Deepak Fertilisers & Petrochemicals Corp.’ subsidiary, Mahadhan AgriTech Ltd., received a tax demand notice of Rs 252.52 crore from the income tax authority of Mumbai for the assessment years 2015-16 and 2016-17.
The company has filed an appeal with the Income Tax Appellate Tribunal or ITAT, demanding to quash the penalty order dated March 28, according to an exchange filing on Sunday. It also claims that the order has no material impact on financials, operations or other activities of the firm.
As per the exchange filing, the relief granted for assessment year 2015-16 by Income Tax Appellate Tribunal has not been taken into cognisance while passing the penalty order and the appeal for AY 2016-17 is yet to be heard by ITAT.
Q3 Performance
Deepak Fertilisers and Petrochemicals reported an increase in consolidated net profit, rising over four times to Rs 253.09 crore in the December quarter. This compares to Rs 60.53 crore net profit for the same period last year.
Its total income grew 39% to Rs 2,591.58 crore in the third quarter of fiscal 2025, compared to Rs 1,863.76 crore in the same period last year.
However, expenses also increased to Rs 2,290.79 crore, up from Rs 1,767.16 crore in the corresponding period the previous year.
Shares of Deepak Fertilisers closed 2.16% lower at Rs 1,116.20 apiece on the National Stock Exchange, compared to a 0.31% fall in the Nifty 50. The stock has risen 113.77% in the last 12 months, but declined 6.71% on a year-to-date basis.
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