Emcure Pharma: Namita Thapar-backed firm confirms GST search at Mumbai office

Namita Thapar-backed Emcure Pharmaceuticals on Thursday said that the Goods and Services Tax (GST) Department conducted a search and inspection at the company’s offices earlier this week. The operation was carried out under Section 67 of the Maharashtra Goods and Services Tax Act, 2017.In a regulatory filing submitted to the National Stock Exchange (NSE) and the BSE, the company said the inspection began on November 24 and concluded on November 26. Emcure stated that it fully cooperated with officials throughout the proceedings, providing documents, clarifications and all information sought by the department.The company also confirmed that no official document indicating any adverse findings has been issued so far. Emcure said the GST inspection has had no material impact on its financials, operations or other activities.“We will continue to extend our support and furnish any further information as may be required,” the company’s Chief Financial Officer, Tajuddin Shaikh, said in the filing.Emcure Pharmaceuticals Q2 highlightsThe pharma firm reported a 25 per cent rise in net profit to Rs 251 crore for the September quarter. The company had posted a PAT of Rs 202 crore in the same period last year.During the quarter, revenue from operations increased to Rs 2,270 crore in the quarter, up from Rs 2,002 crore a year earlier, the drugmaker said in a statement.Emcure Pharma stock ends over 1% higherShares of Emcure Pharmaceuticals closed 1.27 per cent higher at Rs 1,415 apiece on the NSE on Thursday.Emcure Pharma vs BSE Sensex: Past performanceRecently listed Emcure Pharma’s stock has gained 4.69 per cent over the past month. However, its three-month performance remains negative, with the shares down 3.77 per cent.Over the last six months, the stock up by around 4 per cent. For the year so far, the pharma stock is down 3.38 per cent. In the last one-year, Emcure Pharma has delivered a gain of 2.65 per cent.DurationEmcure Pharma (%)BSE Sensex (%)1 Week3.520.12 Weeks2.271.471 Month4.691.113 Months-3.776.116 Months3.915.11YTD-3.389.191 Year2.656.84(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)