Hitachi Energy India receives Rs 26.07 crore tax demand for FY23

Hitachi Energy India has received a Rs 26.07 crore tax demand for assessment year 2022–23 and plans to challenge it before ITAT. The company reported strong profit growth in the September 2025 quarter despite a fall in its share price

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

This amount includes Rs 16.40 crore as income tax and Rs 9.67 crore as interest, according to the company’s exchange filing.

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The company said it received the order from the Assessment Unit on January 23, 2026, at around 3:39 pm.

According to Hitachi Energy India, the tax demand is linked to 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,” it said in its regulatory filing.

The company believes that the tax demand and the interest charged 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,” Hitachi Energy India added.

Hitachi Energy India said it plans to challenge the order and will file an appeal before the Income-tax Appellate Tribunal (ITAT) within the allowed time period.

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

Meanwhile, the company reported strong financial performance for the quarter ended September 30, 2025.

Its net profit jumped more than five times to Rs 264 crore, compared to Rs 52 crore in the same quarter last financial year.

Revenue for the quarter rose 18 per cent year-on-year (YoY) to Rs 1,832.5 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled to Rs 299.3 crore from Rs 108.8 crore a year ago.

The EBITDA margin also improved sharply to 16.3 per cent, compared to 7 per cent in the same period last financial year.

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