The Murugappa Group, which has diverse interests ranging from engineering to fertilizers, has announced its lowest capital expenditure (capex) in six years for the current fiscal.

The Group announced that it would spend Rs 450 crore as capex for the fiscal 2013-14, as compared with around Rs 1,750 crore in fiscal 2012-13.

Murugappa Group Chairman A Vellayan said that the fiscal 2013-14 would be a year of consolidation in a difficult phase, adding that the group was very cautious on new investments.

Announcing the capex for the current year, Vellayan said, "This year will be a year of consolidation in a difficult phase. The confusion (politically and therefore economically) has started to tell on businesses."

The group companies' revenues jumped just 1 per cent to Rs 22,466 crore during the full fiscal ended March 31, while EBIDTA slipped 7 per cent to Rs 2,507 crore.

The group's fertilizer business suffered an 8 per cent decline in revenues, while Carborundum Universal engineering business saw a revenue decline of 1 per cent. However, financial services and insurance grew 44 per cent and 20 per cent, respectively.

The group companies score a number of acquisitions during the last fiscal. Tube Investments purchased Shanti Gears for around Rs 464 crore, while Coromandel acquired stakes in Liberty Phosphare and Liberty Urvarak for Rs 169 crore and Rs 78 crore, respectively.