“Income Tax Department conducted search under the Income Tax Act, 1961 at the offices and manufacturing units of the company and its subsidiaries,” Akums Drugs stated in an echange filing.
The pharmaco added that it has fully cooperated with the officials of IT Department during the search and responded to the clarifications and details sought by them. It will continue to provide any further clarification/information that may be required.
“The business operations of the company continue as usual except some minor hiccups,” the filing added.
Akums Drugs and Pharmaceuticals is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
The pharma company consolidated net profit spiked 104.96% to Rs 65.20 crore despite of 12.54% decline in revenue from operations to Rs 1,033.1 crore in Q2 FY25 over Q2 FY24.