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Murugappa Group Records Highest Ever EBITDA of ₹ 4,065Cr in FY 2016-17, a 34% Growth Over Previous Year; PBT Grows 59%; Market Capitalisation Surges to $8 Billion

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Murugappa Group Records Highest Ever EBITDA of ₹ 4,065Cr in FY 2016-17, a 34% Growth Over Previous Year; PBT Grows 59%; Market Capitalisation Surges to $8 Billion MEDIA RELEASE | Group Annual Media Meet 2016-17 Murugappa Group records highest ever EBITDA of ₹ 4,065Cr in FY 2016-17, a 34% growth over previous year; PBT grows 59%; Market Capitalisation surges to $8 billion Chennai, 19th May 2017: Murugappa Group recorded a turnover of ₹ 30,023 Crores during 2016-17 (last year ₹ 29,395 Crores). Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) posted a growth of 34%, at ₹ 4,065 Crores (last year ₹ 3,032 Crores). Profit before Tax and Extra Ordinary Items was ₹ 2,973 Crores (last year ₹ 1,873 Crores), registering a growth of 59%. A: Company-wise Performance: Figures in ₹ Crores Gross Sales EBITDA Group Companies 2016-17 YoY Growth % 2016-17 YoY Growth % E.I.D.-Parry (India) Limited 4,465 15% 618 194% Cholamandalam MS General Insurance 3,133 28% 314 37% Company Limited Cholamandalam Investment and Finance 4,693 11% 1,146 27% Company Limited Coromandel International Limited 10,304 -12% 1,038 25% Tube Investments of India Limited 4,620 4% 481 10% Carborundum Universal Limited 2,200 9% 357 8% Other Businesses 608 -7% 111 19% Total 30,023 4,065 B: Market Capitalisation Market Capitalisation of the listed/unlisted companies of the Group surged by 43% to $8 billion in March 2017 from $5.6 billion a year ago. C: Highlights 1. Cholamandalam Investment and Finance Company Limited (CIFCL) expanded its footprint to Maharashtra, Karnataka & Bihar, adding 169 branches. CIFCL currently operates out of 700 branches across India. 2. Carborundum Universal Limited (CUMI) commissioned three fusion plants at its Electro-mineral Complex at Cochin, Kerala, at an investment of ₹ 80 Crores. This is one of the most advanced and integrated electro-mineral complexes in the world. CUMI has also inaugurated a Centre of Excellence for Research in Technical Ceramics for industrial & advanced applications at Hosur, Karnataka. This facility will aid CUMI’s growth in Wear Resistant & Technical Ceramics including Metalised Ceramic range of products. Page 1 of 8 3. Tube Investments of India Limited (TII) set up a state-of-the-art bicycle manufacturing factory at an investment of ₹ 105 Crores at Rajpura, Punjab, to cater to the growing demand in North and East Indian market. TII and Absolute Specialty Foods Chennai Pvt Ltd entered a 50:50 Joint Venture to open bicycle cafés in India under the brand name ‘Ciclo Café’. This initiative is aimed to bring bicycles and lifestyle under one roof and is becoming a preferred destination for people passionate about cycling and fine food. The Board of TII has approved the Scheme of arrangement to demerge the manufacturing and financial services businesses and the same is under implementation. 4. EID Parry (India) Limited merged its subsidiary Parry Sugar Industries Limited with itself effective 1st April 2016. 5. Aggregate capital expenditure programmes towards expansion / debottlenecking / modernising facilities across Group companies were ₹ 398 Crores during the year. D: Sector highlights for 2016-17 Financial Services Businesses Cholamandalam Investment and Finance Company Limited CIFCL’s Assets under Management (AUM) registered a growth of 15% to ₹ 34,167 Crores during FY2016-17. With a strong and favourable growth in the commercial vehicle market coupled with the strengthening of dealership networks, CIFCL’s Vehicle Finance disbursements registered a growth of 17% in FY2016-17. Home Equity Disbursements de-grew by 12% in FY2016-17. CIFCL has revised NPA provisioning to 3 months from 4 months and increased standard asset provisioning to 0.40% from 0.35%, one year ahead of the regulatory requirement. Profit after tax for FY 2016-17 stood at ₹ 719 Crores, a growth of 26% year-on-year. Capital Adequacy Ratio (CAR) was at 18.64% against the regulatory requirement of 15%. Tier I capital is at 13.61% against regulatory requirement of 10%. The subsidiaries together made a profit before tax (PBT) of ₹ 7 Crores in FY 2016-17 against ₹ 8 Crores in FY 2015-16. Cholamandalam MS General Insurance Company Limited Gross Written Premium recorded a growth of 28% during FY2016-17 to ₹ 3,133 Crores. The growth was supported by new partnerships entered into during the year. Profit after tax grew by 41% year-on-year to ₹ 208 Crores. Investment income during the year was ₹400 Crores; Investment book size as of end March 2017 (including pool funds) was ₹ 4,905 Crores. Cholamandalam MS General Insurance Company Limited (a Joint Venture between Murugappa Group and Mitsui Sumitomo) has become the largest entity outside of Japan among the JV companies of Mitsui Sumitomo. Page 2 of 8 Engineering Businesses Carborundum Universal Limited (CUMI) CUMI reported an increase in consolidated