The world today is going through an extraordinarysituation.Weareexperiencing a pandemic which has severely impacted every aspect of our lives and disrupted business in unprecedented ways. The challenges are unique as COVID-19 induced lockdowns have disrupted the economic activity. So much so that the GDP growth of the Indian economy is to be around 4.2% for FY20 and likely in the negative for FY21 as per the recent CRISIL report. CRISIL believes it will be tough for India to return to its pre-pandemic growth levels at least for the next three years. Partial relaxations are not of much use as the hindrances to supply chain logistics and transportation continue. The recent economic stimulus announced by the government of India does have some short term measures to cushion the economy but majorly announces various reforms which may have payoffs in the medium term. At GHCL we complied with all the regulations notified by the Government from time to time. We took the initiative of Work from home at our offices and the production facilities also remained closed for a major period of time which did have an impact on production and sales.
As the Chairman of the Board of Directors of GHCL let me assure you that despite myriad challenges your company is focused on maintaining its growth momentum and delivering value to its stakeholders. Though our revenues for the last financial year ended March 2020 were down by 3% to H3272 crores as compared to H3385 crores in the previous financial year Earnings before depreciation interest and taxation (EBIDTA) stood at H753 crores in financial year 2019-20 while Net profit for the financial year 2019-20 grew by 13% to H407 crores as compared to H361 crores in the previous financial year. As a token of gratitude towards its shareholders the company paid an interim dividend of H3 per equity share for the financial year ended March 31 2020 and a buyback of company shares amounting to H56.81 Crores.
In the month of March the Board of the company also approved the Scheme of demerger of its Inorganic Chemicals and Textiles businesses through a Scheme of Arrangement U/s 230-232. This demerger is intended to deliver various operational and strategic benefits to each Business segment as separate listed entities such as focused growth concentrated approach business synergies and increased operational and customer focus. In addition it will address independent business opportunities with efficient capital allocation and attract different set of investors strategic partners lenders and other stakeholders thus expected to result in enhanced value creation for stakeholders. Both companies shall be listed separately post NCLT approval.
The brownfield capacity addition for the soda ash business was executed successfully and we now operate at a capacity of 1.10 million MT per annum but due to demand suppression we may not be in a position to fully exploit the additional capacities. The Coronavirus epidemic will cast its shadow on the overall business scenario. In the Textile business your company's strengths revolve around our penchant for innovation; consistent product development and a strong passion for sustainability and the circular economy. We have stepped up the focus on the Dot Com business in the US and are working with major retailers. But due to the COVID-19 situation a lot of retail activity in home textiles in the US market has come to a grinding halt. This undoubtedly will have an impact on the inventory build-up in the country and will push back purchase decisions by several months. Given the softness being experienced in the demand for textiles and garments. our yarn business may also experience some headwinds. In the Consumer products business there is an increased focus on digital marketing to promote our brand.
In FY20 your company was recognized as one of the Best Workplaces in Manufacturing Sector by Great Place to Work Institute consecutively for the fourth year in a row. GHCL Foundation Trust received the `Saurashtra Eminence Award - 2019' for the great work done towards `Rural Development and CSR' from Divya Bhaskar Group. The Federation of Indian Mineral Industries (FIMI) awarded GHCL for innovation in the field of water management and soil fertility in and around the villages of the mining areas. The `Jury Special Social Awareness Award' was presented to the Bhimdeval Limestone Mines GHCL at the Excellence Sustainability Health Safety and Social Awareness Awards FY 2018-19.
As a proponent of inclusive growth GHCL believes in giving back to the society. Since the last two years the focus has been on expanding the CSR footprints along with meeting the expectations of the people. GHCL Foundation has been strategically planning and systematically executing various projects for overall development and welfare and has spent H9.75 cr on CSR initiatives in FY20.
I conclude by thanking all of you for supporting GHCL in its Mission to responsibly maximize value for all its stakeholders.