It gives me immense pleasure to be able to reach out to all of you and share with youthe successes and achievements of the year gone by. Every year we push ourselves towardsgreater goals and this year has been no exception. What motivates us is a simple desireto become the leaders in the ethnic foods business while maintaining high qualitystandards. At the heart of all of our activities is a genuine celebration of food whichwe wish to share with people allowing them the freedom to taste a wide range of deliciousand guilt-free foods.
To start with a word about our financial performance. During the Financial Year2015-16 the company improved its standalone revenue from operations to 7160.59 crores ascompared with 7149.45 crores in the previous financial year. During the said financialyear the company achieved an EBITDA (Earnings Before other Income Interest TaxDepreciation & Amortization) on a standalone basis of 7 27.26 crores as against 720.39 crores in the previous year. Calculated on a percentage basis this is an impressiveincrease of 34%.
Our consolidated revenue for the fiscal year 2016 stood at 7 209.14 crores as againstthe previous year's consolidated revenue from operations of 7 203.80 crores. During theyear under review the company on a consolidated basis achieved an EBITDA of 719.78 croresagainst the previous year's figures of 715.61 crores resulting into a significantincrease of 27%. Our financial performance has been healthy and is a sign of ourcontinued success across markets and proof of the quality of our products.
I would like to share with you various business developments that we have initiatedacross different markets. Looking at the domestic market first during the year underreview our company re-launched its Instant Masala Mix range of ADF Soul products with newand improved packaging in eight exciting variants. In line with our commitment to healthyguilt-free food products majority of ADF Soul range is made with olive oil and do notcontain any preservatives or artificial flavours. We have been extremely gratified by thevery encouraging market response. To provide an added impetus to the ADF Soul range wehave also entered into smart e-distribution tie-ups in major cities like Mumbai DelhiAhmedabad and Bangalore. We are extremely optimistic that in the years to come the ADFSoul range will become more and more popular with a generation that is concerned withtasty and healthy foods.
In the United States the company stopped its manufacturing operations since December2015 on the expiry of the factory lease. We have instead switched to a morecost-effective option of getting our products manufactured through contract packing.During the year under review we developed a new product category and we are lookingforward to the launch of new and exciting products in the US market during the currentfiscal year.
Our other International business has also shown greater growth with the widening of ourproduct portfolio under the Ashoka brand. We have enriched the Ashoka brand withinteresting and zesty variants in Frozen foods and ready-to-eat category. We haveintroduced a new range of vegan dairy-free products in the ready-to-eat category. Thecompany's R&D team is continuously developing the new products to meet the everchanging taste of the consumers.
In continuation of the Company's efforts to effectively utilize its surplus cash theBoard of Directors has approved a buyback of equity shares through the Stock Exchangeroute at a price not exceeding 7125 per equity share with a face value of 710 each for anaggregate amount not exceeding 718 crores. Additional details of the buyback offer areprovided in the Director's Report. In view of the buyback the Board of Directors did notrecommend any dividend on the equity shares of the Company.
Your company is committed to long-term sustainable growth in tandem with the economicand social progress of the urban and rural poor through its CSR activities. During theprevious financial year major activities undertaken under our CSR programmes were theconstruction of 100 personal toilets under the Swatchcha Bharat Abhiyan and theconstruction of a hospital floor at Nadiad for the underprivileged sections of oursociety. We remain committed to our various CSR initiatives and strive to reach out andimprove many more individual lives in the years to come.
Lastly I would like to take this opportunity to thank each of our stakeholdersincluding the employees for the support that they have given us. I am extremely gratefulto my fellow Board members for their invaluable support and constant guidance. Thank you.
With warm regards
Ashok H. Thakkar