Recording a growth
of 11 per cent in turnover to Rs 26,926 crore and a PAT of Rs 1283 crore, the Murugappa group, after a year of consolidation, can pat itself on its back. Financial services and manufacturing contributed to profits.
Cholomandalam Investment and Finance Company registered a growth of 13 per cent. “We focused on operation, cash flow and consolidation to ensure better capacity utilisation and to prepare Murugappa for the next phase of growth,” stated M M Murugappan, Vice Chairman. The company made capital expenditure of Rs 229 crore to expand, debottleneck and modernise facilities.
EID Parry acquired the balance 3.4 per cent shares from Parry Phytoremedies Pvt., Ltd. The South African operations of Carborundum Universal were shut down owing to labour problems and increasing power costs.
TII is to set up a new plant in Punjab at a cost of Rs 95 crore. The first phase will have a capacity of 1.5 million, which will go on stream in the early part of the next financial year.
The company plans a capex of Rs 250 crore in 2015-16.