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 |