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Murugappas-focus on consolidation

Murugappa Group Executive Chairman A Vellayan targeted growth for his group at three times that of GDP. In recent years, when the economy grew at 8 per cent, the group recorded growth at 25 per cent. With high inflation, interest rates and depressed demand, the group focused on consolidating its operations.

The Group recorded gross sales of Rs 24,350 crore for 2013-14. The flagship company Coromandel International Ltd. clocked Rs 10,144 crore. The EBITDA recorded a modest five per cent growth to Rs 2627 crore. The finance arm, Cholamandalam Investments and Finance Co Ltd (CIFCL), grew at 28 per cent with sales of Rs 3279 crore and Cholamandalam MS General Insurance Co Ltd grew at 14 per cent.

A highlight was a tripartite joint venture alliance with Yanmar (40 per cent) and Mitsui (20 per cent), both from Japan, to manufacture and market farm machinery.

The sugar segment saw  sales revenue of Rs 1448 crore and de-grew by 17 per cent because of low net realisation. While the business of organic fertiliser and demand for single sulphate phosphate dropped, the company benefitted from pipeline inventory reduction of complex fertilisers by 45 per cent.  Vellayan said that last year was the best for CIFCL and asset under management touched

Rs 25,000 crores (24 per cent growth). With capital adequacy comfortable at over 17 per cent, the promoter’s holding has been reduced from 75 per cent to 54 per cent.

Foreign operations accounted for ten per cent of the turnover.

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