Larsen & Toubro secures major victory, $96.5 million customs demand overturned

Larsen and Toubro (L&T), an engineering and construction conglomerate, has won a case against the Central Excise & Service Tax Appellate Tribunal in Ahmedabad. The company was facing a demand of ₹702 crore in customs duty, which was denied by the Principal Commissioner of Customs, Ahmedabad. L&T had filed an appeal with the tribunal, which has now ruled in favor of the company, setting aside the entire demand. This is a significant win for L&T, as the company had reported a 5.4% year-on-year increase in net profit for the second quarter. The company’s revenue from operations also surged 20.6% to ₹61,554.6 crore during the period. The company’s shares ended up 0.93% on the BSE, closing at ₹3,865.80. The favorable ruling comes amidst L&T’s strong financial performance, with the company having completed its acquisition of 15% stake in cloud player E2E Networks.