Poonawala Fincorp shares down on Rs 2,87-lakh penalty for excess GST claim

The company had posted 555 percent jump in its net profit for the quarter ended September 2023 at Rs 854.61 crore against net profit of Rs 130.44 crore in the same quarter last year.

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Shares of Poonawala Fincorp were trading marginally lower on November 20 morning after the company received an order from the office of the Assistant Commissioner of Central Tax, imposing a penalty.

At 9:35am, Poonawalla Fincorp was quoting Rs 370.35, down Rs 0.65, or 0.18 percent, on the BSE.

The penalty of Rs 2.87 lakh levied for excess claim of GST input and said the penalty pertains to FY 2017-18, FY2018-19 and FY2019-20. The penalty levied for GST input claimed in excess of amount reported in GSTR2A, the order said.

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The company had posted a 555 percent jump in its net profit for the quarter ended September 2023 at Rs 854.61 crore against a net profit of Rs 130.44 crore in the same quarter last year.

The revenue from operations came in at Rs 738.65. The net interest income came in at Rs 475.1 crore, up from Rs 274.12 crore in the same quarter last year.