IT services company, Infosys Ltd, on Friday (June 6) said that the Directorate General of GST Intelligence (DGGI) has closed pre-show cause notice proceedings related to an earlier inquiry into non-payment of Integrated GST (IGST) under the Reverse Charge Mechanism. The closure pertains to the financial years 2018-19 to 2021-22.
This development follows a series of communications, including a pre-show cause notice issued by DGGI covering the period from July 2017 to March 2022. The total GST amount mentioned in the notice was ₹32,403 crore. Infosys had earlier confirmed on August 3, 2024, that DGGI had closed the pre-show cause notice for the financial year 2017-18.
"The company had, on August 3, 2024, received a communication from DGGI closing the pre-show cause notice proceedings for the financial year 2017-2018. With the receipt of today’s communication from DGGI, this matter stands closed," Infosys said in a regulatory filing.
Also Read: Infosys adds two new $50-million+ clients in FY25; total at 85
For the March quarter, Infosys reported a net profit of ₹7,033 crore, which was lower than the CNBC-TV18 poll estimate of ₹7,278 crore. Infosys' profit grew by 3.3% from ₹6,806 in the December quarter. Revenue in dollar terms dropped 4.2% quarter-on-quarter, compared to CNBC-TV18's poll of a 1.4% decline.
In rupee terms, Infosys' revenue was below expectations at ₹40,925 crore. A CNBC-TV18 poll had projected the figure at ₹42,133 crore. That is a decline of 2% from ₹41,764 crore in the December quarter.
Infosys' earnings before interest and tax (EBIT) stood at ₹8,575 crore, which was also lower than the expectations of ₹8,742 crore. On a sequential basis, Infosys reported an EBIT decline of 3.7%.
Also Read: Infosys hires 15,000 fresh graduates in FY25, total headcount at 3.24 million
In constant currency terms, Infosys reported revenue decline of 3.5% on a sequential basis, while a CNBC-TV18 poll had expected the growth to be down 1.1% quarter-on-quarter.
On Friday (June 6), shares of Infosys Ltd ended at ₹1,564.05, up by ₹9.70, or 0.62%, on the BSE.
This development follows a series of communications, including a pre-show cause notice issued by DGGI covering the period from July 2017 to March 2022. The total GST amount mentioned in the notice was ₹32,403 crore. Infosys had earlier confirmed on August 3, 2024, that DGGI had closed the pre-show cause notice for the financial year 2017-18.
"The company had, on August 3, 2024, received a communication from DGGI closing the pre-show cause notice proceedings for the financial year 2017-2018. With the receipt of today’s communication from DGGI, this matter stands closed," Infosys said in a regulatory filing.
Also Read: Infosys adds two new $50-million+ clients in FY25; total at 85
For the March quarter, Infosys reported a net profit of ₹7,033 crore, which was lower than the CNBC-TV18 poll estimate of ₹7,278 crore. Infosys' profit grew by 3.3% from ₹6,806 in the December quarter. Revenue in dollar terms dropped 4.2% quarter-on-quarter, compared to CNBC-TV18's poll of a 1.4% decline.
In rupee terms, Infosys' revenue was below expectations at ₹40,925 crore. A CNBC-TV18 poll had projected the figure at ₹42,133 crore. That is a decline of 2% from ₹41,764 crore in the December quarter.
Infosys' earnings before interest and tax (EBIT) stood at ₹8,575 crore, which was also lower than the expectations of ₹8,742 crore. On a sequential basis, Infosys reported an EBIT decline of 3.7%.
Also Read: Infosys hires 15,000 fresh graduates in FY25, total headcount at 3.24 million
In constant currency terms, Infosys reported revenue decline of 3.5% on a sequential basis, while a CNBC-TV18 poll had expected the growth to be down 1.1% quarter-on-quarter.
On Friday (June 6), shares of Infosys Ltd ended at ₹1,564.05, up by ₹9.70, or 0.62%, on the BSE.
First Published: Jun 7, 2025 1:26 PM IST
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