Hitachi Energy India Limited — Others, 28-02-2025: Action(s) taken or orders passed

Hitachi Energy India Limited has disclosed that it received an order from the Assistant Commissioner (State Tax) regarding an alleged excess availment of Input Tax Credit, resulting in a penalty demand of ₹74.91 crore for the FY 2020-21. The company believes the penalty is unjustified and plans to appeal the decision. Notably, management asserts that there will be no material impact on the company's financials or operations. This development may lead to cautious sentiment among investors, but given the lack of immediate financial repercussions, it also presents an opportunity for potential positive resolution.