Alkem Labs says I-T Dept conducting survey at some offices and subsidiaries

The company added that this action has has no impact on the operations of the company.

Alkem Laboratories said the Income Tax Department is conducting a survey at some of the company’s offices and subsidiaries, according to a regulatory filing on September 14.

The company is fully cooperating with the tax officials and are responding to the queries raised by them, Alkem said without divulging any more information on the searches. It also added that this action has has no impact on the operations of the company.

“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,” Alkem Labs added in the filing,

Shares of Alkem Labs on September 14 closed 0.46 percent lower at Rs 3,729.95 apiece on the BSE. The stock has witnessed 24 percent rise on year-to-date (YTD) basis.

Alkem Laboratories Limited had reported a 124.6 percent year-on-year surge in its profit after tax (PAT) at Rs 286.73 crore for the quarter ended June 30, 2023.

Revenue from operations stood at Rs 2,967.7 crore in the first quarter of the current fiscal year, up 15.2 percent.