Sundaram Brake Linings Ltd., a TVS Group firm, reported standalone net profit has risen 11-fold to ₹5.3 crore following reversal of prior period tax.
Total revenue from operations increased by about 6% to ₹68.9 crore.
The company’s finance cost reduced to ₹30.81 lakh from ₹40.6 lakh in the year-earlier period.
In a regulatory filing, the company said prior period tax represented the reversal of excess provision made for Assessment Years 2008-09 to 2012-13 after adjusting the payment of ₹6.32 crore under Direct Tax Vivad Se Vishwas Act, 2020.
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