RITES Gets Rs 38.30 Crore Tax Relief, Gujarat Authority Partially Sets Aside FY20 Demand

Mumbai: RITES Ltd has secured Rs 38.30 crore in relief after Gujarat’s tax appellate authority partially set aside a demand covering tax, interest and penalty for financial year 2019-20.

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In a stock exchange filing, the engineering company said the order was passed on September 30, 2026, by the Deputy Commissioner of State Tax (Appeal-1), Division-1, Ahmedabad. RITES received it on October 3.

Appeal brings relief

The company had challenged a demand order issued by the State Tax Officer. The appellate authority allowed its appeal and partially set aside the earlier order, granting relief of Rs 38,30,49,704.

RITES had deposited Rs 1.93 crore when filing the appeal. It said that, subject to applicable law, no further tax, interest or penalty liability remains under the demand order.

The company identified the financial impact of the proceedings as the relief granted. The disclosure concerns the demand for FY20 and the outcome of its appeal.

Order book supports outlook

Separately, RITES has indicated that financial year 2027-28 could be strong for revenue and profit as its record Rs 9,450 crore order book moves into execution.

Chairman and Managing Director Rahul Mithal said last month that the order book was relatively young, with projects spread over three to four years and beginning to generate revenue.

He described the current year as a shift from consolidation towards faster growth. The company secured 128 orders in the latest quarter, maintaining its pace of roughly one order daily.

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Mithal expects the order book to cross Rs 10,000 crore in the coming quarters.

Railway projects offer opportunities

The government’s approval of Rs 20,800 crore for railway multitracking projects across nine states could create further business opportunities.

RITES provides feasibility studies, detailed project reports, alignment surveys, project supervision and technical audits across the railway project cycle.

Mithal expects the infrastructure spending push to support growth across all three of the company’s activity areas.

On October 1, RITES shares closed at Rs 209.70 on the BSE, gaining Rs 0.35, or 0.17 per cent.

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