Gujarat State Petronet receives tax rectification order; FY24 assessed income cut to ₹1,435 crore

Gujarat State Petronet Limited said on Friday, April 10 that it has received a rectification order under Section 154 of the Income Tax Act, 1961, dated April 9, 2026, revising its assessed income for the assessment year 2024–25 (FY 2023–24).The order, issued by the Assistant Commissioner of Income Tax, Gandhinagar Circle, rectifies the earlier assessment passed under Section 143(3) read with Section 144B on March 23, 2026. As per the rectification, the company’s assessed income has been revised to ₹1,435 crore from the earlier ₹1,683 crore.

Company said the disclosure was made under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Also Read: AstraZeneca Pharma gets CDSCO nod to import leukaemia drug Calquence 100 mg tabletsThe firm had reported a mixed consolidated performance for the December quarter, with profit easing sequentially and revenue declining, even as margins showed a marginal improvement on better cost control.

Company’s consolidated net profit declining 1.5% quarter-on-quarter to ₹256.7 crore in FY26, compared with ₹260.7 crore in the September quarter. On a year-on-year basis, profit rose nearly 10% from ₹234.1 crore in the corresponding quarter last year.

Shares of Gujarat State Petronet Ltd closed at ₹242.00 on the NSE on April 10, 2026, rising ₹1.63 or 0.68% during the session.

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