CreditAccess gets credit!

CreditAccess Grameen rose over 4.5% today to Rs.1010 with more buyers than sellers on the counter currently. Its 52-week high is at Rs.1154.35.

The company announced yesterday late evening that as per Income Tax demand notice and Assessment Order for AY18-19 wherein the IT assessment order for AY18-19 was quashed, the tax demanded has come down further.

In Jan’22, the Income Tax demand was at Rs.2333  crore for AY19 and that has now been reduced to Rs.123 crore under the fresh Assessment Order dated February 28, 2023, received from the Assessment Unit of Income Tax Department.

The Company has made an application for rectification of the said Order under the relevant provisions of the Income Tax Act, 1961.

The company had ended Q3FY23 with its highest-ever quarterly net profit at Rs.217 crore, up 85% (YoY), boosted by a very good overall growth in business, aided by lower credit cost.