Whalesbook
Indrayani Biotech Ltd has formally appealed a ₹13.90 Crore Income Tax demand for Assessment Year 2023-2024 before the Income Tax Appellate Tribunal (ITAT). Management, guided by legal counsel, has expressed confidence that this tax dispute, totaling INR 13,90,17,168, will not materially affect business operations.
This appeal follows the company's receipt of the tax notice. The ₹13.90 Crore demand is substantial relative to Indrayani Biotech's operational scale in the edible oil sector, where it focuses on rice bran oil and wax. For the financial year 2022-2023, the company reported revenues between ₹160-170 crore and a net profit of ₹3-5 crore. While management projects no significant impact, the outcome of the ITAT proceedings is closely watched by investors, as an unfavorable ruling could affect liquidity or profitability.
Indrayani Biotech competes in the edible oil segment against larger players like Gokul Agro Resources and Patanjali Foods. This specific tax dispute, however, is unique to Indrayani and not directly comparable to peer financial metrics. Investors will be monitoring key developments, including the ITAT hearing schedule, any official tribunal orders, and management's periodic updates on the appeal's progress.