As I reflect on the year gone by 2021 was another difficult year whenthe second wave of COVID-19 in India caused unprecedented suffering that is hard tocomprehend as it devastated lives and livelihoods. As you all know the Government ofIndia and the State Governments however did respond to the crisis in a very commendablemanner in various ways. All these measures and the phased unlocking of the economy led toa sharp recovery in the later part of 2021. Fortunately the 3rd wave of Covid-19 wascomparatively much milder than the earlier variant and did not cause any notabledisruption.
In this backdrop I am delighted to note that your Company recorded aremarkable performance in 2021 as it delivered total revenues from operations of Rs.21120 million as compared to Rs. 14711 million in 2020. The Company's revenuesduring 2021 have recorded a growth of 44% over 2020 despite the divestment of the SouthRegion Divestment Business. While the Gases revenues grew by 38% from Rs.12001 million toRs.16611 million the revenues of the Project Engineering Division recorded a robustgrowth of about 66% which rose from Rs. 2710 million during 2020 to Rs.4509 million inthe year 2021. This reflects a strong REBOUND since the lows of 2020 during which theCompany demonstrated resilience of its character.
The growth in the Gases revenues during the year 2021 was mainly drivenby liquid and compressed medical oxygen during the 2nd quarter led by significant surge indemand during the 2nd wave of Covid-19. This demand started to taper off during thesubsequent 3rd and 4th quarters which was replaced by demand for industrial gasesincluding higher volumes of argon helium and special gases. On the other hand the growthin the Project Engineering business was driven by higher revenues from steel and refinerysectors which was more conspicuous on account of the lower base of the previous year. Youwill recall that the prolonged nationwide lockdown during the year 2020 had disruptedmost of the project sites resulting in deferment of revenues.
During the year under review your Company achieved pre exceptionalearnings before interest depreciation and amortisation (EBITDA) of Rs. 6013 million ascompared to Rs. 4075 million during 2020. This increase in the operating profit vis-a-vis2020 was mainly on account of higher volumes and pricing impact across revenues fromonsite healthcare packaged and special gases productivity savings from plant loadoptimization and operations as well as efficiencies achieved in the distribution ofproducts. The PED business also contributed to higher operating profits as a result ofsignificantly higher billings as compared to 2020. The operating profits were furtherboosted by reduction of fixed costs higher dividend income from the Joint Venture andinterest income. Profit before tax (PBT) before exceptional item amounted to Rs. 4168million which is significantly higher as compared to Rs.2252 million in the previousyear. Your Company's profit after tax for the year under review amounted to Rs. 5139million which includes exceptional profit of Rs. 2944 million from the sale of closedfactory land at Kolkata. The Directors Report deals with the performance in more detail.
Looking ahead I must add that while the subsequent potential waves ofCovid continue to pose some uncertainty the ongoing conflict between Russia and Ukrainethat started in February 2022 and other geo-political tensions in some geographiescontinues to impact economies across the globe. This conflict has resulted in sharpincrease in energy prices inflation and supply chain disruptions globally and India isnot an exception. The global economies and the humanity are hopeful of an early andpeaceful resolution of this conflict as it will ease the energy prices and supply chaindisruptions and usher peace.
Closer home with an improvement in the economic scenario in the lastfew quarters in India there has been an increase in investments across various sectors ofthe economy and new opportunities are emerging. Both public and private capital investmentin core sectors are expected to drive consistent all-round economic growth moreparticularly improving capacity utilization and investments in the manufacturing sector.Your Company has been pursuing several opportunities for profitable growth in the gasesand the project engineering businesses many of which are already in pipeline and coveredin more detail in this report. I am sure all these will help Linde India to sustain andbuild on the REBOUND in the year ahead.
With these thoughts I wish you well and thank you for reposing yourconfidence in Linde India.