gross sales by 9% to ₹ 2,200 Crores in FY 2016-17 compared to ₹ 2,024 Crores in the previous year. Full year consolidated segmental profitability improved for Abrasives and Ceramics businesses, supported by higher sales volume. On a consolidated basis, in FY 2016-17, profit after tax increased to ₹ 175 Crores from ₹ 144 Crores. Abrasives Abrasives division at consolidated level registered a growth of 10%. The sales for FY 2016-17 were ₹ 1,016 Crores compared to ₹ 922 Crores in the previous year. Both Indian and overseas entities had a good growth. Profit before interest and tax (PBIT) for the year FY 2016-17 increased to ₹ 113 Crores from ₹ 83 Crores, supported by higher volumes from Indian and overseas entities. Electro minerals Electro minerals division at consolidated level registered a growth of 3%. The consolidated sales for FY 2016-17 were ₹ 769 Crores compared to ₹ 749 Crores of previous year. Indian operations registered a growth; however, sales were marginally lower for the Russian entity. The profit before interest and tax (PBIT) dropped from ₹ 127 Crores to ₹ 91 Crores, owing to adverse exchange movement of Rouble (RUB) and lower rainfall affecting power generation in captive hydel power plant. Ceramics Ceramics division registered a growth of 15%. For FY 2016-17 the sales were at ₹ 472 Crores from ₹ 409 Crores of previous year. The standalone industrial ceramics and refractories businesses delivered a good growth. Profit before interest and tax increased from ₹ 50 Crores to ₹ 70 Crores, driven by higher volumes in both standalone and overseas operations Tube Investments of India Limited For the year 2016-17, TII’s consolidated gross sales were higher by 4% at ₹ 4,620 Crores as against ₹ 4,434 Crores in the previous year. Profit after tax for the year 2016-17 was ₹ 208 Crores. Cycles and Accessories The total revenue from Cycles and Accessories division in FY 2016-17 stood at ₹ 1,358 Crores against ₹ 1,491 Crores in previous year, registering a drop of 10% due to lower institutional sales. Trade sales were affected due to demonetisation. Profit before interest and tax for the year was ₹ 36 Crores as against ₹ 79 Crores in the previous year. Page 3 of 8 Engineering The Engineering division has registered a growth of 14%. The sales volume from Tubes grew by 10% and from Cold Rolled Steel Strips by 7% during the year. Total revenue for FY 2016-17 was ₹ 2,077 Crores as against ₹ 1,821 in the previous year. Profit before interest and tax for the year was ₹ 146 Crores as against ₹ 94 Crores in the previous year. Metal Formed Products The Metal Formed Products division has registered a growth 9%. The sales volume from doorframes, Industrial Chains and Fine Blanked Components grew by 6%, 9% and 5% respectively over the previous year. However, the sales of automotive chains to OEMs were slightly lower than the previous year. Total revenue for FY 2016-17 was ₹ 1,141 Crores as against ₹ 1,043 in the previous year. Profit before interest and tax for the year was ₹ 92 Crores as against ₹ 86 Crores in the previous year. Shanthi Gears Limited Shanthi Gears Ltd., a subsidiary company of TII operating in the Industrial Gears Business, registered a growth of 12% in gross sales for the year. Profit after tax for the year was higher at ₹ 23 Crores against ₹ 18 Crores in the previous year. Agri-businesses Coromandel International Limited Coromandel International Limited registered consolidated gross sales of ₹ 10,304 Crores in FY 2016-17 compared to ₹ 11,726 Crores in the previous year. Despite challenging business environment due to failure in North East monsoon in some of the Southern states and volatile exchange rates, Coromandel by leveraging its diversified product portfolio, wide market coverage and strong brand presence, improved its performance across the nutrients and crop protection segments. Consolidated Profit after tax for year ended March 2017 is ₹ 477 crores as against ₹ 357 Crores of the previous year, registering a growth of 34%. E.I.D.-Parry (India) Limited E.I.D. Parry (India) Limited reported an increase in consolidated gross sales by 15% to ₹ 4,465 Crores in FY 2016-17 compared to ₹ 3,895 Crores in the previous year. Profit after tax for the year 2016-17 was ₹ 302 Crores against loss of ₹ 135 Crores in the previous year. The improved performance is on account of better sugar prices, which have been on an upswing on account of lower sugar production due to drought in Maharashtra, Karnataka and Tamil Nadu. Sugar Division The consolidated revenue from Sugar division (including Parry sugar refinery private limited) for year 2016-17 was ₹ 4,156 Crores against ₹ 3,442 Crores in previous year, recording a growth of 21%. Page 4 of 8 Bio – Products The consolidated revenue from Bio-products division (comprising Bio-Pesticides and Nutraceuticals) for year 2016-17 was ₹ 351 Crores against ₹ 348 Crores in previous year, recording a growth of 1%. Other Businesses Coromandel Engineering Company Limited registered a decline in revenues of 74% on account of sluggish market conditions.
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