Rs 8,446 crore turn over for Murugappa Group

Chennai, May 8 (UNI) The Murugappa Group of Companies ended the year 2006-2007 with a group turnover of Rs 8,446 crore and Profit Before Tax (PBT) including extraordinary items Rs 874 crore.

With this turnover, the sale grew up by 15 per cent and the PBT by 10 per cent.

Talking to newspersons here today, Murugappa group Vice Chairman A Vellayan said "our group maintained its pace of investment with a capital expenditure spend at Rs 480 crore during the year." "The group has committed to a number of growth initatives, which would see capital expenditure more than double in the current fiscal", he claimed.

Mr Vellayan further said his company would invest about Rs 1000 crore in Godavari Fertilisers, Coromandel Fertilisers Limited (CFL), Carborundum Universal, Tube Investments and EID parry".

"We will continue our focus on business alignment and putting in place well defined long-term strategic initiatives towards sustaining the growth impetus", he said adding "notable performers include the financial services, abrasives, ceramics, insurance, fertilisers and sanitaryware businesses that have significantly improved sales and profitability during the year".

"Our tube business is poised to commence manufacturing operations in China", he said adding "this plant will manufacture CDW tubes to cater primarily to Chinese automotive customers".

On the fertilisers perspective, he said CFL's pesticides division was sourcing specially proeucts from China to expand its range of offerings to farmers".

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