No material adjustments are deemed necessary for the quarter and nine months ended December 31, 2023, in this regard, company says
India's largest wire and cable maker announced its quarterly results yesterday, in which it reported double-digit growth in revenue and profit. The analysts and stakeholders were looking forward to the earnings call today, seeking answers on the tax evasion concerns that put Polycab India’s shares under pressure.
Inder Jaisinghani, chairman and managing director of Polycab, addressed the issue in his opening remarks saying, “Last month, the Income Tax Department conducted searches at our plants and offices. We have fully cooperated in their investigation. To date, the company has not received any written communication from the income-tax department regarding the outcome of the search. And our operations are running smoothly.”