• Notification Date: 29-09-2023
  • Notification No: N/A

Prataap Snacks suffers 3% Loss after GST Officials visit Bengaluru Manufacturing Unit

Shares of Prataap Snacks were down 3 percent in the morning trade of September 27 after a search and seizure operation conducted by the goods and services tax (GST) authority at its Bengaluru manufacturing unit. 

In a regulatory filing on September 26, the company reported that the tax authorities conducted a visit to its premises located in Anekal Taluk for the stated purpose on September 25. 

“We have extended its full cooperation to the officials and responded to the clarification and details sought by them,” the company said. 

At 10.30 am on the NSE, the Prataap Snacks stock was quoting at Rs 849.95 apiece, down Rs 25.65, or 2.93 percent. 

In its results for the April-June quarter, the company reported a 17.31 percent YoY (year-on-year) increase in total revenue at Rs 389.5 crore. Net profit for the quarter came at Rs 13.42 crore against a loss of Rs 9.95 crore reported in the same period last year. The operating profit for the quarter was at Rs 32.8 crore against an operating loss of Rs 1.3 crore in Q1FY23. 

Prataap Snacks is engaged in the business of snack food manufacturing and distribution. The company produces a range of popular snack items such as chips, namkeens, and extruded snacks under the brand name Diamond.