Hitachi Energy India Receives Rs 26.07 Crore Income-Tax Demand

Mumbai: Hitachi Energy India Limited on Saturday said it has received a tax demand notice of Rs 26.07 crore from the Income-tax Department for the assessment year 2022–23.

In an exchange filing, the company said the demand comprises Rs 16.40 crore towards income tax and Rs 9.67 crore as interest. The order was issued by the Assessment Unit and received by the company on January 23, 2026, at around 3.39 p.m.

According to Hitachi Energy India, the demand arises from alleged disallowances related to interest on delayed receivables and group management fees.

“The Company has received the order from the aforesaid authority for alleged disallowance of interest on delayed receivables and group management fee,” the company stated in its regulatory filing.

The company, however, said it believes the tax demand and the interest levied are arbitrary, unjustified and not sustainable under the law.

“Based on assessment of facts and prevailing law, the company is of the view that the tax demand and interest levied is arbitrary, unjustified and unsustainable in law,” it added.

Hitachi Energy India said it will challenge the order and file an appeal before the Income Tax Appellate Tribunal (ITAT) within the prescribed timeline.

“The company will file necessary appeal with the Income Tax Appellate Tribunal (ITAT) in this regard within the permissible timeline,” the filing said.

Meanwhile, the company reported strong financial results for the quarter ended September 30, 2025. Its net profit surged more than fivefold to Rs 264 crore, compared to Rs 52 crore in the corresponding quarter of the previous financial year.

Revenue for the quarter rose 18 per cent year-on-year to Rs 1,832.5 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to Rs 299.3 crore from Rs 108.8 crore a year earlier. The EBITDA margin improved sharply to 16.3 per cent from 7 per cent in the year-ago period.

On the stock market, shares of Hitachi Energy India Limited closed at Rs 16,504.10 on the BSE, down Rs 357.40, or 2.12 per cent, for the day.

--IANS