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Zomato receives Rs 803 Cr demand notice from GST

EntrackrEntrackr · 6m ago
Zomato receives Rs 803 Cr demand notice from GST
Medial

Foodtech major Zomato has received a demand notice of Rs 803 crore (nearly $100 million) from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra. On Thursday, the company received a demand order passed by the Joint Commissioner of CGST & Central Excise, Thane, of Rs 803 crore for the period from 29 October 2019 to 31 March 2022, the company’s filing accessed from the National Stock Exchange shows. The demand order has been received in respect of the non-payment of GST on delivery charges, including interest and penalties. The total amount of Rs 803 crore comprises Rs 401.7 crore each as GST demand and interest/penalties. “We believe that we have a strong case on merits, which is backed by opinions from our external legal and tax advisors. The company will be filing an appeal against the order before the appropriate authority,” the filing further added. Zomato closed at Rs 285.6 (as on 12th December), with the market capitalization standing at Rs 2,75,614 crore (approximately $32.8 billion). The GST demand notice might affect the company’s shares tomorrow. The company recently raised over $1 billion through a Qualified Institutions Placement (QIP) of equity shares. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. Its arch-rival Swiggy posted Rs 3,601 crore of revenue, with a net loss standing at Rs 625 crore during the second quarter of the ongoing fiscal year. The recently listed firm closed at Rs 507.6 per share, with a total market capitalization of Rs 1,13,623 crore (approximately $13.5 billion).

Zomato receives shareholders' nod for new ESOP plan worth $458 Mn

EntrackrEntrackr · 1y ago
Zomato receives shareholders' nod for new ESOP plan worth $458 Mn
Medial

Food tech major Zomato has introduced a new ESOP plan worth $458 million for its employees. The board at Zomato has got the shareholder nod to grant 18,26,27,402 ESOP options under its new plan, bringing the total ESOP pool to 31,07,80,714 options, its regulatory filing accessed through the National Stock Exchange shows. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 3,800 crore or $458 million while the value of the total ESOP pool stands at Rs 6,609 crore or $796 million. Following the ESOP approval, Zomato also touched its all-time high share price of Rs 209.84 today. With this, the total market cap of the company has increased to Rs 1,84,060 crore or $22.17 billion. According to a separate disclosure, Zomtao has voluntarily withdrawn the application with the Reserve Bank of India for a certificate of registration for undertaking the business of an NBFC as the company does not intend to pursue the lending/ credit business anymore. Earlier this week, Zomato company received a GST demand notice of Rs 9.5 crore. This is the second GST notice for the Gurugram-based firm, following a penalty notice of Rs 184 crore in April this year. The company has shown robust growth in FY24. Zomato’s revenue from operations surged 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. Moreover, the profits of the company stood at Rs 351 crore in FY24 as compared to a loss of Rs 971 crore in FY23.

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