Murugappa Group clocks best ever performance in 2016-17
By PTI | Published: 19th May 2017 07:07 PM |
CHENNAI: Diversified business conglomerate Murugappa Group has recorded its best ever year in terms of turnover clocking Rs 30,023 crore in 2016-17, a top official said today.
"2016-17 has been best year for Murugappa Group with increase in turnover of over Rs 30,000 crore, EBITDA registering 34 per cent and Profit before tax going upby 59 per cent", the Group's Executive Chairman, A Vellayan said.
The city-based firm recorded turnover of Rs 30,023 crore in 2016-17 as compared to Rs 29,395 crore registered during year ago period.
Earnings before Interest, Taxes, Depreciation and Amortisation posted a growth of 34 per cent at Rs 4,065 crore as compared to Rs 3,032 crore registering during year ago period.
Profit before tax and extra ordinary items was Rs 2,973 crore upby 59 per cent from Rs 1,873 crore registering during year ago period.
"The Group market cap has registered level of USD 8 billion as compared to USD 5.6 billion registered as of March 31, 2016", he told reporters.
Elaborating, Vellayan said, "We have been aided by a very positive policy environment in many of our businesses. We congratulate the Government at the Centre..."
Vellayan said, "As a group we have clearly advocated policy changes in the last two-three years. We are pleased that large number of initiatives have been taken (by the Government)".
On the outlook for 2017-18, he said the company would decided on "next phase of investments" by October-November.
"Most of our plants are operating at 70-75 per cent utilisation. When it reaches around 80 per cent, by October-November we may see new phase of investments. That confidence has come back (now)", he said.
The company had earmarked Rs 396 crore as capital expenditure plans for 2016-17 and for 2017-18, it would be decided in October-November, he said.
Referring to the Goods and Services Tax rates released yesterday, Vellayan said there were some "mismatch" in it and market may "see" some disruption. "We will have to wait and watch (when GST is implemented)", he said.