We are pleased to announce the acquisition of Industrial Mixing Solutions Division fromSudarshan Chemical Industries Ltd. With this acquisition we will create a businessvertical that will have a greater focus in the industrial mixing space and will provideour customers with innovative mixing technologies which will help them improveefficiencies and reduce costs.
It gives me great pleasure to talk about the year gone by. Our growth story remainsintact and we have further strengthened our competitive position and continue to remainthe preferred supplier for engineered equipment and systems to the chemical processindustry. I am delighted to report that many of Mission 2020' strategic initiativesare finally paying rich dividends and have helped us and will continue to help us growprofitably. I believe that improvement is a never-ending process and we will continue tooffer our customers new products innovative technologies faster delivery times andprompt after sales service. I am confident that we can continue our growth journey in thecoming year.
India is expected to remain the worlds fastest growing large economy in 2019-20 with aGDP growth rate of 7.3%. Lower oil prices softening interest rates and expectedstructural policy reforms will further strengthen our economy. The Indian economy remainswell placed to achieve robust growth on the back of a stable government favourablepolicies lower inflation rates and increasing government spending on infrastructure andthe rural sectors. However trade uncertainty global economic slowdown and volatilemarket conditions may pose a challenge.
The key industries that we serve Pharmaceutical (Pharma) Agrochemical (Agro) andSpeciality Chemical (Specialty) all continued to invest in new manufacturing facilities.Agro and Specialty showed significant increase in investment and accounted for nearly 59%of our total revenue. Pharma showed a slow down in capital spending due to FDA issues andpricing pressure in the US markets but still accounted for 30% of our total revenue.Looking forward we believe that investment in these sectors will continue and we expectboth Agro and Specialty to drive growth in the coming year. We have also seen significanttraction in new sectors such as Oil & Gas Petrochemical Fertilizers and Minerals& Metals and we expect promising opportunities in the coming months.
As I had mentioned earlier the initiatives undertaken over the last few years havecreated a strong foundation for growth that has helped us to seamlessly transition intothe penultimate year of our Mission 2020' Strategic Plan - AchievingExcellence'. Under the Achieving Excellence' initiative we have shown significantimprovement in both revenues and profitability; we reported a consolidated and standalonerevenue growth of 24% and 34% respectively and a consolidated and standalone profit beforetax growth of 21% and 40% respectively over the previous year.
This year was noteworthy in terms of major projects launched and completed. Wecontinued to create additional capacity for our Glass Lined and Heavy Engineeringbusinesses. 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 will hopefully become a newbenchmark for throughput. In another first our Heavy Engineering division manufacturedthe biggest equipment with a length of 41 meter diameter of 4.8 meter and a weight of 154MT column which puts us in a small and exclusive group of companies that can handle suchlarge sizes. We went live with a new cloud based ERP solution which will help us improveefficiencies decrease costs and streamline internal systems and processes. We have alsorecently launched an internal budgeting system which will help us build budgets from abottom up approach rather than a top down approach and will also help us monitor andreduce costs.
We believe that our employees are our most important asset with this in mind we haveundertaken several initiatives in the last few years. During the year we began campusrecruitment process to further strengthen our organization. We approached premier BusinessSchools and Technical Institutes and following a rigorous evaluation process selected 8Management Interns 3 Engineering Interns and employed 4 Management Trainees. While theinterns will go back to their academics after their internship period the ManagementTrainees will be inducted into the Management Acceleration Program an initiative thatwill help us build a young leadership pipeline.
Lastly I am pleased to announce the acquisition of Industrial Mixing SolutionsDivision from Sudarshan Chemical Industries Ltd. With this acquisition we will create abusiness vertical that will have a greater focus in the industrial mixing space and willprovide our customers with innovative mixing technologies which will help them improveefficiencies and reduce costs. We believe that this acquisition is a strategic fit andwill reinforce our strategy of growing profitably and creating long term value for ourshareholders.
Our relationship with our parent company - Pfaudler continues to remain strong. Ourclose and regular interaction with each other has helped both companies increase revenuemargins and market share and has also helped in strengthening our respective competitivepositions in both India and globally.
Our CSR's initiatives have also seen substantial progress we are grateful that we havebeen able to make a difference in the areas of healthcare education and environmentsustainability in the areas that we operate. We are thankful for all the hard work thatour CSR partners - Charutar Arogya Mandal JVP ITI and Reefwatch continue to put in day inand day out tirelessly working to improve and enrich the lives of the communities that weoperate in and also play an important part in their social and economic development.
Finally we have begun work on our next 5-year strategic plan which will be launchednext year and will take us to 2025. Over the coming months we will have both internal andexternal discussion to finalize this document which will align all employees to a commongoal and vision and will also chart out the direction that your company will take over thenext 5 years.
I would like to place on record my appreciation to the Board of Directors for ensuringeffective corporate governance and also thank them for their continued support andguidance. I would also like to acknowledge all our employees customers supplier partnersand shareholders for their support and faith in GMM Pfaudler. Thank you for being a partof our exciting journey.