Infosys in a regulatory filing today said that it has received a demand order for collection of GST along with interest and penalty. The total demand including penalty comes to Rs 37.75 lakh. The demand order cum penalty notice includes IGST of Rs 26.5 lakh. This also includes a penalty of Rs 2.65 lakh, and interest amount of Rs 8.6 lakh.
The reason for the demand from tax authorities is non-receipt of foreign inward remittance of export proceeds for the period between October 2021 – November 2021 within stipulated timelines, said the company in its filing on the Bombay Stock Exchanges.
“There is no material impact on financials, operations or other activities of the company,” said the company in the filing of the impact of the demand on its financials and operations.
Yatra Online slips 4% on debut
Shares of Yatra Online finished below their IPO price during their trading debut on Thursday. The stock finished at Rs 136, down Rs 6, or 4.2 per cent, over the issue price of Rs 142. The stock hit a high of Rs 138.6 and a low of Rs 127.5 on the NSE, where shares worth Rs 140 crore got traded. At the last close, the company was valued at Rs 2,133 crore.
Yatra’s weak listing follows tepid demand for its Rs 775-crore IPO. The issue managed to garner just 1.61 times subscription. The retail and institutional investor portions of the issue were subscribed 2.1 times each, while the high networth individual portion managed to garner just 42 per cent subscription. Yatra’s IPO consisted of fresh fund raise worth Rs 602 crore and an offer for sale worth Rs 173 crore. The company plans to utilise the IPO proceeds for strategic investments, acquisitions, and inorganic growth. It also plans to invest in customer acquisition and retention and on technology, and other organic growth initiatives. For the year ended March 2023, the company had reported net profit of Rs 7.6 crore on revenues of Rs 380 crore. Yatra is the country’s third largest consumer online travel company and a leading corporate travel service provider.
First Published: Sep 28 2023 | 6:37 PM IST