I would like to take this opportunity to thank you for your continuous support and forreposing your faith in the Company. It gives me immense pleasure to take you through thekey developments and financial performance for the fiscal year 2019.
On the financial front we ended the year with a Total Operating Income of 854.7million (mn) for FY19 as compared to 806.0 mn in the corresponding period of the previousyear re ecting an increase of 6.0 %. EBITDA stood at 230.4 mn as compared to 283.3 mnduring the corresponding period of previous year resulting in decline in margin by 27.0%.Net profit was thereby impacted and we closed the year with a net profit of 152.1 mn forFY19 as compared to 170.9 mn in the corresponding period of the previous year which is adecrease of 11.0 %.
Let me highlight the reason for the tepid growth in revenue and decline in the marginsand pro tability. The revenue of the Company was impacted due to continuing slowdown inFemale Condom orders from South Africa. Business development expenses and lower proportionof higher margin Female Condoms in the total revenue impacted the margins and protability. However we expect improvement in the top line and botiom line in the comingfiscal year on the back of improved demand scenario.
This year has been a landmark year for us in many ways. Your company celebrated itsSilver Jubilee having completed 25 years and announced Bonus Share offer 1 share for 5shares to all its shareholders at the AGM. We added yet another feather in our cap by gengFemale Condom registration with Government of Brazil which has put us in favourableposition to win sizable order for Female Condoms from the region. During the year wesuccessfully executed our first shipment of Female Condoms to Brazil. It is heartening tomention that UNFPA has renewed Cupid's Pre-Quali cation status for its Female CondomVersion 1 & 2 and Male Condom for a period of 3 years. Also we are immenselysatisfied to have successfully completed our three years contract of Female Condom worthRs. 104 Cr to supply to the South African Government and are hopeful to win many morecontracts in the future.
We are delighted to inform that "Cupid Angel" Trademark has been nallyregistered with the United States Patent and Trademark O ce which would help us to promoteand market our Cupid Female Condoms in USA. We continue to diversify across newgeographies and exported to Central American countries like Guatemala Honduras besidesDominican Republic and Haiti through United Nation Population Fund (UNFPA) for the firsttime and are continuously on the lookout for newer target markets.
During the year we launched Cupid range of Male and Female Condoms Hand Sanitizersand Water Based Lubricant Jelly and started to export the products. We are pleased toannounce the completion of capacity expansion from 400 to 560 million pieces of MaleCondoms per year which would permit us to participate in large sized tenders from BrazilSouth Africa Zambia and India. Cupid shall continue to explore possibility of enhancingbusiness prospects in South Africa and other Sub Saharan continents.
The outlook for FY20 looks promising. We expect to see increase in demand for condomson the back of more international donor funding higher consumption in lower- andmiddle-income countries and more funding from National Governments for the prevention ofspread of STIs including HIV and unintended pregnancies.
As I close I would like to thank all our customers shareholders and employees onceagain
for supporting us during this journey.
Chairman & Managing Director