Advance tax payments of most top corporates in the first quarter of this fiscal increased despite widening economic gloom, sources in the Income-Tax Department said on Friday.
State Bank of India, the country’s biggest lender, led the list with an advance tax payment of Rs1,170 crore as against Rs1,100 crore in the year-ago period. Insurance behemoth LIC paid Rs630 crore (Rs582 crore), while housing finance major HDFC paid Rs300 crore (Rs255 crore). Among state-owned lenders, Bank of Baroda paid Rs315 crore (Rs270 crore), while Bank of India’s payout was almost flat at Rs175 crore (Rs170 crore). Top private lender ICICI Bank too saw its tax payout rising 25% to Rs500 crore, while HDFC Bank paid Rs500 crore (Rs400 crore). Among smaller peers, IndusInd Bank saw its outgo rising 50% to Rs60 crore and Kotak Mahindra Bank by 25% to Rs75 crore. Among the automakers, M&M’s tax outgo stood flat at Rs90 crore, bike maker Bajaj Auto’s at Rs150 crore (Rs125 crore) and Tata Motors’ at Rs55 crore (Rs60 crore). Among other Tata group companies, TCS paid Rs320 crore (`250 crore) and Tata Steel Rs270 crore (Rs260 crore). In the FMCG space, Hindustan Unilever paid 45% more at Rs140 crore, Colgate Palmolive Rs24 crore (Rs20 crore) and Godrej Consumer Products to Rs15 crore (Rs17 crore). L&T saw its outgo falling to Rs160 crore from Rs180 crore, Hindalco to Rs50 crore (Rs70 crore) and Castrol to Rs38 crore (Rs40 crore). Cement maker Ultratech saw its outgo nearly trebling to Rs110 crore (Rs40 crore), while peer Ambuja paid Rs60 crore (Rs50 crore) and ACC paid Rs45 crore (Rs40 crore). In the pharma pack, GlaxoSmithKline paid Rs50 crore (Rs43 crore), while Cipla’s tax outgo was Rs45 crore (Rs35 crore), Glenmark’s Rs7.50 crore (Rs3 crore) and Johnson & Johnson’s Rs26 crore (Rs17 crore). Significantly, state-run refiner Indian Oil paid Rs125 crore in advance tax against nil last year. Corporate entities pay 15% of their annual estimated tax liability in April-June, 30% in July-September and October-December each, and the rest by March 15. “The increase shows there is no serious deterioration in corporate earnings,” said Gajendra Nagpal, chief executive officer with New Delhi-based Unicon Financial Intermediaries. “Most people expected the numbers to be less than last year,” he said. Economic growth slumped to 5.3% in the quarter ended March, the lowest in nine years, hit by the global economic crisis and a slew of domestic factors. On Fri, Jun 15, 2012 at 3:30 PM, RAJESH DESAI <[email protected]> wrote: > > > Ambuja: Rs60cr vs Rs50cr YoY; > > > ACC: Rs45cr vs Rs40cr YoY; > > > OIL: Rs175cr vs Rs165cr YoY; > > > Bajaj Auto: Rs150cr vs Rs125cr YoY; > > > Glenmark: Rs8cr; > > > HUL: Rs150cr vs Rs95cr YoY; > > > NMDC: Rs540cr vs Rs500cr YoY; > > > RIL: Rs770cr vs Rs900cr YoY; > > > HDFC: Rs300cr vs Rs255cr YoY; > > > ONGC: Rs1300cr vs Rs1070cr YoY; > > > Big Bank: Rs1170cr vs Rs1100cr YoY; > > > BOB Rs300cr vs Rs270cr YoY; > > > BoI: Rs175cr vs Rs170cr; > > > BPCL: Rs68cr vs Rs77cr > > > > -- > CA. Rajesh Desai > > -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
