Vivo India: The company, under investigation for allegedly remitting large amounts of its revenue to its Chinese parent to allegedly avoid paying taxes, reported its second highest profits on the back of Rs 29,874.90 crore as revenue from operations in FY23, as compared with Rs 26,971.11 crore in FY22. The company is also being investigated for alleged violations of the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate.
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The smartphone brand, India s third largest by sales, reported a net profit of ₹211 crore for FY23, as per its recent filings with the Registrar of Companies (RoC), after reporting a net loss of ₹123 crore in FY22, with sales growing 9% as compared to the previous fiscal.
Vivo: The Enforcement Directorate (ED) had filed a chargesheet last week against the company alleging that it had remitted Rs 1 lakh crore outside India between 2014 and 2021 by showing losses to avoid paying income tax, ET among others had reported.
The Enforcement Directorate (ED) had filed a chargesheet last week against the company alleging that it had remitted Rs 1 lakh crore outside India between 2014 and 2021 by showing losses to avoid paying income tax, ET among others had reported.