Alkem Laboratories has announced that the Income Tax Department is currently conducting a survey at some of its offices and subsidiaries. The company has assured that this action does not affect its operations.
Alkem is fully cooperating with the tax officials and is responding to their queries. However, no further information about the searches has been disclosed.
The company stated, “This is the only information that we are able to provide at this stage. Once the survey by the I-T Department concludes, the company will update the stock exchanges in case of any material information/ event,”.
On September 14, Alkem Labs’ shares closed 0.46 percent lower at Rs 3,729.95 each on the BSE. Despite this, the stock has seen a 24 percent increase on a year-to-date (YTD) basis.
For the quarter ending June 30, 2023, Alkem Laboratories Limited reported a significant 124.6 percent year-on-year increase in its profit after tax (PAT), amounting to Rs 286.73 crore. The company’s revenue from operations for the first quarter of the current fiscal year was Rs 2,967.7 crore, marking a 15.2 percent increase.