Advance tax payments show a double digit rise in Q1

15 Jun 2012 Evaluate

Advance tax payments of India Inc. in the first quarter of this fiscal is likely to soothe the worried sentiments, as there was an overall increase witnessed despite widening economic gloom. Though, there was widespread concern that manufacturing will be the worst sector, and capital goods and metals space along with telecom, cement, and auto companies will report lower advance tax numbers this quarter compared to same quarter last year. But surprisingly the major cement companies announced an increase in their first quarter advance tax numbers, only Grasim Industries reported lesser amount of advance tax, otherwise all other came up with considerable rise in their payments, with UltraTech Cements reporting a surge of 175%. The banking sector also came up with higher advance tax numbers and irrespective of private or public, most of them announced an increase of over 10% in their payments. Pharma companies were other bright spot with most of them paying considerably higher tax this quarter, Lupin’s advance tax for the quarter increased by over 110%. Most of the Tata Companies too reported higher advance tax payments, though Tata Motors and Voltas came with lower numbers. Also, the oil companies that have been in nil advance tax category for last many quarter, paid good amount in the first quarter. There were some surprises from the negative side too, major companies like Reliance Industries, L&T and Hindalco paid lower advance tax by 15%, 11% and 29% respectively for the Q1. Overall the advance tax was pegged to be higher by over 10% in the first quarter, giving a reason to cheer in a gloomy global economic setup.

Some of the major companies and their advance tax numbers compared with corresponding previous quarter (as per media sources):

Company	Q1 FY13 (Rs Cr.)	Q1FY12 (Rs Cr.)	% Change
Union Bank	190	175	8.57
SBI	1170	1100	6.36
BoB	300	270	11.11
Bank of India	175	170	2.94
Kotak Mah Bank	75	60	25.00
IDBI Bank	240	190	26.32
IndusInd Bank	60	40	50.00
YES Bank	70	60	16.67
Dena Bank	77	55	40.00
Central Bank	140	138	1.45
HDFC Bank	500	400	25.00
HDFC	300	255	17.65
LIC Hsg Finance	57	47	21.28
ONGC	1300-1400	1070
IOC	120	0
BPCL	68	77	-11.69
GSK Pharma	50	43	16.28
Lupin	38	18	111.11
Pfizer	15	13	15.38
Cipla	45	35	28.57
Ultratech Cements	110	40	175.00
ACC	45	40	12.50
Ambuja Cements	60	50	20.00
Grasim Inds.	20	30	-33.33
Tata Motors	55	60	-8.33
Tata Power	32	30	6.67
Tata Steel	270	260	3.85
Tata Chemicals	29	25	16.00
Voltas	12	20	-40.00
TCS	370	250	48.00
HUL	140	95	47.37
Godrej Cons. Products	15	17	-11.76
Colgate	45	30	50.00
Asian Paints	55	55	0
M&M Finance	90	90	0
L&T	160	180	-11.11
Crompton Greaves	26	30	-13.33
Hindalco	50	70	-28.57
Siemens	50	62	-19.35
Aditya Birla Nuvo	20	20	0
Castrol	38	40	-5.00
RCF	17	9	88.98
NMDC	540	500	8.00
Bajaj Auto	150	120	25
RIL	768	900

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