Despite the availability vaccine at the beginning of the yearchallenges remained on multiple macroeconomic factors. Impediments to the global supplychain owing to the worsening geopolitical tension in last quarter of the fiscal havefurther resulted in commodity and oil prices to rapidly increase pushing parts of theworld into a state of economic turmoil.
Withstanding the mounting pricing and demand pressures your companymaintained moderate growth in revenue with increased penetration in the European UnionNorth American and Australian markets. Although we experienced cost pressure across majoroperations we were able to sustain our bottom-line through improved product mix reducedcosts and lower tax outflow. The substantial increase in input costs such as freightpackaging and raw materials were unavoidable. Since significant portion of our rawmaterials are sourced from China lockdowns in major industrial cities created furthersupply chain bottlenecks in the last quarter.
The impacts of the volatility in costs and logistics on profitabilityand margins were mitigated by strategic long-term contracts in place. Implementation ofdigital initiatives have also helped optimise costs and strengthen profitability.
Apart from these cost-benefit activities expansion of our offeringswith new products in the US and in the UK also fuelled our performance. Our research anddevelopment team continues to work on new products for regulated markets. The new productgrowth is well supported by our investments in scaling up manufacturing and distributioncapacities. While the development of our factory in Goa which includes additionalmanufacturing lines is on schedule our existing capacities and forward integratedbusiness model continue to accelerate our long-term value creation goals.
In line with the overarching operational performance we delivered asteady financial performance during the year. Operating revenue stood at Rs. 14908million with a growth of 8.3% as compared to Rs. 13762 million in FY2021. EBITDA stood atRs. 2589 million as compared to Rs. 3396 million in FY 2021 with EBITDA margins at17.4% during the year compared to 24.7% in FY2021. The direct impact of rising inputcosts was visible on PAT that stood at Rs. 1868 million for the year in line largelywith the previous year.
The health and welfare of our people remain the topmost priority forus. We consistently deploy skill enhancement and competency building programmes for ourteam while also focusing on employee engagement through the development ofcross-functional engagement programs.
Going forward I would like to reaffirm that we remain committed toachieving our Rs. 2000 Crores milestone in the near future along with improvedprofitability. As inflationary pressures and supply chain disruptions are expected toease our margins are estimated to bounce back supported by our already existing costoptimisation tools. Understanding that significant portion of our business's revenuescomes from regulated markets we plan to further penetrate these markets with a definedstrategic roadmap. To that end we will continue to add four to six new products on anaverage every year in the United Kingdom and the US. In view of expanding businessoperations to global markets we have adequate reserves to acquire manufacturing assets inIndia as well as marketing licenses in Europe and the USA.
Apart from operational expansion we plan to develop backwardintegration model looking to set up API manufacturing model for captive consumptionthereby building a presence across the entire value chain. Furthermore we will continueto invest in capacity building and R&D in order to fulfil our growth aspirations.
At this juncture I am reminded of the resilience exhibited by our teamand the unwavering support of our stakeholders. I take this opportunity to appreciate allmy colleagues and team members for their continuous effort and diligence in providingvalue to our stakeholders and contributing to the growth of the company. We look forwardto an exciting journey forward.
Chairman Marksans Pharma Ltd