It is my privilege to present you the Annual Report of your Company for the FinancialYear ended March 312017. I am pleased to share that in the review period we have takenimpressive strides in our business to solidify our position as India's leading footwearcompany.
Even in the backdrop of a challenging market environment Mirza International Ltd.delivered yet another year of praiseworthy performance. Total revenue for MirzaInternational Ltd. stood at ' 936.56 crore in FY 201617 as against ' 928.72 crore in theprevious year. While the increase is marginal we believe that considering the continuedinstability in several European markets we have done remarkably well. Our prudentstrategy of increasing our focus on the domestic market has served us well. Profit beforeTax declined slightly from ' 115.82 crore in FY 201516 to ' 106.40 crore in FY 2016-17.
The enterprising character of Mirza International Ltd. is embodied in its home-grownbrand REDTAPE a market leader in its category. In the year gone by REDTAPE continued togain traction in India and overseas underpinned by its ability to deliver on the highexpectations of its customers. Furthermore its fast-growing sales in the UK & US amarket which is the hub for all major brands demonstrates that REDTAPE is well-entrenchedas a leading leather footwear brand. We will continue to expand our distribution networkto grow our market share. Underlining REDTAPE's success overseas revenue from REDTAPEincreased by over 35% on a year-on-year basis.
In the domestic market REDTAPE has been surging ahead by growing at a brisk pace.Revenue for REDTAPE from Indian operations grew by 28% in FY 2016-17 on a year-on- yearbasis to clock ' 224.25 crore. As India moves confidently ahead it is important toacknowledge that Indian consumers have become world-class consumers. Products that theyseek are those that offer an amalgamation of quality and style at the right price points.The aspirational spirit of young India makes us confident in the continued success ofREDTAPE. Through opening new stores and by leveraging the online platform for deeperpenetration we are optimistic that we will be able to drive robust revenue growth goingforward.
Our customers are at the core of everything we do. We are always looking at new ways tomeet their preferences while bringing in value that they will appreciate. FY 2016-17 was aseminal year in reaching out to our customers as we launched two new sub-brands ofREDTAPE: Bond Street and REDTAPE Athleisure Sports range based on our years of experienceas well as insight.
Bond Street provides affordable polyurethrane (PU) shoes to address the growing demandfor value-fashion footwear in Tier 2 & 3 cities. By offering excellent quality ataffordable price points we aim to meet the expectations of the mass segment.
Under REDTAPE Athleisure Sports range we are providing high-quality athletic footwearwhich is priced at far lower price points than existing leading international brands. Withthe young population becoming increasingly conscious of health and fitness and embracingcasual wear as part of their lifestyle the market for sports footwear has been growing ata fast pace. Our sports shoes provide customers with an unmatched value-propositionwhich we believe will help us to tap this market opportunity effectively.
Along with being India's leading leather footwear company and the largest supplier toglobal footwear brands comes the responsibility and opportunity to set benchmarks for theindustry. Manufacturing products and sourcing raw materials responsibly and ethically;reducing the environmental impact of our business and improving the quality of life oflocal communities where we operate are an integral part of our business. In this regardwe are pleased to share that our Tannery has been awarded the Gold rating by LWG (LeatherWorking Group) audit a group working towards developing environmental Stewardshipprotocol specifically for the Leather manufacturing Industry.
The world has already started noticing the high growth of India; what is even moreimportant is that for India this growth is only set to climb higher. In addition by FY2020 India will become the world's youngest country with 64 percent of its population inthe working age group. The divide between big city and small city is thinning rapidly andTier 2 & 3 cities are now the future growth engines. Accordingly shopping pattern ofIndia is expected to witness a growing shift towards aspirational and branded products.Further the implementation of the GST will boost the business of organized playersespecially in the low price segment. Your Company is well-poised to capture the wideopportunities that the domestic market offers by catering to customers across the pyramidand shoe segments besides leveraging its strong global footprint to drive overseas sales.Our future is indeed bright.
On behalf of the Board I would like to appreciate the faith reposed in us by ourshareholders bankers and government authorities. I would also like to express mygratitude to our customers for the patronage they have shown for our products. We aim toearn your continued trust every day. And finally a sincere thank you to our employees forthe dedication that they have demonstrated throughout another successful year.
As we move ahead you can be assured that we shall work diligently to take this Companyto greater heights.