Metropolis Healthcare clarifies on I-T raids

Metropolis Path Lab on Tuesday informed that the Income Tax Department has left the company premises. The IT Department investigation arm was conducting searches at the Mumbai office of the company from 17 November.

Metropolis Path Lab in its regulatory filing said that the proceedings had no impact on the operations of its diagnostic centre or laboratories. The company also said that the normal day-to-day operations have also resumed.

“The proceedings had no impact on the operations of our Diagnostic Centres/ Laboratories. Further, the normal day-to-day business activities at the corporate office have also resumed fully,” the company said in its regulatory filing.

Metropolis Path Lab has said that it has extended full cooperation and has responded to all clarifications.

“The Company has extended full co-operation to the officials during the proceedings and responded to all clarifications that were sought by them and shall continue to do so for any further clarifications/information that they may require. The Company implements the best practices of compliance with applicable laws, and we do not anticipate the search/inquiry to have any material impact on the Company,” it further added.

The company clocked a consolidated net profit of ₹40.48 crore in the September-ended quarter while revenue from operations stood at ₹300.35 crore. EBITDA came in at ₹83.37 crore down 12.98 per cent from ₹95.81 crore on a yearly basis.

On Tuesday, the company’s scrip ended 0.43 per cent higher at ₹1,446.85 on BSE. LiveMint