CNBC-TV18 learns that most public sector banks, who've been facing NPA concerns, have surprisingly seen an increase in their advance tax payments.
The initial trend for the second quarter (Q2) advance tax payment is indicating a healthy trend, suggesting a 19 percent increase for the top 14 companies. CNBC-TV18 learns that most public sector banks, who've been facing NPA concerns, have surprisingly seen an increase in their advance tax payments.
In the second installment, where the companies have to pay 30 percent as advance tax, the country's largest lender State Bank of India (SBI) is likely to shell out Rs 1390 crore, which is over 20 percent higher than what it paid last year. Other PSU banks like BoI , BoB , Central Bank and IDBI are not too far behind.
Even private lender like HDFC is likely to shell out Rs 650 crore versus Rs 560 crore as advance tax in Q2. The IT and the pharma sector maintained their earlier growth momentum, with TCS paying around Rs 1390 crore as advance tax payments and Lupin shelling out around Rs 231 crore compared to Rs 166 crore earlier. Surprisingly, BPCL bucked their earlier trend and paid double the amount at around Rs 487 crore as advance tax versus Rs 202 crore it paid the year before.
The laggards this quarter have been the auto sector yet again as slowing sales, especially in the commercial vehicle segment. Tata Motors have not made any advance tax payment this quarter. While Bajaj Auto has paid around Rs 325 crore, lower than what it paid last time.
While top 14 companies are showing a 19 percent increase in numbers, for all 100 companies experts say it may come down to 13-15 percent. It will be interesting to see once all the numbers come out whether they meet the growth of 17 percent overall to reach a target of Rs 7 lakh crore.
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