Farm and construction equipment firm Escorts Kubota Limited on Monday (August 18) said the Excise & Taxation Officer, Faridabad (East), Haryana, has sanctioned a refund of ₹46.37 crore out of the total refund claim of ₹46.67 crore filed by the company under Rule 89(1) of the Haryana GST Act, 2017.
The refund claim was made on account of input tax credit (ITC) accumulated under the inverted duty structure. Notably, a portion of the claim amounting to ₹29.78 lakh has been rejected by the authority on the grounds of ineligible ITC.
The order was passed by the Excise & Taxation Officer, Faridabad (East), Haryana, with Escorts Kubota Limited as the applicant in the matter.
First quarter results
The company posted a net profit of ₹1,397 crore in the first quarter of FY26, ₹302 crore higher over the same quarter last year. It reported an exceptional gain of ₹76 crore during the quarter. Revenue stood at ₹2,500 crore, down 3% YoY from ₹2,574 crore.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) remained flat at ₹322 crore. The EBITDA margin expanded by 50 basis points to 13% from a year ago.
