VL E-Governance & IT Solutions Ltd, a fast-rising player in the e-governance and IT services industry, has received a tax demand order of ₹9.4 million. As the company has been going strong with its operations and financial performance, this development comes as a new twist to its journey. Following are the main highlights:
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Tax Demand Overview: The ₹9.4 million tax demand order will be dealt with in due course, with the company set to review and oversee its compliance obligations.
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Positive Financial Momentum: VL E-Governance recently posted strong financial results, with December 2024 quarterly revenue increasing by 98% over September 2024. Net profit also demonstrated healthy growth at ₹0.94 crore.
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Stock Market Update: The shares of the company are trading at ₹35.98 currently, reflecting stability after oscillations in the last one year, during which prices varied between ₹31 and ₹197.77.
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Strategic Initiatives: VL E-Governance had raised ₹400.99 crore earlier this year through preferential allotment of convertible warrants to finance expansion initiatives in e-governance, aerospace, defense, and satellite technology.
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Future Prospects: Although the tax notice is an issue, VL E-Governance continues to look towards its growth path and operational objectives.
The organization is likely to address this move while continuing with its initiatives to consolidate its place in the business.
Source: Business Standard, Economic Times