New Delhi: Advance tax payments by companies for the last quarter based on profit estimates for the year to 31 March indicate that the economic slowdown impacted earnings.
Also See Grim for manufacturing (Graphic)
As tax data on individual companies trickled in, most companies seemed likely to record lower profits in 2008-09. Banks, helped by a softening interest rate, were an exception.
Tax data for 12 companies showed that only Punjab National Bank paid more than twice the tax in the last quarter of 2008-09 compared with a year earlier. Among manufacturing companies, two-wheeler maker Hero Honda Motors Ltd bucked the trend to pay a tax of Rs150 crore in the last quarter of 2008-09, up 24% from a year ago.
While total advance tax collection data for 2008-09 are not yet available, tax payments by individual corporations showed the global financial turmoil has affected profits at Indian companies.
Graphics by Ahmed Raza Khan / Mint