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Som Distilleries and Breweries has come under the scrutiny of the income tax department. Since 7 November 2023, the company's corporate office and factories have been subject to a search and seizure operation by the authorities.
During the operation, officials from the Income Tax Department have been diligently conducting investigations at the company's premises. Som Distilleries said it has been fully cooperative, providing the necessary clarifications and details as requested by the officials.
Despite the ongoing search and seizure operation, the company's business operations have remained unaffected.
In a statement released by the company, it has promised to keep stakeholders informed about any further developments as soon as the situation permits.
Som Distilleries & Breweries is primarily engaged in brewing, fermentation, bottling, canning and blending of beer and IMFL. It also supplies draught beer from its plants.
On a consolidated basis, the company's Q1 FY24 net profit surged 31.2% to Rs 33.67 crore, while revenue from operations (excluding excise duty) grew by 51.4% to Rs 385.02 crore.
Shares of Som Distilleries rose 1.52% to Rs 299.80 on 8 November 2023.
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