Afcons Infrastructure Limited — Important, 03-02-2025: General Updates

Afcons Infrastructure has received a penalty order from the GST Authority regarding alleged ineligible input tax credit claimed for the fiscal years 2017-18 to 2018-19, totaling approximately ₹38.83 crore, which includes ₹14.39 crore already claimed in a previous order. The company contests the penalty, arguing that the order lacks substantiated findings and involves parallel proceedings, which could undermine the process. Afcons plans to appeal the decision as per legal options available but asserts that this development is not expected to materially affect its financials or operations. Shareholders should stay tuned for updates as the situation unfolds.