SML Isuzu shares gain 4% on prices hike, better sales, despite GST glare

In the month of September, the company’s sales were up 16 percent at 872 units against 752 units, YoY.

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Shares of SML Isuzu gained 4 percent in the early trade on October 3 as the company decided to raise the prices of trucks and buses with effect from October 1.

At 9:23am, SML Isuzu was quoting Rs 1,231.80, up Rs 53.85, or 4.57 percent, on the BSE.

To cover the increase in input cost due to implementation of the Fire Alarm and Protection System (FAPS) and also general inflation, the company has decided to increase the prices of its vehicles, the company said in its statement.

For all buses and trucks (compliant with present norms), the price increase is in the range of Rs 20,000-30,000 (inclusive of GST at 28 percent).

For all School buses subject to the implementation of compliance with new Norms “FAPS” which is part of AIS 153 norms and related to safety of buses, the price increase will be in the range of Rs 1.95 lakh-2.45 lakh (inclusive of GST at 28 percent)

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In the month of September, the company’s sales were up 16 percent at 872 units against 752 units, YoY.

The Cargo Vehicle sales were up 7 percent at 341 units and Passenger Vehicles sales were up 22 percent at 531 units.

The company has received show-cause notices from the Goods and Service Tax (GST) Authority, including a show-cause-cum-demand notice for the period of July 2017 to March 2023 for Rs 2.65 crore along with applicable interest in the matter of tax liability under reverse charge basis on certain
services.

Also, GST Authority issued notice for the period July 2017 to December 2022 proposing tax demand of Rs 1.75 crore along with applicable interest/penalty in the matter of classification of goods.

The company said that it will file a reply to the notices before the adjudicating authority.