Torrent Pharmaceuticals has informed that it has received a penalty of Rs 2.32 crore by the Income Tax Department under Section 271(1)(c) of the Income Tax Act, 1961, for alleged tax adjustments.
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“Based on the company assessment, the company will pursue an appeal and is hopeful of favorable outcome at higher forum and does not expect the said Order to have any material financial impact on the company,” it added.
Torrent Pharmaceuticals is the flagship company of the Torrent Group. It is ranked 6th in the Indian Pharmaceuticals Market and is amongst the top five in the therapeutics segments of cardiovascular (CV), gastro intestinal (GI), central nervous system (CNS), vitamins minerals nutritional (VMN) and cosmo-dermatology.
The company’s consolidated net profit increased 17.35% to Rs 453 crore on 8.6% rise in revenue from operations to Rs 2,889 crore in Q2 FY25 over Q2 FY24.
Shares of Torrent Pharmaceuticals rallied 3.11% to currently trade at Rs 3,303.40 on the BSE.
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