I write this message to you against the backdrop of a receding second wave of theCOVID-19 pandemic. Unlike the first the second wave has been far more aggressive in itsintensity and geographic spread leading to a tremendous impact on the nation its citizensand economy. The national lockdown during April and May 2020 resulted in variousoperational and supply chain challenges that your Company was able to mitigate byestablishing stringent safe operating protocols at its sites and offices. The measuresadopted at our manufacturing sites coupled with the resilience and commitment demonstratedby our team enabled the Company to successfully meet the strong demand from our customersin the second half of the financial year. Your Company undertook various measuresaddressing the health and welfare of its employees their families and the communities inwhich we operate. As a preventive measure we actively promoted vaccination amongst ouremployees and organized dedicated camps at our manufacturing sites and offices whereverpossible. In addition your Company donated lifesaving medical equipment oxygen cylindersand oxygen concentrators to augment the medical infrastructure in the vicinity of ourfacilities. We partnered with industry players to install three state-of-the-art mobileacute care units that augmented the availability of ICU beds during the peak of thecrisis. I take this opportunity to thank you our team and the Board of Directors for thetrust and guidance in helping deal with this unprecedented situation and emerge strongerthan ever before. Post the national lockdown in Q1 and gradual resumption of industrialactivity in Q2 the economy witnessed a strong bounce back in Q3 and Q4 of FY 20-21.Indias GDP which had contracted by 24.4% in Q1 FY 21 now stands at minus 7.3% forthe full year. The agriculture sector aided by a favourable monsoon proved resilient tothe impact of the first wave of the pandemic and is estimated to have grown at 3.4% in FY20-21. The automotive sector which accounts for a substantial portion of business for yourCompany transitioned to the BS VI emission standards in April 2020 and emerged from thecomplete shutdown during Q1 with a "V-shaped" recovery in Q3 and Q4. Against thebackdrop of this macro environment I am pleased to share the financial performance ofyour Company. Revenue from operations grew by 26% Y-o-Y in FY 2021 to INR 95583.4million along with robust growth in Profit After Tax of INR 5526.1 million compared toINR 228.7 million in the previous year. Most business segments of your Company includingAgricultural Solutions segments focused on the Automotive industry as well as theNutrition and Care Chemicals business delivered profitable growth. You would be happy tonote that the Board of Directors of your Company have recommended a special dividend ofINR. 5 per equity share due to portfolio restructuring measures in addition to a finaldividend of INR. 5 per equity share for the financial year ended 31st March 2021aggregating to INR. 10 per equity share i.e. 100%.
Focused measures for continuous improvement in the areas of operating margins workingcapital and fixed costs across our diverse portfolio was the foundation to achieve thisstrong performance in a challenging year. The stellar results for your Company would notbe possible without an engaged and motivated employee force. My heartfelt gratitude andrespect for colleagues who have continued to perform at the highest levels despite thechallenges and adversities. To strengthen competitiveness your Company continued tooptimize its business portfolio with the divestiture of the Construction Chemicalsbusiness in July 2020 and the acquisition as well as subsequent merger of erstwhile BASFPerformance Polyamides India Private Limited business into our Materials segment inFebruary 2021. Further your Company continued with the planned expansions for the Dahejand Mangalore plants.
Very pleased to share that our manufacturing site at Mangalore celebrated 2 milestones completion of 25 years of operations and a decade of successful operations for theTechnology Coatings Center. We also continued to receive recognitions from keystakeholders and customers in 2020-21 a testimony of our superlative achievements. Ouron-going digitalization initiatives ensured business continuity and efficiency gainsresulting in customers experiencing minimal supply chain disruptions even during thelockdown. Our teams adapted to the new ways of working and enhanced customer engagementwith virtual collaborations contributing to our above market growth.
While the short-term prospects from a business and economy perspective seems uncertainthe medium to long term growth potential remains intact. Health and safety of our workforce will continue to remain important for our success. The models predict potentialupcoming waves of the pandemic however an improvement in vaccination rates and theoverall health care system should enable the nation to deal with the future waves betterand reduce the risks of disruptions to economic activity. To summarize your Company isconfident that with the measures undertaken the nation will tide over the crisis. Weremain committed to our priorities of sustainable and profitable growth.
Stay safe and take care!