Uno Minda Receives ₹43 Lakh Custom Penalty for Import Misclassification
Uno Minda receives Rs. 43 lakh customs penalty for import misclassification, plans to challenge the order with no expected business impact.
Uno Minda receives Rs. 43 lakh customs penalty for import misclassification, plans to challenge the order with no expected business impact.Auto components manufacturer Uno Minda Limited has disclosed that it has received a penalty order from the Office of the Commissioner of Customs, Chennai, over an alleged misclassification of imported goods under the Harmonized System of Nomenclature (HSN).
The company reported that the order includes a demand for a differential customs duty of Rs. 42.98 lakh, which the company has already deposited. A penalty of Rs. 42.98 lakh, a redemption fine of Rs. 10 lakh, and interest under Section 28AA of the Customs Act, 1962, have been levied.
The company received the order on July 10, 2025, and has indicated that it intends to contest the penalty. Uno Minda clarified that it is confident in its legal position and plans to appeal the decision based on the merits of the case.
The company reassured investors that the development is not expected to have any material impact on its financial, operational, or other business activities.
Financial Performance Remains Strong
For the financial year ended March 31, 2025 (FY25), the company reported a 20% increase in consolidated revenue to Rs. 16,775 crore, up from Rs. 14,031 crore the previous year. Profit after tax (excluding exceptional items) grew 9% year-on-year to Rs. 936 crore. EBITDA stood at Rs. 1,874 crore, marking an 18% rise. The Board of Directors also declared a final dividend of Rs. 1.50 per share.
About Uno Minda
Uno Minda Limited, formerly known as Minda Industries, is a leading Indian manufacturer of automotive components, serving both domestic and global original equipment manufacturers (OEMs). The company operates in product segments such as switches, lighting, acoustics, seating, battery, and sensor systems.
Headquartered in Gurugram, Haryana, Uno Minda has a widespread presence across India and international markets, including Indonesia, Vietnam, Spain, Germany, and Mexico. Known for innovation and strategic joint ventures, Uno Minda is actively investing in new technologies to support the transition to electric and smart mobility.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
