Lux Industries on Friday confirmed the CNBC-TV18 reports stating that the Income Tax department is conducting searches at the company’s premises in Kolkata. The company said that it is extending full cooperation to the authorities. “In this respect we would like to submit that survey is being conducted at our premises and the company is extending its full cooperation to the authorities,” it said in a regulatory filing.
Lux Industries further stated that the survey is yet to be concluded and there is no update on the impact of the same as yet. “We would like to further inform that as the survey is yet to be concluded we are unable to make assessment of its impact. Once the survey concludes, the Company will update the Stock Exchanges, in case there is any material impact resulting from the above survey,” it said.
The I-T department has reportedly alleged a tax evasion of Rs 200 crore by the company. The search is underway in multiple cities at premises linked to the company including Kolkata. Offices and residences of top officials are also covered in the raids, according to ANI which cited the information to sources.
Earlier in August, Lux Industries reported total income of Rs 525.43 crores during the period ended June 30, 2023 as compared to Rs 571.69 crores during the period ended June 30, 2022. It had posted net profit at Rs 16.68 crore during the first quarter of FY24, down 67.13 per cent from Rs 50.74 crore during the same quarter last year. Its EBITDA stood at Rs 33.24 crore in June 2023 down 57.28 per cent from Rs 77.80 crore a year earlier.