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Industry-well poised to invest on expansion

Murugappa Group Chairman, A Vellayan expects industry to go for expansion from later this year: “manufacturing units have been operating at high levels of capacity-utilisation. By the end of the year there are prospects for reaching full capacity. Then there will be need for capital investments for capacity expansion,” he said.

Vellayan was on a visit to the US and expressed happiness over a favourable investor sentiment.

Performance of the group companies engaged in agri business, engineering, financial services and insurance had registered record performance in terms of growth, profits and other financial parameters. Vellayan expressed particular satisfaction over the 50 per cent jump in market capitalization to $ 8 billion.

All the companies of the group – EID Parry, Cholamandalam MS General Insurance, Cholmandalam Investments & Finance, Coromandel International, Tube Investments, Carborandum Universal and other businesses – together recorded a turnover of Rs 30,023 crore; significantly, all the units reported significant jumps in EBITDA.

Vellayan has particular reason to feel happy over the sugar industry recording handsome profits after two years of poor performance. There was a 21 per cent jump in revenue of the sugar division to 

Rs 4156 crore. In line with other major sugar producing states accepting reforms, he expressed the hope for Tamil Nadu falling in line.

The financial services business, including insurance, has been registering handsome growth in terms of gross sales and profits. The operations have spread across the country. Vellayan referred to a vaster spread of general insurance thanks to the new initiatives.

Exports of the group registered a handsome growth to Rs 3400 crore (Rs 2700 crore).

Addressing the media, Vellayan pointed to the Central government introducing several reforms like the direct transfer of  fertilizer subsidy to farmers.

The group is thus well-positioned to expand capital expenditure and on new initiatives. Vellayan pointed to the prospects for such expansion in all the states where the group has manufacturing activity.

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