The fiscal 2018-19 was driven by investments made in key areas to emerge as anorganization that is forward thinking adapting to dynamic sectoral changes and deliveringto market demands. During the year the global economy growth was hit on the back ofescalating financial market pressure and trade tensions between two of the largesteconomies in the world. Emerging economies were also hit by financial shockwaves butrecovered quickly declaring themselves decoupled from the advanced world issues. On theother hand India registered a GDP growth rate of 6.8% continuing to remain the fastestgrowing major economy in the world. The economy showed growth prospects benefiting fromlower oil prices a slower pace of monetary tightening than expected and ease ininflationary pressure.
Amidst these circumstances our core business philosophy and strong business model hasstrengthened our commitment to deliver despite multiple headwinds. The recently concludedgeneral elections in the country with a stable government at the centre also augurs wellfor driving the economic growth in the coming years. The Budget 2019-20 also has raisedthe bar in terms of investments across multiple sectors to achieve the target of $5trillion economy by 2024.
The textile industry plays a vital role in the Indian economy contributing ~4% tocountry's GDP and employing more than 45 million people. The sector has furtherstrengthened its position by contributing around 13% to export earnings during FY 2019.However transition of the sectoral trade into online marketplace and the subsequentreorganisation
During the year the growth of industry was majorly driven by the denim segment whichhas always reigned as one of the leading segments in the world fashion industry.
Among the traditional retailers ted to inventory destocking. The impact was thenaccentuated by the reduction in the duty drawback rates for various textile productcategories under the goods and service tax. There has been a healthy recovery in exportvolumes coupled with revision of duty drawback. This revision is likely to help exportersclaim more incentives and strengthen their competitive edge in the global market.
During the year the growth of industry was majorly driven by the denim segment whichhas always reigned as one of the leading segments in the world fashion industry. The bluedenim has been a wardrobe staple and a fashion essential for decades because of comfortlonger lifespan as well as availability of variety of colours and styles that suitscustomer needs. However the industry witnessed muted growth on account of volatility ofkey raw materials and oversupply in the market leading to significant drop in the pricelevels.
Our focus on exceeding our customer's expectation with new and improved productsenabled us to deliver sustained results against challenging market conditions. During theyear under review our revenue from operations stood at र 1456 crore as compared to र1586 crore in the previous year.
While our EBITDA and PAT stood at र 150 crore and र 21.8 crore in FY 2018-19respectively. On opertational front our denim capacity utilisation was at par with theindustry at 63% and realisation was र 123 per meter. While our shirting capacityutilisation stood at 75.80% with a realisation of र 117 per metres. The fact thatindustry growth remain tepid and others suffered we sustained our results with anapplaudable financial and operational performance.
Beyond the facts and figures our team forms an integral part of our business. Weinvest towards building a work environment that fosters an entrepreneurial spiritunwavering commitment and a determination to drive the Company ahead.
As we look forward to FY2020 challenges remain in context of industry revival andsustaining economic growth. Our recent investment towards capacity building and R&D todevelop new products positions us to capitalise on increasing demands as the industryrebounds. To satisfy the growing demand of our products and continuously improve ouroperations we have been continuously investing towards modernising our machineries.
As we drive our business forward we plan to leverage our healthy balance sheet to makesound investment decisions. Our strategic priorities will continue to serve as ourguidelines for growth and I look forward to Nandan seizing the significant opportunitiesin the coming time. Lastly I would like to thank our Shareholders investors and otherstakeholders for your continued confidence in the company and look forward to anotherexciting year ahead.