The Murugappa Group’s Annual Press Meet FY 2018-19

The Murugappa Group’s Annual Press Meet was held at Chennai, India on May 15, 2019. Mr M M Murugappan, Executive-Chairman and Mr Sridharan Rangarajan, Group CFO, addressed delegates from the media.The Group’s financial performance for FY 2018-19 was shared with the media, followed by a Q&A session.

Murugappa Group registers a growth of 12% in turnover at $5.3 billion during 2018-19. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) posted a growth of 12%, at $743 million. Profit after Tax was at $412 million registering a growth of 18%.

EID Parry to hive off its Bio Business to Coromandel International Ltd.

Mr. A Vellayan, Executive Chairman of Murugappa group stated that the transaction is part of the strategic plan of EID Parry to consolidate and focus on its core businesses in Food and Nutraceutical space. He had informed that it would help EID Parry to keep its gearing at a lower level to handle the Sugar cyclical movements. Further, the Bio Pesticides business would gather growth momentum in the hands of Coromandel through their strong position in Crop Protection business in India. He further said that the Bio Products business would also derive the synergy benefits by making inroads into South America, Africa and Asian markets where Coromandel has significant presence.