Sprayking Agro Equipment Ltd. Secures Victory as Customs, Excise & Service Tax Appellate Tribunal Rules in Favor
Sprayking Agro Equipment Limited, a leading brass manufacturer, has announced that it has received a final order ruling for INR 115.56 million from the Customs, Excise & Service Tax Appellate Tribunal, regarding its contingent liability from prior years. The Central Excise Department sent the Company a notice for INR 115.56 million for FY 2011–12. The company was battling the department over the same allegation, and on November 6, 2023, the Customs, Excise & Service Tax Appellate Tribunal ruled in the company’s favor; as a result, the company is no longer liable for INR 115.56 million.
Commenting on this development, Mr. Hitesh Dudhagara, Managing Director of Sprayking said: “We are delighted to share the recent outcome regarding the long-standing dispute with the Excise department, pertaining to a contingent liability from prior years amounting to INR 115.56 million.
After a persistent battle and rigorous efforts, we are pleased to announce that the Customs, Excise & Service Tax Appellate Tribunal ruled in our favor on November 6, 2023. This ruling signifies the culmination of our unwavering commitment to uphold transparency, compliance, and fairness in our operations.
This favorable ruling not only validates our adherence to regulatory norms but also reaffirms our commitment to conducting business with integrity and diligence. It reinforces our confidence in pursuing excellence while fostering trust among our stakeholders”
The company recently announced stellar earnings for the quarter ended 30 September 2023. Revenue from Operations stood at INR 325.106 Million in Q2FY24 which was INR 32.246 Million in Q2FY23, recording an increase of 908.21%. Further, EBIDTA for Q2FY24 was recorded at INR 44.918 Million versus INR 2.010 Million in Q2FY23, an increase of 2134.73 %. Subsequently Profit Before Tax stood at INR 38.957 Million in Q2FY24 which was INR 1.541 Million in Q2FY23, an increase of 2428.03%. Profit After Tax stood at INR 27.400 Million in Q2FY24, which in Q2FY23 was INR 1.541 Million, an increase of 1678.07 %. Furthermore, PBT Margin stood at 11.98 % and PAT Margin stood at 8.43%.
Earlier, the company had announced that it bought a new manufacturing facility in Gujarat’s Jamnagar. Like the company’s current manufacturing facility, the unit will produce brass and forging components and parts. This 3,000 square meter modern manufacturing plant is spread out. The company’s market position will be strengthened with the installation of this production plant.
In an effort to grow the company, Sprayking Agro Equipment Limited recently purchased a 51% share in M/s. Narmada Brass Industries. Mr. Hitesh Dudhagra founded the partnership venture Narmada Brass Industries in 2019. Narmada Brass produces copper brass goods at its own production facility. The manufacturing facility can produce 2,000 tons of forged goods annually. With this acquisition, the business is expanding rapidly and meeting new orders from the domestic and international markets.
As previously stated, the company is expanding both organically and inorganically in order to fulfill its vision and goal. The money being raised will be put toward the company’s expansion and the expansion of its investors.
Established in 2005, Sprayking Agro Equipment Limited is engaged in the manufacturing of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components. Sprayking is a renowned manufacturer specializing in copper forging products. With a commitment to quality craftsmanship and exceptional design, Sprayking aims to provide customers with a diverse range of functional and decorative copper products. Sprayking is in the business of manufacturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, brass fittings & lead free
brass fittings and forging specialty. The Company has a truly global presence with an unparalleled clientele in USA, Europe, Australia, Canada, South Africa, UAE & India. The high quality Products, Technical knowledge & infrastructure enable Company to encompass global markets.
Sprayking , a leading forging company renowned for its commitment to innovation and excellence, has its state-of-the-art Research and Development (R&D) facility. This cutting-edge facility represents a belief of Company in advancing forging technologies and processes, further solidifying Sprayking’s position as an industry leader in its region.