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Quarter 2 advance tax payout of top 100 companies sees muted growth

Sep 16 2013, 17:39 IST
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Summary'For the top-100 companies, the advance tax payments have increased by 7-8 per cent, the official said.

In line with macro environment, the advance tax collections from the top-100 corporates from the financial capital showed a muted growth for the September quarter, with the outgoes increasing by only up to 8 per cent, a senior official said today.

"For the top-100 companies, the advance tax payments have increased by 7-8 per cent," the official said.

Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.

Leading the pack in the financial capital was Mukesh Ambani-led Reliance Industries which paid Rs 1,670 crore as against the Rs 1,534 crore in the same period year ago, the official said.

Insurance giant Life Insurance Corporation paid Rs 1,624 crore as against the Rs 1,307 crore paid in the same period last year, the official said.

The country's largest software exporter TCS paid Rs 1,030 crore as against Rs 810 crore in the same period last year, the official said.

Advance tax payments is a system of staggered payment of taxes by the companies. Generally, a company's payout is considered as a barometer of the company's performance during the quarter. The payouts for September quarter come with grim news on the economic front wherein the quarterly growth had slipped to a four year low of 4.4 per cent for the June quarter.

The state-run banks led by the largest lender SBI (which paid Rs 1,120 crore, down from Rs 1,820 crore last year) were a disappointment due to issues over asset quality deterioration and treasury losses, the official said.

The Deposit Insurance and Credit Guarantee Corporation's payout also dipped to Rs 797 crore from the year ago figure of Rs 974 crore, the official said.

Dena Bank's payout plummeted to Rs 50 crore from the year ago's Rs 185 crore, while for Central Bank of India, the payout dipped to Rs 200 crore as against the Rs 268 crore in the year ago period, the official said.

Some public sector peers, including Bank of Baroda (Rs 630 crore as against Rs 620 crore) and Bank of India (Rs 270 crore versus Rs 200 crore), also noted increases in the September quarter, the official said.

The private sector lenders continued to show a rise with ICICI Bank paying Rs 975 crore as against the Rs 815 crore and

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