Our absolute and prioritised focus is to continue supplying essential products to ourconsumers and taking exemplary care of our people.
Though our first Annual Report for the year 2020-21 as a listed Company is set againstthe backdrop of the biggest humanitarian and economic challenge the world has faced ingenerations when looking at MBFSL's journey I am certain the year will be remembered forour strength as a team and how we conscientiously dutifully and meticulously faced andovercame all the various complexities that came our way.
We weathered the challenges while taking care of our people on the ground extendingour insurance health program to cover all employees ramping up vaccination across ourfactories acting in solidarity and ensuring dependable food supply in the markets weserve.
So while the year will be recalled as one when the pandemic pushed us against the wallit will also reflect our grit tenacity and persistence to continue on our journey ofvalue creation the biggest manifestation of which was our historic stock market listingin December 2020. Harnessing the initiatives and learnings of the past we have trulycreated a more solid foundation for our future.
Achieving sound performance for the year
Our performance can be ascribed to the agility of our organisation the versatility andquality of our integrated (business model and a solid brand platform that we have beenable to create for our biscuit and bakery products. We have a solid footing in the premiumand mid-premium biscuits category in North India we have a growing pan-India omni-channelretail footprint in this segment we are amongst the largest biscuits exporters out ofIndia with an approx. 12% market share and we have a robust retail and institutionalbakery business that caters to most gateway cities of India as well as large internationalQSR companies cloud kitchens etc. Further our thriving contract manufacturing businesswith Mondelez ensures optimal asset utilisation while also enabling revenuediversification. Thus our business is well-spread across product segments geographiesand sales which provided strong insulation against the challenges of the pandemic.
The quality of our brands and our ability to move more products into the modern retailsector meant that we achieved strong business performance in 2020-21. We recorded 16%growth in revenues and a robust 52% and 138% growth in EBITDA and PAT respectively forthe year. This was a factor of both increased product volumes as well as strategic pricerealisation enhancements. Granular performance description has been provided in thesection on business segment review.
Our people capital
Our specialist human resources demonstrating passion commitment and dedication to workenable us to meet our goals and objectives and thus they are central to stakeholder valuecreation.
As a means to ensure continued safety and welfare we created awareness onCovid-appropriate behaviour and mandated the use of personal protective equipment.Delivering essential products to our consumers meant that our workforce remained engagedin productive employment even as we embraced several measures to ensure safety and peace-of-mind including health insurance. We also provided financial support for any healthcare-related emergencies and have also supported free vaccination across ourestablishments.
Our diverse workforce profile reflects the diversity of the markets we serve. We arecommitted to remain on our journey of unlocking people potential and meeting theiraspirations and expectations out of us.
Investing for the future
India's long-term consumption story remains intact given demographics per capitaincome penetration levels and shift to the organised sector. It is expected thatpreference for trusted brands will grow exponentially which is a major growth factor forus. An uptick in GDP growth especially reflected in the economic resilience tobounce-back from the pandemic will likely percolate to consumer demand and acceleratepenetration growth premiumisation and shift to branded products in key consumercategories.
Looking at the long-term prospects of our business it was important for us to continuewith our investment plans to ensure that we protect and grow our market share while alsocreate enhanced value for our stakeholders. Thus the Company focused on starting itscookies line at the Rajpura Punjab factory in the first quarter with a capacity of 300MT per month. Furthermore we are also expanding a bakery line and bread line at ourGreater Noida Uttar Pradesh facility which is due to start commercial operations in thethird quarter of the current financial year. Moreover as articulated in our initialpublic offering (IPO) objectives capital raised of H 40.54 cr will be utilised for abiscuit line at Rajpura and commercial production of the same should start from the firstquarter of the next financial year.
A heartfelt thanks
I extend a heartfelt thanks to all our shareholders and investors who believed in ourstory and ensured that our IPO was a resounding success.
We are aware of our role and responsibilities and consequently we are sure of our pathtoo. I am especially grateful for the continued support of our Board of Directors and Iam grateful to all of our employees distribution partners suppliers consumers andregulatory authorities.
Thank you for becoming a part of our journey as we transform and target a bigger shareof the Indian and global market in our chosen segments.