We are pleased to announce the acquisition of Industrial MixingSolutions Division from Sudarshan Chemical Industries Ltd. With this acquisition we willcreate a business vertical that will have a greater focus in the industrial mixing spaceand will provide our customers with innovative mixing technologies which will help themimprove efficiencies and reduce costs.
It gives me great pleasure to talk about the year gone by. Our growthstory remains intact and we have further strengthened our competitive position andcontinue to remain the preferred supplier for engineered equipment and systems to thechemical process industry. I am delighted to report that many of Mission 2020'strategic initiatives are finally paying rich dividends and have helped us and willcontinue to help us grow profitably. I believe that improvement is a never-ending processand we will continue to offer our customers new products innovative technologies fasterdelivery times and prompt after sales service. I am confident that we can continue ourgrowth journey in the coming year.
India is expected to remain the worlds fastest growing large economy in2019-20 with a GDP growth rate of 7.3%. Lower oil prices softening interest rates andexpected structural policy reforms will further strengthen our economy. The Indian economyremains well placed to achieve robust growth on the back of a stable governmentfavourable policies lower inflation rates and increasing government spending oninfrastructure and the rural sectors. However trade uncertainty global economic slowdownand volatile market conditions may pose a challenge.
The key industries that we serve Pharmaceutical (Pharma) Agrochemical(Agro) and Speciality Chemical (Specialty) all continued to invest in new manufacturingfacilities. Agro and Specialty showed significant increase in investment and accounted fornearly 59% of our total revenue. Pharma showed a slow down in capital spending due to FDAissues and pricing pressure in the US markets but still accounted for 30% of our totalrevenue. Looking forward we believe that investment in these sectors will continue and weexpect both Agro and Specialty to drive growth in the coming year. We have also seensignificant traction in new sectors such as Oil & Gas Petrochemical Fertilizers andMinerals & Metals and we expect promising opportunities in the coming months.
As I had mentioned earlier the initiatives undertaken over the lastfew years have created a strong foundation for growth that has helped us to seamlesslytransition into the penultimate year of our Mission 2020' Strategic Plan -Achieving Excellence'. Under the Achieving Excellence' initiative wehave shown significant improvement in both revenues and profitability; we reported aconsolidated and standalone revenue growth of 24% and 34% respectively and a consolidatedand standalone profit before tax growth of 21% and 40% respectively over the previousyear.
This year was noteworthy in terms of major projects launched andcompleted. We continued to create additional capacity for our Glass Lined and HeavyEngineering businesses. In our Glass Lined division we hit a new high of 200 EU's(equivalent units) manufactured in a single month this was a first for us and willhopefully become a new benchmark for throughput. In another first our Heavy Engineeringdivision manufactured the biggest equipment with a length of 41 meter diameter of 4.8meter and a weight of 154 MT column which puts us in a small and exclusive group ofcompanies that can handle such large sizes. We went live with a new cloud based ERPsolution which will help us improve efficiencies decrease costs and streamline internalsystems and processes. We have also recently launched an internal budgeting system whichwill help us build budgets from a bottom up approach rather than a top down approach andwill also help us monitor and reduce costs.
We believe that our employees are our most important asset with thisin mind we have undertaken several initiatives in the last few years. During the year webegan campus recruitment process to further strengthen our organization. We approachedpremier Business Schools and Technical Institutes and following a rigorous evaluationprocess selected 8 Management Interns 3 Engineering Interns and employed 4 ManagementTrainees. While the interns will go back to their academics after their internship periodthe Management Trainees will be inducted into the Management Acceleration Program aninitiative that will help us build a young leadership pipeline.
Lastly I am pleased to announce the acquisition of Industrial MixingSolutions Division from Sudarshan Chemical Industries Ltd. With this acquisition we willcreate a business vertical that will have a greater focus in the industrial mixing spaceand will provide our customers with innovative mixing technologies which will help themimprove efficiencies and reduce costs. We believe that this acquisition is a strategic fitand will reinforce our strategy of growing profitably and creating long term value for ourshareholders.
Our relationship with our parent company - Pfaudler continues to remainstrong. Our close and regular interaction with each other has helped both companiesincrease revenue margins and market share and has also helped in strengthening ourrespective competitive positions in both India and globally.
Our CSR's initiatives have also seen substantial progress we aregrateful that we have been able to make a difference in the areas of healthcare educationand environment sustainability in the areas that we operate. We are thankful for all thehard work that our CSR partners - Charutar Arogya Mandal JVP ITI and Reefwatch continueto put in day in and day out tirelessly working to improve and enrich the lives of thecommunities that we operate in and also play an important part in their social andeconomic development.
Finally we have begun work on our next 5-year strategic plan whichwill be launched next year and will take us to 2025. Over the coming months we will haveboth internal and external discussion to finalize this document which will align allemployees to a common goal and vision and will also chart out the direction that yourcompany will take over the next 5 years.
I would like to place on record my appreciation to the Board ofDirectors for ensuring effective corporate governance and also thank them for theircontinued support and guidance. I would also like to acknowledge all our employeescustomers supplier partners and shareholders for their support and faith in GMM Pfaudler.Thank you for being a part of our exciting journey.