Glottis Limited, a prominent player in the freight forwarding industry, has successfully resolved a Goods and Services Tax (GST) investigation conducted by the Commercial Tax Officer in Chennai. The company has paid a total of Rs 1.18 crore to settle outstanding tax liabilities and interest for the financial years 2019-20 and 2022-23.

Settlement Details

The GST investigation focused on the non-remittance and short remittance of Reverse Charge Mechanism (RCM) on import of services. Glottis Limited has provided a detailed breakdown of the settlement:

The company completed all payments, effectively concluding the matter with the tax authorities.

Impact on Operations

Glottis Limited has stated that the settlement has no material impact on its operations. This resolution demonstrates the company's commitment to regulatory compliance and its ability to address tax-related issues promptly.

Conclusion

The settlement of this GST investigation marks a positive step for Glottis Limited, allowing the company to move forward without the burden of pending tax issues. As the freight forwarding industry continues to play a crucial role in global trade, Glottis Limited's proactive approach to regulatory compliance may help reinforce investor confidence and support its ongoing operations.

Glottis Limited, a prominent player in the freight forwarding industry, has reported a significant decline in its financial performance for the second quarter of the fiscal year 2025-26. The company's unaudited standalone financial results, approved by its Board of Directors on November 14, 2025, reveal a challenging quarter marked by reduced revenue and profitability.

Key Financial Highlights

Revenue and Profitability

Glottis experienced a substantial contraction in its top line, with revenue from operations declining to ₹214.71 crore in Q2 FY2025-26, down from ₹286.99 crore in the corresponding quarter of the previous year, marking a 25.2% year-over-year decrease.

The company's net profit for the quarter stood at ₹12.35 crore, a sharp 40% decline from the ₹20.57 crore reported in Q2 FY2024-25. This significant drop in profitability underscores the challenges faced by the company during the quarter.

Operational Performance

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q2 FY2025-26 was ₹18.13 crore, compared to ₹28.70 crore in the same quarter last year, representing a 36.8% decrease. The EBITDA margin compressed to 8.44% from 10% in the previous year, indicating pressure on the company's operational efficiency.

Half-Year Performance

For the half-year ended September 30, 2025, Glottis reported a total income of ₹383.33 crore and a net profit of ₹24.29 crore. These figures demonstrate the cumulative impact of the challenging business environment over the first two quarters of the fiscal year.

Balance Sheet and Cash Flow

As of September 30, 2025, Glottis's balance sheet showed total assets of ₹2,910.62 crore. The company's cash and cash equivalents stood at ₹833.70 crore, a significant increase from ₹46.84 crore at the end of the previous fiscal year, potentially providing a cushion for future operations and investments.

Regulatory Compliance

The company has affirmed its compliance with debt servicing obligations and stated that there have been no defaults in repayment of debt securities, borrowings, or subordinated liabilities during the quarter and half-year ended September 30, 2025.

Glottis continues to operate solely in freight forwarding activities, with its operations primarily concentrated in India. The company maintains a single operating segment as per Ind AS 108 on 'Operating Segments'.

Investors and stakeholders will be closely watching Glottis's performance in the coming quarters for signs of recovery in a challenging market environment.