Tech Mahindra Limited announced that the Company has received order from Deputy Commissioner of State Tax, Pune, Maharashtra imposing penalty of INR 7,366,627/- under Section 122 read with Section 73 of CGST Act, 2017 pursuant to Audit conducted u/s 65 of the CGST Act, 2017 for the Financial Year 2018-19. The penalty has been imposed for the financial year 2018-19 alleging inter-alia, excess/incorrect availment of Input Tax Credit. The Order is Dated 29 April 2024 was received by the Company through the GST portal on 03 May, 2024.

Based on the Company's assessment, an appeal will be filed, and the Company is hopeful of a favorable outcome at the appellate level and does not expect the said Order to have any material financial impact on the Company.