It's the start of another fiscal and with immense pleasure I share with you ourCompany's performance in FY 2019-20. In the last six months the world has witnessedunprecedented events adopted to a new normal and has improvised ways to ensure businesscontinuity. Amidst such volatility we have once again delivered on our promise -recording exceptional performances despite sluggish economic growth.
Global as well as domestic economic growth continued to be subdued in FY 2019-20 owingto varied macroeconomic uncertainties. To add fuel to fire the sudden outbreak of theCOVID-19 pandemic caused rampant disruptions across supply chains and manufacturingactivities bringing economic activity to a standstill. Countries were locked downcompletely businesses stopped indefinitely and the wheels of the economy started turningbackwards.
However your company remained resolute and were among the very few companies toshowcase strong growth in the last fiscal. We recorded revenues of RS 1134.5 crorerepresenting a year-on-year growth of 12.9% a major milestone in our journey. It not onlydisplayed our inherent strength to enable differentiated outcomes but also brought to thefore our zeal to prosper amidst challenges.
We recorded a healthy EBITDA of RS 192.6 crore registering a growth of 40.8%. Profitafter tax stood at RS 120.8 crore in FY 2019-20 in comparison to RS 80.4 crore in FY2018-19 indicating a 50.1% growth. Our robust performances enabled us to sharpen ourcompetitive edge enhanced our profitability and fuelled our appetite to achieve greaterheights of success.
Marksans' growth continued unabated in the last fiscal primarily due to its strongfoothold in diverse geographies. Positive performances from US Europe Australia and NewZealand contributed around 96% of the Company's total revenue.
Besides the formulation business in the UK registered a growth of 23.5% in FY 2019-20adding RS 510 crores to our revenue share. A strong product pipeline and successfullaunches every quarter helped us to consistently retain our dominance in this vertical.The US and North American business too reported growth of 6.1% with revenues of RS 436.4crore. Further revenue from Australia & New Zealand stood at RS 140.7 crore in FY2019-20 and RS 47.4 crore from the rest of the world.
We continued to strengthen our business strategically driving growth through majorcollaborations and acquisitions. Our global footprint in key markets continues to expandand at present Marksans markets products in over 50 countries with the UK and the USbeing our largest markets. Going forward we aim to further consolidate our position inregulated markets through integrated product development CGMP and regulatory compliancesand utilisation of latest technology to constantly innovate and improve our offerings.
OUR WAY FORWARD
Marksans is among a handful of Indian pharmaceutical companies to focus on exports andderives significant revenues from the world's largest pharma markets of US UK andAustralia. With our integrated portfolio of operations we remain perfectly poised to addvalue to the entire value chain ranging from research to manufacturing and distribution.
We have built a differentiated position in the crowded generics market by focusing onSoftgel capsules. Given the challenges in preparing Softgel formulations along with othereconomic technical and patent constraints that affect players in this segment we havecarved a niche in this segment to deliver growth year after year.
With an aim to further expand our global footprint we have filed Softgel products inall major markets including US UK Europe Canada Australia & Russia. The Americanmarket itself is valued at around US$ 9 billion. Wit Rs 6 new approvals on the way in USwe expect to improve our revenues significantly in the near future.
Our forward integrated business model is a key driver of success. To sustain growth wecontinue to invest in advanced technology to enhance and improve our manufacturing as wellas R&D functions delivering robust automation equipment integration manufacturingefficiencies and process consistency. We continue to eye opportunities in the pharmamarket and endeavour to offer unmatched products to deliver exceptional outcomes inunderserved areas. Our constant commitment to reinforce a strong product pipeline andgenerate sustainable revenues enthuses us to aspire for better prospects.
To insulate Marksans from competitive pressures and to accelerate our progress we relyon our robust R&D facilities. With constant investments in product development andpharmaceutical formulations our R&D team enables us to identify niche areas inregulated and emerging markets and collaborate with partners to develop drugs thatreinforce our presence in the therapeutic segment. In FY 2019-20 expenditure on R&Damounted to RS 8.3 crore and with our team of over 50 talented and experienced scientistswe continue to pursue specialisations for new drug delivery systems and otherformulations.
Our newly commissioned state-of- the-art R&D center at Navi Mumbai aims to cater tohitherto unmet therapeutic needs and enhance the Company's responsiveness to file moreANDAs. We constantly look for ways to develop products with minimum investments and lowintermediation expenses to further strengthen our market proposition. Your Company'sability to formulate and market a drug in the shortest possible lead time also offers acritical competitive advantage for us.
As we look forward to upcoming projects and await approvals we continue to anticipatepromising returns banking on our vigorous R&D efforts.
At Marksans we remain grateful to our shareholders for their constant trust and faithin our capabilities. I express my gratitude towards each and every stakeholder for yourcontinued support and constant motivation to scale new peaks of success year after year.Resting on our strategic interventions and consistent efforts to improvise novel ways ofdelivering exceptional performances we remain optimistic about a brighter future andbetter prospects.