Mining and energy giant Vedanta has received a tax penalty order of Rs 146 crore from the office of Vishakhapatanam’s Principal Commissioner of Central Tax. In an exchange filing, the company said that the order is related to non-payment/ delayed payment of Special Additional Excise Duty.
The company said that the major portion of the penalty pertains to the non-payment of Special Additional Excise Duty (SAED) related to Videocon’s share. Of the Rs 146 crore penalty amount, Rs 115 crore is related to Videocon’s SAED non-payment, the company said.
Additionally, Vedanta stated that the company’s share in the penalty is only Rs 6.96 crore. The penalty order pertains to the period from July 2022 to March 2024.
Commenting on the effect of the penalty order on the company’s operations and finances, the company stated that it is in the process of evaluating its next course of action.
Vedanta’s Q4 results
In its Q4 FY25, Vedanta posted a massive 154 percent YoY growth in profit. The company posted a net profit of Rs 3483 crore. The company also reported a 14 percent YoY increase in it revenue in the quarter. It clocked a total of Rs 40,455 revenue in the Q4.
Vedanta’s revenue and Ebitda increased by 31 percent to Rs 11,466 crore in the quarter, which was Rs 8768 crore in the corresponding quarter last year. Its Ebitda margin also improved about 400 basis points to 28.3 percent against 24.7 percent last year.