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Top Delhi companies disappoint, pay lower tax

December, 20th 2013
The advance corporate tax payout by top 100 Delhi-based companies reflected the general slowdown in the economy, with major firms such as NTPC Ltd, Bharat Heavy Electricals Ltd (BHEL), SAIL and Power Grid Corporation of India paying much less tax in the December quarter compared with the last year. Earlier, top Mumbai companies recorded just eight per cent growth in the December quarter at Rs 21,630 crore against Rs 20,094 crore. NTPC payout was down 36 per cent at Rs 665 crore as the power generator’s profitability suffered from rising coal prices. PowerGrid Corp’s tax payment was down 43 per cent at Rs 100 crore. On the contrary, Rural Electrification Corp’s outgo was up 30 per cent at Rs 546 crore against Rs 420 crore. BHEL’s payment was down at Rs 524 crore (Rs 564 crore), while that of India Infrastructure Finance Co Ltd dipped 7 per cent to Rs 105 crore (Rs 112 crore). Mirroring the slowing demand, Steel Authority of India reduced its tax payment by 63 per cent to Rs 150 crore from Rs 406 crore. Vedanta Group-owned Cairn Energy Hydrocarbons more than doubled its payment to Rs 393 crore (Rs 187 crore). GAIL (India) Ltd paid Rs 480 crore, up from Rs 450 crore a year ago, while Petronet LNG’s outgo was down 74 per cent at Rs 46 crore. IT company HCL Technologies Ltd’s payment was up 67 per cent at Rs 400 crore. The tax remittances of Punjab National Bank and Oriental Bank of Commerce were up at Rs 535 crore (Rs 450 crore) and Rs 115 crore (Rs 100 crore), respectively. Automobile companies Maruti Suzuki India Ltd and Hero MotoCorp Ltd increased their payment by 15 per cent and 60 per cent to Rs 230 crore and Rs 193 crore, respectively. Bharti Airtel Ltd nearly trebled its payment to Rs 278 crore (Rs 100 crore) and Samsung India Electronics’ was up 70 per cent at Rs 405 crore. Remittance by Nokia India, which is fighting a long-winding case with the Income Tax Department, was down 75 per cent at Rs 20 crore. Nestle and Dabur India paid 26 per cent and 29 per cent more at Rs 180 crore and Rs 58 crore, respectively.