KEC International Limited — Others, 21-11-2024: Action(s) taken or orders passed

KEC International Ltd. has received an adjudication order from the Tamil Nadu GST Authority regarding an alleged excess Input Tax Credit (ITC) claimed in returns. The order includes a tax demand of ₹32.14 crore (cr), interest of ₹20.76 cr, and a penalty of ₹3.21 cr. The company plans to contest the demand legally, asserting that it does not foresee any material financial impact from this order. This situation may prompt investor caution, but the company’s confidence in addressing the issue suggests a potential for stabilization in overall sentiment.