It gives me immense pleasure to share with you the overall performance of your companyin FY 2016-17.
While the global economy has moved at a slower pace the structural changes in theIndian Government policies economy and business environment have significantly impactedour industry. With the implementation of GST India will be moving towards a unified taxstructure greater compliance and more digitisation - all positive factors in thedevelopment of our country.
For India the year under review FY 2016-17 has been a combination of disruption intechnology market volatility and a temporary slowdown on account of demonetisation.Furthermore the rural areas were affected by poor monsoons for the last two consecutiveyears. This had quite an adverse impact on the two-wheeler segment. At the same time theautomotive and auto component sector have seen rapid technological advancements and newervehicle concepts emerging globally. These changes will most likely transform theautomobile and transportation sectors in a dramatic manner.
In this challenging year under review we have been able to achieve 12.26% growth inEBIDTA margin and 13.35% growth in Profit after Tax in spite of Revenue growth of only4.6%.
The developments mentioned above have had a multi-fold effect on our business. I ampleased to say that Alicon has maneuvered through these challenges and emerged strongerwith an improvised strategy for achieving our G5 2020-21 vision. Alicon has diversifiedinto international markets and will gradually increase exports to get a more diversifiedmarket penetration. We are able to win the confidence of customers across the globe withour proactive approach by unifying the underlying strengths of our European engineeringskills Japanese quality and inherent creativity. Our efforts are driven through focus onour North Star - "We are proud to be Indian We work to make India Proud" this is our ultimate guiding force. Our North Star aligns our Corporate Pledge VisionMission Values DNA and Strategic Direction.
We may be perceived as being conservative in our projections but by being focusedtowards our North Star we walk the talk in supporting the "Make in India"campaign and would like to be seen as an innovative agile and best in class solutionprovider. The disruptions happening in this VUCA world challenge us to be the first moversin embracing the technology for e-Mobility parts. Going forward we will combat disruptionswith product innovations process innovations and digitisation. We are on the cusp offiling patents for our technological developments.
We look at our G5 2020-21 vision as a focal point for technology upgradation andinnovation. While formulating our goals we have endeavored to be in step with tomorrow byidentifying the product sectors and components that will be a part of the future. We willbe concentrating on niche markets which will be in line with our business philosophy"Fewer-Bigger-Bolder". Going forward our focus shall be on developingtechnology of thin-walled castings and newer materials that would add value to ourcustomers and give us a competitive edge. Our efforts in organisational development andfocus on our philosophy of AGILITY and INNOVATION will make this change possible.
As part of our G5 2020-21 vision we have planned investments which required us toinfuse fresh equity. A number of Investment Banks were interested in participating butour Japanese partner Enkei Corporation stepped up to make the investment. The increasedstake of Enkei Corporation in Alicon is a reflection of the trust imposed by Enkei in ourbusiness philosophy and confidence shown towards our management and vision. Thisextraordinary support from our partner will help us in our efforts towards development oftechnology and becoming more innovative.
With the automotive business going through rapid changes globally our customers havean ever increasing need to adapt quickly. With our efforts in cutting down developmenttimes along with our capability of producing proto components with near net shapes at acompetitive cost Alicon is emerging as a preferred supplier. Our continuous developmentin R&D and new technologies like 3D Printing scanning and radiography has given usan edge over others enabling us to engage with our customers at a very early stage incomponent development.
The Indian Government has decided to put its weight behind the development of electricvehicles. To support this a tripartite alliance has been formed between Maruti SuzukiTata Motors and Mahindra & Mahindra. This open-ended technical cooperation will be fordeveloping parts for electric-hybrid cars. Further Mr. Nitin Gadkari Road transport andhighways minister has invited Tesla Motors to invest in setting up a manufacturing plantin India. To be in line with these policy changes Alicon is proactively involved with thedomestic as well as global OEM's right from the concept and design stage in thedevelopment of parts for electric vehicles. Our European team are taking a lead in thisinitiative and are in discussions with leading manufacturers for aluminum parts that arequite intricate like battery housing stater housing and structural parts. I am pleasedto report that we have already begun the development of these parts and have startedsupplies to the customers. Though it's a small beginning we are in step with tomorrowand are preparing ourselves for the changes to come.
We realise that developing our people and our organisation is a key element inachieving our G5 2020-21 goals. We have adopted the Supplier Business Capability Building(SBCB) framework into our business philosophy. Our Employee Value Proposition helps usattract the best available talent. Employee engagement has gained momentum throughlearning and development initiatives visits to customer sites tie-ups with educationalinstitutions and innovative projects. Our North Star gives our employees a sense ofdirection and pride. Through our participation in "Inner Engineering" programswe have embarked on the journey of developing the inner most attitudes and capabilities ofour employees.
The future is filled with exciting possibilities. We are ideally placed to make themost of these opportunities to further strengthen our position as an industry leader. I amconfident that our visionary charter will help drive our efforts to leverage our potentialacross a range of market sectors and geographical boundaries.
I take this opportunity to thank my colleagues on the Board and the management team fortheir commitment and focus. Let me also thank all members of the Alicon family foraligning themselves to our North Star and working with dedication to translate our visioninto reality. In conclusion I would also like to thank our business associates bankersshareholders and all stakeholders for their constant support and cooperation.