 "Murugappa Group, Murugappa logo")
The group turnover for the year ending March 31, 2024 rose to 4.9 per cent to Rs 77,881 crore. | Photo: X@Murugappa_Group
The Murugappa Group has reported a 15.2 per cent jump in its profit after tax for the year ending March 31, 2024 at Rs 7,885 crore.
The city-based diversified conglomerate had reported a profit after tax of Rs 6,846 crore during the corresponding period of last year.
The group turnover for the year ending March 31, 2024 rose to 4.9 per cent to Rs 77,881 crore, as compared to Rs 74,220 crore registered year ago.
The Earnings before Interest, Taxes, Depreciation and Amortisation grew by 10.8 per cent, to Rs 11,554 crore from Rs 10,426 crore registered in the same period of previous year.
In a statement on Monday, the company said the Return on Equity of the financial services business improved marginally to 19.2 per cent in the current year from 19 per cent in previous year.
Return on Capital Employed of the manufacturing entities declined to 21. 3 per cent in the current year from 27.9 per cent recorded in previous year.
The manufacturing entities of the Group generated a free cash flow of Rs 1,229 crore which stood at 31 per cent of the profit after tax reported by the companies.
The aggregate capital expenditure programme towards expansion, debottlenecking, infrastructure facilities across group companies were about Rs 3,129 crore during the year as compared to Rs 1,592 crore registered year ago.
During the year, Coromandel International Ltd commissioned its state-of-the-art Sulphuric acid plant at Vishakapatnam set up at an investment of Rs 400 crore, to further strengthen its backward integration capabilities.
The plant would increase the Sulphuric acid capacity to 11 lakh tonne per annum from 6 lakh tonne per annum.
Cholamandalam Investment and Finance Company Ltd purchased 4.67 acres of land from DLF Offices Chennai Pvt Ltd for Rs 735 crore in Chennai while sugar manufacturer E.I.D. Parry (India) Ltd commissioned a 120 kilo litres per day distillery in its Haliyal facility (Karnataka) and commenced commercial operations in May.
CG Power and Industrial Solutions Ltd, a subsidiary of Tube Investments of India Ltd undertook various capacity expansion programmes during the financial year across low tension motors, switch gears, large industrial machines and power transformer segments at an investment of Rs 318 crore.
TI Clean Mobility Pvt Ltd, a wholly-owned subsidiary of Tube Investments of India Ltd, established production facilities for electric 3 wheelers and electric tractors at an outlay of Rs 44 crore.
IPLTech Electric, a subsidiary of TI Clean Mobility Pvt Ltd, established a manufacturing facility for making electric heavy commercial vehicles at an investment of Rs 67 crore, the company said.
The market capitalisation of the nine listed companies of the group touched Rs 3,44,626 crore as of March 31, 2024 as compared to Rs 2,25,320 crore registered a year ago period, the statement added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 19 2024 | 4:56 PM IST
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