Murugappa Group FY16 revenues rise 9% to Rs 29,470 cr

Diversified business conglomerate Murugappa Group registered a 9.44 percent rise in its total revenues for 2015-16 to Rs 29,470 crore.

The city-based firm had registered total revenues of Rs 26,926 crore in the previous fiscal, the company said in a statement.

Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 3,035 crore, up by 4 percent for the year ended March 31, 2016 from Rs 2,921 crore in 2014-15.

The group earned a one-time income of Rs 883 crore on account of 14 percent stake sale in Cholamandalam MS General Insurance Company.

During 2015-16, Murugappa Group firm Tube Investments of India sold 14 percent stake in Cholamandalam M S General Insurance Company to its Japanese joint venture partner Mitsui Sumitomo Insurance Company, Japan. Following this, the JV partner's shareholding rose to 40 percent from 26 percent.

During the year, the company's financial services firm Cholamandalam Investment and Finance Company's vehicle finance disbursements grew by 32 percent and home equity by 14 percent.

Cholamandalam MS General Insurance witnessed 25 percent growth in EBITDA backed by "improved" performance of abrasives and electromineral divisions.

Shanthi Gears Ltd, a subsidiary of Tube Investments of India, said its EBITDA grew by 35 percent during 2015-16.