The group’s revenue for the year ended March 31, 2024 increased by 4.9 per cent to Rs 77,881 crore. | Photo: X@Murugappa_Group
The Murugappa Group has reported a 15.2 per cent rise in its profit after tax for the year ended 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 last year.
The group’s turnover for the year ended March 31, 2024, increased 4.9 per cent to Rs 77,881 crore, compared with Rs 74,220 crore recorded last year.
Earnings before interest, tax, depreciation and amortization grew 10.8 per cent to Rs 11,554 crore from Rs 10,426 crore recorded in the same period last year.
In a statement released on Monday, the company said return on equity from its financial services business improved marginally to 19.2 percent in the current year from 19 percent a year earlier.
The return on capital employed of manufacturing entities declined to 21.3 percent in the current year from 27.9 percent recorded in the previous year.
The Group’s manufacturing entities generated free cash flow of Rs 1,229 crore, which accounted for 31 per cent of the profit after tax reported by the companies.
The aggregate capital expenditure programme for expansion, decongestion and infrastructure facilities at group companies was around Rs 3,129 crore during the year, compared to Rs 1,592 crore recorded last year.
During the year, Coromandel International Ltd commissioned its state-of-the-art sulphuric acid plant at Vishakapatnam, built at an investment of Rs 400 crore, to further strengthen its backward integration capabilities.
The plant would increase sulfuric acid capacity from 600,000 tons per year to 110,000 tons per year.
Cholamandalam Investment and Finance Company Ltd has purchased 4.67 acres of land from DLF Offices Chennai Pvt Ltd for Rs 735 crore in Chennai, while sugar maker EID Parry (India) Ltd has commissioned a 120-kilolitre per day distillery at its Haliyal (Karnataka) facility and commenced commercial operations in May.
CG Power and Industrial Solutions Ltd, a subsidiary of Tube Investments of India Ltd, undertook several capacity expansion programmes during the financial year in low voltage motors, switchboards, large industrial machines and power transformers segments with an investment of Rs 318 crore.
TI Clean Mobility Pvt Ltd, a wholly owned subsidiary of Tube Investments of India Ltd, has set up production facilities for electric 3-wheelers and electric tractors with an investment of Rs 44 crore.
IPLTech Electric, a subsidiary of IT Clean Mobility Pvt Ltd, has set up a manufacturing plant to manufacture electric heavy commercial vehicles with an investment of Rs 67 crore, the company said.
The market capitalisation of the group’s nine listed companies stood at Rs 3,44,626 crore as on March 31, 2024, compared to Rs 2,25,320 crore recorded a year ago, the statement added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 19, 2024 | 16:56 IS
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