Year 2015-16 has been one of the most challenging years in the recent pastgiving usall a taste and first-hand experience of the VolatileUncertainComplex and Ambiguous -better known as the VUCA' - world that we live in.Fall in crude oil pricevolatilecurrencysecond successive poor monsoon and stagnating growth in emergingmarketsespecially in Chinaimpacted our business environment.Undauntedwe atBASFcontinued to invest in growthimproved utilization of our assetsdivested non-corebusiness and assetsto become future-ready.
Howeverthese adverse factors muted your Company's revenue growth to 1% over theprevious yearto Rs.47517 million.Your Company recorded volume growth in the ConstructionChemicals business and several products from Dahej related to ConsumerCareDispersionsPerformance Materials and Monomers businesses.Poor monsoon for the secondconsecutive yearimpacted the Agricultural Solutions businessresulting in significantdecline in revenue and profits.During the yearthe Textile Chemicals business was alsodivested as a part of portfolio optimization.We have undertaken several measures to focuson improving utilization of existing capacitiesfaster ramp-up of new capacities andimproving product quality to reduce costs and enhance efficiencies.
The year also witnessed the inauguration of your Company's fifth and largestConstruction Chemicals plant at NelloreAndhra Pradesh and the ground breaking of oursixth Construction Chemicals plant at KharagpurWest Bengal - a strong reflection of ourfirm commitment in partnering the progress of our nation.Your Company also launched morethan 15 products across various businesses this year.Furthermorein continuation to theCreator Space Summitan impactful event that flagged off our 150thanniversary celebrationswe released a whitepaper presenting solutions for Mumbai's waterchallenges.The Honourable Chief Minister of MaharashtraShri.Devendra Fadnavis unveiledthe whitepaper.This initiative was appreciated by several stakeholders includingMr.Amitabh KantCEO of NITI Aayogwho posted it on a popular social media platform.
This yearour CSR projects were focused on WaterSanitation and Hygiene (WASH) effortsat DahejThane and Mangalore.At Dahejwe built more than 200 toilets as well as introduceda waste and water management program.At Thanewe donated a water purification unit toNavjeevan High School to provide children with potable drinking water.In Mangalorewecontinued to create awareness on WASH.With these initiativeswe strengthened ourcommitment and contribution to the well-being of communities near our manufacturingplants.
Your Company received recognition from various organizations for excellence inoperations and customer focusthis year.The Human Nutrition unit received Nutra ExcellenceAward; the Coatings team received the Best Supplier Award by Tata Autocomp during theSeventh Vendor Meet and a Certificate of Recognition from Ford for its efforts in reducingcarbon footprint.The Care Chemicals team was named the Best Supply Partner of 2014'by Hindustan Unilever India Limited.
Your Company believes that employees make the difference between success' andfailure'and between being good' and great'.We therefore continued toinvest in employee development and capability enhancement in areas such as salesexcellence and leadership.
I believetodayyour Company is more efficient and agile.Our efforts to excel in thisdynamic market environment will continue.We will drive profitable growth by launchingsustainable innovations to help our partners be more successfulgain new customersramp-uputilization of our existing and new plants and optimize costs and working capital.As weset our sight on the futureon behalf of the Boardthe Executive Management Committee andthe entire BASF team in India
I thank you for your valuable trust and seek your continued interest and support.
With best wishes