Lux Industries has confirmed reports that the Income Tax department is conducting searches at its Kolkata premises. The company stated that it is fully cooperating with the authorities during the ongoing survey. However, as the survey has not concluded yet, Lux Industries cannot assess its impact at this time.
The Income Tax department is reportedly investigating alleged tax evasion of Rs 200 crore by the company, and the search is being conducted in multiple cities, including Kolkata, covering offices and residences of top officials.
In its August financial report, Lux Industries disclosed a total income of Rs 525.43 crores for the period ending June 30, 2023, compared to Rs 571.69 crores in the same period in 2022. The company’s net profit for the first quarter of FY24 was Rs 16.68 crore, a decrease of 67.13% from Rs 50.74 crore in the same quarter last year. EBITDA for June 2023 was Rs 33.24 crore, down 57.28% from Rs 77.80 crore in the previous year.
