Mahindra Logistics Limited has received an Order from the State Tax Officer, Taxpayer Services Cercle, Edappally, Ernakulam, Kerala, imposing a penalty of INR 314,616/- with respect to GST assessment for the period April 2018 to March 2019 under applicable provisions of the Kerala State GST Act 2017 and CGST Act 2017. The Order has been passed in relation to alleged excess Input Tax Credit claimed by the Company for the respective period and for recovery of the alleged short payment of taxes along with interest and penalty. Based on the Company's assessment, prevailing law and basis the advice of the counsel, the Company is hopeful of a favourable outcome at the next adjudicating authority/tribunal level and does not reasonably expect the said Order to have any material financial impact on the Company.

The Order dated 20 April 2024 is received by an e-mail intimation to the Company on 20 April 2024.