The Murugappa Group, a diversified conglomerate based in Chennai, has reported a strong financial performance for the year ending March 31, 2024. The group recorded a 15.2% increase in profit after tax, reaching ₹7,885 crore, compared to ₹6,846 crore in the previous year.
Key Financial Highlights:
- Revenue Growth:
- The group’s turnover rose by 4.9%, totaling ₹77,881 crore, up from ₹74,220 crore the previous year.
- Profitability:
- Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 10.8%, reaching ₹11,554 crore, compared to ₹10,426 crore last year.
Financial Ratios:
- Return on Equity (ROE):
- The financial services arm saw a slight improvement in ROE, increasing to 19.2% from 19% the previous year.
- Return on Capital Employed (ROCE):
- The manufacturing entities’ ROCE declined to 21.3%, down from 27.9% last year.
Investments and Expansion:
- Capital Expenditure:
- The group invested ₹3,129 crore in expansion and infrastructure, up from ₹1,592 crore the previous year.
- Coromandel International Ltd:
- Commissioned a state-of-the-art Sulphuric acid plant at Vishakapatnam, increasing capacity to 11 lakh tonnes per annum.
- Cholamandalam Investment and Finance Company Ltd:
- Purchased 4.67 acres of land in Chennai for ₹735 crore.
- E.I.D. Parry (India) Ltd:
- Commissioned a 120-kilo litre per day distillery at its Haliyal facility in Karnataka.
Manufacturing and Mobility Initiatives:
- CG Power and Industrial Solutions Ltd:
- Undertook capacity expansions across various segments with an investment of ₹318 crore.
- TI Clean Mobility Pvt Ltd:
- Established production facilities for electric three-wheelers and tractors, with an investment of ₹44 crore.
- IPLTech Electric:
- Set up a manufacturing facility for electric heavy commercial vehicles with an outlay of ₹67 crore.