The Indian Economy has emerged as the fastest growing major economy in the worlddespite ; increased global vulnerabilities such as fluctuation in oil prices escalatedtrade wars between global partners and the US monetary shutdown. It gained momentum as aresult of stabilization of Goods and Services Tax (GST) and more investment by foreigninvestors. During the year. India climbed 23 points in the World Bank's ease of doingbusiness index to the IT position for the first time.
Over the last few years. Packaging Industry has emerged as an important sector drivingtechnology and innovation growth in the country and adding value to the variousmanufacturing sectors (including FMCG textile pharma and agriculture. According to astudy by ASSOCHAM-EY. the market size of the country's packaging industry is expected totouch USD 72.6 billion by FY20. Packaging is the first thing consumers notice whenpurchasing a product. Therefore it plays an important role especially In the consumergoods industry. Packaging not only secures the goods and makes handling and transportationeasier but also impacts consumer's choice for a product. In India this industry has beengrowing due to an increase in packaged food consumption awareness t and desire forquality products. Its growth is heavily influenced by changing demographics such asgrowing urbanization and the rising proportion of middle class consumers. These changesdrive the need for new packaging formats such as different sizes materials andstrength. Cosmo has always been taking lead for these changes.
During the financial year 2019. Company registered 17% growth in revenue. Sales volumegrew by 5% with 10% growth in Specialty films. EBITDA margins increased by around 8% ascompared to last year although BOPP film margins continued to be volatile and wiped outgains of volume increase and better product mix. PAT and EPS was marginally lower as thatof last year due to zero tax incidence in FY18 due to onetime tax adjustment. The Companyis strategically selecting its growth plan to enhance high margin value added filmsportfolio on one hand and to become one of the lowest cost producer in the world inselecting product categories on another hand.
Cosmo's advanced Research and Development team with its relentless focus allows us todo customer-focused innovation by continually testing new materials inks coatingsadhesives and more. We are focussed on taking Cosmo's speciality films portfolio to one ofthe leading portfolios in the world. One of the major focus area is to reduce the carbonfootprints. At Cosmo we have a customer centric approach thereby accelerating the pace oftransforming the organisation to take a leap forward giving us the first mover advantageand reaffirming our commitment of creating enhanced value for all our stakeholders. In acomplex world we are simpler in our processes faster in our deliveries and more costcompetitive. In an uncertain world we are still managing and navigating through toughcycles.
With the growing trend for sustainability brands are clearly focusing on recyclablepackaging solutions for their products. Today we are partnering with some of the bestglobal brands to offer structure rationalization & recyclability solutions. We havedeveloped recyclable laminates for these brands and are in process to make themfunctionally more robust.
Community outreach is at the core of our culture at Cosmo. Cosmo Foundation completedits 10" year journey in the realm of Education Environment. Health & Sanitation.This has impacted lives of over 24000 students partnering with 34 Government schoolsacross 23 Villages in Aurangabad (Maharashtra) & Karjan Vadodara (Gujarat). We impartbasic computer literacy basic english communication program literacy program in urdumedium at Aurangabad after success of the same program in Gujarati and Marathi mediumpopularly known as Cosmo Gyan Vihar Kendra. In line with the Government of India'sinitiative of Swachh Bharat we have constructed sanitation blocks (girls toilets)improving lives of 2000 girl students & installation of waste bins in 8 GramPanchayats. We also built underground water tanks in four Government schools of droughtaffected region of Aurangabad district in Maharashtra which serves 1900 students &teachers along with many other such initiatives
I would like to thank our stakeholders for reposing their confidence and faith In theCompany. We are committed to deliver long term stakeholder value and look forward toachieve several milestones on the path of excellenceand profitable growth in coming years.
Chairman and Managing Director.