The firm indicated that the tax demand is provisional and based on estimations. KEC Spur Infrastructure is in the process of filing appeals with the Commissioner of Income Tax (Appeals) to demonstrate the validity of the expenses. The company anticipates that the matter will be settled through the appeals procedure.
KEC International asserted that it does not expect any significant financial repercussions from this demand, and the subsidiary is confident in the strength of its position. The company is taking necessary legal measures to contest the order.
Also Read: KEC International secures fresh orders worth ₹1,002 crore
On the previous day, KEC International disclosed that it had secured new orders totaling ₹2,518 crore across its various sectors. In the civil segment, the company obtained its largest-ever commercial real estate contract from a prominent developer in western India. In transportation, KEC International achieved a joint venture contract as part of India’s Train Collision Avoidance System (TCAS) initiative, known as Kavach.
The transmission & distribution (T&D) segment garnered several contracts, including 400/132/66 kV transmission lines in Africa, additional transmission lines and substations in global markets, tower supplies in Europe and the Americas, as well as supplying hardware and poles in the Americas.
In the cables & conductors division, the firm received orders for a variety of cable and conductor supplies in both Indian and international markets.
Also Read: Three railway stocks that should be on your radar for Kavach updates
Shares of KEC International Ltd closed at ₹578.45, rising by ₹10.50, or 1.85%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
