Munjal Auto Industries Ltd Share Price – NSE  /  BSE

Auto Ancillaries, Small Cap

Net Loss of Munjal Auto Industries reported to Rs 12.25 crore in the quarter ended December 2023 as against net loss of Rs 0.69 crore during the previous quarter ended December 2022. Sales declined 11.45% to Rs 422.17 crore in the quarter ended December 2023 as against Rs 476.75 crore during the previous quarter ended December 2022.

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Munjal Auto Industries will hold a meeting of the Board of Directors of the Company on 14 February 2024.

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This adjustment came subsequent to the company's application filings and the receipt of a Rectification order for the Assessment Year 2022-23.

The demand for payment, initially amounting to Rs 4,01,42,70,150, inclusive of Rs 64,26,12,515 in interest, stemmed from the Income Tax Department due to a tax shortfall for the aforementioned Assessment Year.

After making formal applications to the Deputy Commissioner of Income Tax in Vadodara, CPC Bengaluru, and the Central Board of Direct Taxes (Income Tax), Munjal Auto Industries received the Rectification order under section 154 of the Income Tax Act, 1961 on 28 November 2023. This legal development led to a substantial reduction in the demand amount to Rs 69,74,520.

The company is currently undergoing scrutiny assessment. Despite this, Munjal Auto Industries anticipates no financial repercussions from the ongoing process.

Munjal Auto Industries is engaged in manufacturing and selling of auto components. Its consolidated net profit jumped 79.19% to Rs 13.78 crore during the quarter as compared with Rs 7.69 crore in Q2 FY23. Revenue from operations stood at Rs 544.68 crore in Q2 FY24, marginally higher than Rs 543.76 crore in Q2 FY23.

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Revenue from operations stood at Rs 544.68 crore in Q2 FY24, marginally higher than Rs 543.76 crore in Q2 FY23.

Profit before tax stood at Rs 22.17 crore in Q2 FY24, steeply higher from Rs 8.77 crore posted in the same quarter last year.

On the segmental front, revenue from auto components stood at Rs 397.42 crore (down 10.56% YoY) while revenue from composite products and moulds was at Rs 147.25 crore (up 48.12% YoY).

Munjal Auto Industries is engaged in manufacturing and selling of Auto components.

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