SYNOPSIS: Gujarat State Petronet received a tax rectification order revising the assessed income for FY24, with no financial impact, reflecting an administrative adjustment without affecting operations or financial position.
During Monday’s trading session, shares of a Public Limited Company engaged in the transmission of natural gas through pipeline slipped nearly 3 percent on the stock exchanges, after facing a Rs. 1,435 crore tax demand for the Assessment Year 2024-25 (FY 2023-24).
With a market cap of Rs. 13,479 crores, shares of Gujarat State Petronet Limited are currently trading in the red at Rs. 238.9 on BSE, down by around 1 percent, as against its previous closing price of Rs. 241.55. The stock has delivered negative returns of over 24 percent in one year, and has fallen by about 12 percent in the last one month.
What’s the News:
According to the latest disclosures on the stock exchanges, Gujarat State Petronet Limited has provided an update regarding a previously reported income tax assessment order for the Assessment Year 2024-25 (FY 2023-24).
The company stated that it has now received a rectification order dated 9th April 2026, issued under Section 154 of the Income Tax Act, 1961, by the Assistant Commissioner of Income Tax, Gandhinagar Circle. This order rectifies the earlier assessment order passed under Section 143(3) read with Section 144B, dated 23rd March 2026.
As part of the rectification, the assessed income has been revised to Rs. 1,435 crore, compared to the earlier assessed figure of Rs. 1,683 crore for the same assessment year. The company received this rectification order on 10th April 2026. Importantly, the company has clarified that this revision will have no financial impact on its operations or overall financial position.
Financials & More:
GSPL reported a marginal decline in revenue from operations, experiencing a year-on-year decrease of around 11 percent, from Rs. 4,360 crores in Q3 FY25 to Rs. 3,885 crores in Q3 FY26. Likewise, its net profit decreased during the same period from Rs. 335 crores to Rs. 379 crores, representing a fall of more than 13 percent YoY.
Gujarat State Petronet Limited (GSPL) is a Government Company engaged in the business of transmission of natural gas through pipeline on an open access basis from supply points to demand centres. Further, the company is also engaged in the business of generating electricity through Windmills.
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