Q4 advance tax numbers show an optimistic trend

16 Mar 2013 Evaluate

The advance tax payment for the fourth quarter of FY13 has been higher compared to the corresponding period last year. The top 50 companies remitted Rs 57,000 crore, which is about 15 per cent more than the tax they paid in the corresponding period last year. This is likely to soothe the worried sentiments of the government, struggling to keep the fiscal deficit under control. Though, some of the major companies like RIL, Hindalco, L&T and SBI paid lower amount of advance tax as compared to same quarter previous year, indicating that the slowdown in economic activity is affecting profitability. The fourth quarter numbers remained a mixed bag for banking sector, where the private banks mostly paid higher taxes compared to their PSU counterparts. Surprisingly the major cement companies reported an increase in their fourth quarter advance tax, only Grasim Industries remained flat, otherwise all other came up with considerable rise in their payments, with ACC reporting a surge of over 50%. The direct tax collection target for FY13 is Rs 5.7 lakh crore, an increase of about 25 per cent over the actual collections in the last financial year.

As per the law, companies are required to pay 15% of their total advance tax in the fiscal first quarter, followed by 30% each in the next two quarters and 25% in the final three months. The advance tax payments come at a time when Indian economy, Asia’s third largest, is estimated by the government to grow 5% in the year ending March-the slowest pace in a decade. Slower economic growth and consumer demand and rising input costs have dented corporate earnings.

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

Company	Q43FY13 (Rs Cr.)	Q4FY12 (Rs Cr.)	% Change
PFC	485	325	49.23
NMDC	750	850	-11.76
Bank of Baroda	350	400	-12.50
Central Bank of India	150	100	50
Bank of India	750	400	87.50
RIL	1034	1130	-8.50
LIC	1080	971	11.23
ICICI Bank	550	425	29.41
TCS	600	545	10.09
Yes Bank	165	110	50
HDFC Bank	700	600	16.67
Standard Charted Bank	475	435	9.20
Bajaj Auto	300	293	2.39
M&M	205	178	15.17
ACC	277	149	52.35
Siemens	15	105	-85.71
Indusind Bank	105	90	16.67
Dena Bank	150	110	36.36
Hindalco	95	145	-34.48
Grasim	90	90	0
L&T	80	290	-72.41
NABARD	620	100	520
M&M Finance	115	75	53.33
Deutsche Bank	271	300	-9.67
NPCL	166	113	46.90
Kotak Mahindra Bank	160	122	31.15
JP Morgan	151	97	55.67
EXIM Bank	131	114	16.67
GIC	110	0	-
Bank of America	103	73	41.10
Bennett & Coleman	60	70	-14.29
DBS	50	94	-46.81
Citi Bank	525	500	5
HSBC	402	450	10.67
Ambuja Cement	280	250	12
NTPC	1156	-	-
REC	417	-	-
SBI	1450	1650	-12.12
Allahabad Bank	170	-	-
UCO Bank	110	-	-
HDFC	475	-	-
ITC	675	-	-
GSPL	127	-	-
Andhra Bank	300	-	-

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