With this years letter we mark another record year since we started our amazingjourney towards becoming a globally preferred solutions provider. We are also closing thesecond year of our 5th five-year plan. In this annual report we look back at a year ofexcellent financial performance and important acquisitions. We also look at the teamswithin MSSL who really are the foundations of these achievements. With such strengths welook forward to the coming years with great excitement.
This brings me to this years inancial results. FY 201617 has been very goodfor MSSL. Consolidated sales ended at INR 41985 Crore (USD 6.5 billion) a 15% increasefrom last year. Operating EBITDA grew 21% and our PAT went up to 20%. Consolidated Returnon Capital Employed (ROCE) improved to 28%. MSSLs standalone ROCE stands at a solid48%. The dividend pay-out for FY 201617 constitutes 33% of consolidated proits aftertax. This amounts to dividend of INR 2 per share.
We have declared new orders worth approximately EUR 12.9 billion for SMRPBV duringFY201617. We are honoured and very grateful for these as they relect the ongoingtrust of the customers to whom we dedicate our daily work. In view of the growing demandfor support from customers we are creating new facilities to support their globalrequirements. Currently 9 plants are at dierent stages of completion.
The second element I wanted to discuss is our acquisition of Finlands PKC Groupwhich we announced earlier this year. We have known this company for years and theacquisition is a signiicant step towards many of our targets. Firstly it brings uscloser to being a globally preferred solutions provider by attaining a leadership positionin the wiring harness business for commercial vehicles globally. Additionally with thisacquisition we are entering the rolling stock segment which is a new customer segment forMSSL. Secondly the acquisition brings us closer to our 2020 revenue targets of USD 18billion. Thirdly PKC Groups footprint strengthens our ability to achieve 3CX15 our commitment to ensure no Component Country or Customer contributes more than15% of our revenues.
This acquisition makes MSSL a market leader in wiring harnesses for heavy dutycommercial vehicles in the North American and European markets. It also expands ourpresence in Brazil and in China. Moreover we see great synergies between MSSL and PKCGroup apart from a complementary geographical presence to serve customers in all regions.With the focus on operational expertise that MSSL is known for and also the technicalknow-how relating to commercial vehicles business of PKC Group we will be able to bringmore value to our customers and suppliers. We are very excited about the opportunities itoers.
This brings me to the third element I wanted to discuss : our people. When I relecton our journey the fact that we have always created stellar inancial performance from afoundation of strong values and guiding principles ills me with immense joy. There is nodoubt that Motherson creates value from values and that these values stem to a largeextent from my mother the "Mother" in our name Motherson. As we grow itis paramount that we continue to promote these values so that the new people who join ourgrowing Group can embrace them as well.
One way to do this is to put the spotlight on excellent examples of the values andvalue driven mindset within the teams of MSSL. That is why we have selected the themefocused on the teams of MSSL for this years Annual Report.
The outstanding teams that work for our customers day in and day out across levelsdivisions and geographies are quite literally the giants on whose shoulders MSSL stands.Naturally the teams we are proiling for you in the pages ahead are just a small sampleof the thousands of teams that make up our Group and they represent all the others aswell. Together they represent the foundations of our past present and future growth andour ability to support our customers with dedication skill and perseverance.
We are very proud to have them with us and are glad to introduce them to you here.
Finally I want to express our gratitude to all our stakeholders. To our customers fortheir continued trust in our ability to support them and bring value to their business.
To our collaborators for helping us support our customers and keep our promises tothem. To our employees and teams who work with passion and focus to support our customersand each other; it has been another remarkable year in our journey.
And lastly of course to you our shareholders for your unwavering belief in ourstrategy and judgement.
We would also like to thank all local state and national governments the concernedbodies and the banks and inancial institutions in all countries in which we operatefor their strong support.
On behalf of all of us at MSSL thank you for walking with us on our journey into thefuture. We believe the best is yet to come.
Vivek Chaand Sehgal Chairman
Motherson Sumi Systems Limited