Larsen and Toubro (L&T) has received notice for non-payment of excise duty of around Rs 160 crore from central excise department. The notice is allegedly on account of parts of heavy earth moving vehicles which were imported by L&T through Komatsu India and the duty has been charged in lieu of it. The company also cleared a substantial quantity of these parts and removed them from the factory without payment of duty.
On standalone basis, the company has posted a rise of 15.75% in its net profit at Rs 863.65 crore for the quarter ended June 30, 2012 as compared to Rs 746.15 crore for the same quarter in the previous year. Total income has increased by 28.81% at Rs 12561.19 crore for quarter under review as compared to Rs 9751.80 crore for the quarter ended June 30, 2011.