United Spirits posts Q2 net profit of Rs147.99 crore

Net sales of United Spirits stood at Rs1,790.62 crore for the quarter ended 30 September 2011

United Spirits Ltd has reported a net profit of Rs147.99 crore for the quarter ended 30 September 2011. The company had posted a net profit of Rs74.60 crore for the quarter ended 30 September 2010, United Spirits said in a filing to BSE.

Net sales of the company stood at Rs1,790.62 crore for the quarter ended 30 September 2011. It was Rs1,354.20 crore for the corresponding period previous fiscal.

The figures for the quarter ended 30 September 2011 are after giving effect to the merger of Balaji Distilleries Ltd while figures for the quarter ended 30 September 2010 are prior to the merger of Balaji and hence are not comparable, the company said.

In the late afternoon, United Spirits was trading at around Rs873 per share on the Bombay Stock Exchange, 4.71% up from the previous close.

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Nearly 38% of new petrol price reflects central, state taxes

State-owned oil firms had last week hiked petrol price by Rs1.80 a litre, the fifth increase this year as oil imports became costlier due to fall in rupee value. The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs41.38 per litre

New Delhi: About 38% or Rs26.22 in petrol price of Rs68.64 a litre in Delhi is because of central and state government taxes, reports PTI.

State-owned oil firms had last week hiked petrol price by Rs1.80 a litre, the fifth increase this year as oil imports became costlier due to fall in rupee value.

The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs41.38 per litre, oil company officials said.

The retail selling price is calculated by adding customs duty, central excise rates and VAT to the basic price which is nothing by the average of international oil rate.

On Rs41.38 a litre base price, a customs duty of 2.5% or Rs1.04 per litre is levied. Beyond this, the central government levies Rs6.35 per litre basic cenvat duty, Rs6 per litre special additional excise duty and Rs2 per litre additional excise duty towards highway cess. The excise duty after including education cess at the rate of 3% totals up to Rs14.78 per litre.

The central taxes do not increase when the base rate is raised because these are fixed rates.

However, VAT, which in Delhi is at 20%, rises with every increase. Earlier, VAT on petrol was Rs10.62 per litre, but after the hike, it totals to Rs11.44 a litre.

In the case of diesel, the total taxes account for only Rs7.66 of the retail price of Rs41.29 in Delhi. The taxes include Rs0.76 in customs duty, Rs2.06 in excise duty and Rs4.84 state VAT.

There is no central excise duty on diesel apart from the Rs2 per litre cess for highway construction. Custom duty is 2.5%.

State-run Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation are losing Rs333 crore per day on selling diesel, LPG and kerosene below cost, officials said.

“The oil marketing companies (OMCs) are currently incurring under-recoveries of Rs9.27 per litre on diesel, Rs26.94 per litre on PDS kerosene and Rs260.50 per cylinder of domestic LPG,” an official said.

The current sales price of these retail fuels in Delhi—Rs41.29 per litre of diesel, Rs395.35 per 14.2-kg LPG cylinder and Rs14.83 per litre of kerosene—is way below the imported cost of the fuel.

Petrol prices have risen by 33% since they were freed from government control in June last year. The price of petrol in Delhi was Rs51.43 a litre when the government decontrolled the fuel on 26 June 2010. Today, it costs Rs63.70 a litre.

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COMMENTS

Anil Agashe

6 years ago

I am surprised that price at refinery gate is 41.At what price of crude is this calculated.

Java

6 years ago

If the govt had really been serious about checking inflation, it would have frozen the amounts of taxes and duties when the oil prices started going berserk ie not fixed them ad valorem. After that it could have allowed free market pricing for oil products. This would have been clean, without need to subsidise or bankrupt the oil companies at any time. It would probably have checked consumption of oil, because it would no longer have been subsidised. But mysterious are the ways of our planners. Apart from establishing a muddled, arbitrary regime of subsidies, they decided to fight the oil induced inflation by jacking up the interest rates, in the process choking the flow of funds to the healthy Indian economy, just when it was poised to take advantage of the global economic downturn!

Union KBC MF unveils new tax saver scheme

Union KBC MF unveils new tax saver scheme

Union KBC Mutual Fund has launched Union KBC Tax Saver Scheme, an open-ended ELSS.

The investment objective of the scheme is to generate income and long-term capital appreciation by investing substantially in a portfolio consisting of equity and equity related securities.

The new issue closes on 9th November. The minimum investment amount is Rs500.

BSE 100 Index is the benchmark index. Ashish Ranawade is the fund manager.

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