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Robust Q3 advance tax payments signal corporate cheers

Robust Q3 advance tax payments signal corporate cheers
PTI
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First Published: Wed, Dec 16 2009. 04 40 PM IST
Updated: Wed, Dec 16 2009. 04 40 PM IST
Mumbai: Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
Automobile firms like Tata Motors, Bajaj Auto and Mahindra & Mahindra (M&M) paid advance tax of Rs100 crore, Rs320-crore and Rs195 crore, respectively, indicating a strong third quarter performance.
Tata Motors had not paid any advance tax for the same period last year and its entire payment till the third quarter of this fiscal was Rs260 crore against Rs 90 crore last year.
M&M’s advance tax payment this quarter jumped from just Rs5 crore last year to Rs195 crore this year, with the overall payment till third quarter at Rs325 crore against Rs35 crore last year.
Bajaj Auto’s payments were at Rs100 crore in third quarter last fiscal compared to Rs320 crore this quarter, taking the this year’s payments to Rs540 crore from Rs240 crore last year.
The uptick was reflected in the payments of power firms as well with Tata group company, Tata Power, paying Rs81 crore in the third quarter against Rs29 crore in the year-ago period. In entirety its payment stands at Rs177 crore against just Rs57 crore last year.
Reliance Power paid three-times more this quarter at Rs60 crore against Rs20 crore in the year-ago period. Its overall advance tax payment in this fiscal stands at Rs 75-crore against Rs 35-crore last year.
Cement manufacturers reveal a mixed picture with some paying more in the quarter but with their overall payment falling and vice-versa.
ACC has paid an advance tax of Rs110 crore this time against Rs125 crore in the third quarter last fiscal. However, its overall payment has increased to Rs320 crore against Rs220 crore last year same period.
Ambuja Cement has paid Rs150 crore this quarter against Rs140-crore in the year-ago period but its overall pay-out stands reduced at Rs370-crore from Rs415-crore in the year-ago period.
Two other cement companies, Ultratech Cement and Lafarge, have recorded a growth in both third quarter as well as in their overall payments. Ultratech has paid Rs95 crore against Rs65 crore in third quarter last fiscal and overall a total of Rs165 crore against Rs140 crore in the same period last year.
Lafarge has paid Rs65 crore in this quarter against Rs60 crore in the last year while its overall advance tax payment stands at Rs110 crore against Rs83 crore in the year-ago period.
Infrastructure major Larsen &Toubro’s advance tax payment during this quarter stands reduced at Rs270 crore compared to last year’s Rs310-crore while overall, its pay-out is up by Rs30 crore at Rs590 crore against Rs560 crore in the corresponding period last year.
ICICI’s advance tax contribution has come down to Rs301 crore this quarter from Rs 625 crore in the same quarter last fiscal. The private sector lender’s overall pay-out is also lesser at Rs1,150-crore as against last year’s Rs 1,540-crore.
Bank of India and Central Bank of India’s pay-outs have also shrunk at Rs102-crore and Rs138-crore, respectively, in this quarter as against Rs370-crore and Rs163-crore, respectively, in the last year same period.
But both the banks have registered a growth in their overall pay-outs with Bank of India shelling out Rs602-crore so far this fiscal as compared to Rs582-crore in the last fiscal while Central Bank of India has paid Rs50-crore more at Rs 300-crore.
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First Published: Wed, Dec 16 2009. 04 40 PM IST