Suzlon Energy stock prices are currently trading at Rs 62.31, down by 1.49 percent from opening, as at 2:31 PM, Dec 30. This is following the Company's announcement of its an income tax refund that is worth Rs 173 crore. As of 2024, Suzlon Energy's shares have gained over 60 percent despite a recent correction from its peak of Rs 86.
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Suzlon Energy has successfully overturned a Rs 172.76 crore penalty imposed by the National Faceless Penalty Centre of the Income Tax Department. This favorable judgement from the Income Tax Appellate Tribunal ITAT was involving a penalty related to certain disallowances, including a claim of depreciation on goodwill for the financial year 2017.
"Consequent to the effect giving order passed by the Jurisdictional Assessing Officer (JAO) received by the company on December 29, the JAO has cancelled the aforesaid penalty order," Suzlon said in an exchange filing.
The company had announced the penalty in March 2024 and subsequently filed an appeal with the Income Tax Appellate Tribunal (ITAT). The ITAT has now ruled in favor of Suzlon. Following the ITAT's ruling, the Jurisdictional Assessing Officer (JAO) has canceled the penalty order.
In Q2 FY 2025, Suzlon Energy Ltd reported 96 percent jump in net profit at Rs 201 crore due to record order wins and high margins. The renewable energy firm said its revenue rose 48 percent to Rs 2,093 crore in Q2 FY 2025. Simultaneously, EBITDA rose 31 percent to Rs 294 crore and order book was at all‐time high 5.1 GW including "India’s largest wind order from NTPC". But EBITDA margin declined to 14.1 percent from 15.9 percent in the same quarter last year.
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