At the outset let me thank you for your support and for being a valuable part of theCupid family. Let me take you through the financial and operating highlights of the yeargone past.
Fiscal 2015-16 has by far been the most eventful year for your Company. We registeredone of the best financial performances for the company in its history as well as bolsteredour readiness to exploit opportunities in the global condoms industry. The total revenuesgrew 39.1% to INR 628.05 million in FY 2015-16 from INR 451.42 million in FY 2014-15. Thisperformance came on the back of increased shipments both for the female as well as malecondoms. From a business standpoint the revenues are equally distributed between femaleand male condoms. The female condom business has seen a robust growth in this fiscallargely on account of new institutional orders and this impacted our EBITDA and PATpositively. While the EBITDA registered a 99.3% growth to move from INR 135.34 million inFY 2014-15 to INR 269.74 million in FY 2015-16 the Net Profits also showed a 106.7%increase to close at INR 159.33 million. This translates to an EBITDA Margin at 42.9% forFY 2015-16 as against 30.0% in FY 2014-15. We exported to about 26 countries and ourexports contribution to overall sales was 77% at the end of year.
Operationally the capacity utilization increased from 52.0% in the FY 2014-15 to 64.0%in FY 2015-16. This is expected to improve further in the coming year as the pipeline oforders gives us the required confidence. During the year the Company also took the taskof upgrading its facility as to improve overall levels of productivity. In addition a newrange of product called water based lubricant jelly was launched. Requisite approvals fromthe Indian authorities have been received and we expect this business to start generatingrevenue from FY 2016-17. We also continued our efforts in research and developmentactivity as to develop new value added products for widening our offerings Both forinstitutional and direct consumer.
As you are aware the Company also entered into an agreement with National Departmentof Health(NDOH) Government of South Africa through our agents for supply of femalecondoms worth USD 16.3 million (INR equivalent of approximately 1032.2 million). Theexecution for this order is already underway and we expect to complete the same by fiscal2018-19. Besides this order the South Africa and other Sub Sahara African countries areof strategic importance for the business. This country has the biggest HIV epidemic in theworld with an estimated 6.8 million people living with HIV in 2013. It was also estimatedaccording to a survey that HIV prevalence among women was nearly twice as high as men.
We also remain positive on our business in the entire Sub-Sahara region which accountsfor close to 70% of the global HIV population the HIV prevalence is still extremely highin some countries. With these factors we see a good business opportunity for male as wellas female condoms and this is one of the key reasons why the Companys strategy iscentred around Sub-Sahara region for future growth. We are also looking at inclusivegrowth in the region. Fiscal 2015-16 was a stellar year with our share in ex-south Africafemale condom business increasing from 8% in 2014-15 to over 25% in 2015-16.
The Company has signed a non-exclusive long term agreement with United NationsPopulation Fund (UNFPA) for period of 3 years on 10th March 2016 to supply female condomsand for period of 8th March 2016 to 31st July 2016 to supply male condoms Company isexpecting for renewal upon its expiry. UNFPA is a front running organization addressingHIV adolescent and unintended pregnancies program. This partnership is a step in theright direction to increase access to HIV-related services for young people women andgirls including those living with HIV. We hope to cement this relationship further andensure that social interests get married with business commitments. Overall FY16 was aprogressive year for us and we believe we are on the right trajectory to move towards thenext orbit of growth.
The global contraceptives market size is poised to touch USD 33.6 billion in revenue by2023. Despite the general increase in trends of condom use there still exists asubstantial gap in access to condoms for a large percentage of the population. Thisdichotomy highlights the important opportunities for strengthening demand and supply ofcondoms and the Company is well prepared to address it.
I also take the opportunity to acknowledge your feedback regarding the need for aformal investor relations setup. Based on your feedback we have initiated a formalinvestor relations program for the company effective first quarter of fiscal 2017. Theobjective of this program is to enhance our communication efforts and disclosures that areimportant for investors taking an informed decision on the Company.
The building blocks for the next level of growth has been laid. Events to watch as wemoved ahead include approval from UNFPA for CUPID 2 Female condoms which could be a keytrigger for the new markets. The other trigger would be the response to water basedlubricant jellies that are poised for a mass-market debut.
I would like to thank you once again for reposing your faith and trust in us. I alsotake the opportunity to thank all the employees of company for their dedicated servicetowards Companys growth.
Chairman and Managing Director