On behalf of the Board of Directors it gives me great pleasure insharing with you an update on the overall performance of your Company in FY 2018-19.
IRsm pleased to report that the slump that was witnessed in domesticmarkets in FY 2018 primarily due to the implementation/adoption of GST especially insecondary sales channels was overturned to a large degree in the FY concluded March Rs19.There was strong resurgence in domestic activity across all industries on account of theincreased fiscal spending on infrastructure projects by the Government coupled withimproved consumption patterns. As a result we were able to record an uplift of over 20%in o ur dom estic sales over last year.
Being one of the largest exporters of rubber V-belts from India we areconstantly looking at ways and means to enhance our global footprint and be a shiningexample of the 'Make in India' movement. Despite a general slowdown in theglobal economyyour Company was able to achieve a ~10% growth in its Export revenue due to the expansionof our sales network in certain European and Asian economies.
On account of the aforesaid we finished the year at a record hightop-line of297 cr and an extremely healthy EBITDA margin of 21% and PBT of 13%. Theimprovement in our PBT numbers can be attributed to a 20% reduction in our finance costsowing to prudent financial management strategies which will hold us in good stead throughvolatility in financial markets. A further testament to our improving financial s was theone-notch upgrade of our credit rating to A minus by CARE Ratings in January.
In our constant endeavor to be amongst the most reputed globalmanufacturers in our industry we recently commissioned a state-of-the-art extrusion andcalendaring line that will further enhance the quality and consistency of our product notto mention the efficiencies that will arise through the centralization of certain keymanufacturing processes.
As we look to FY 2019-2020 the U.S. - China trade tensions aneconomic slowdown in China and Brexit will continue to impact overall global growthsentiment; however with growth being projected of 7.3% in CY2019 & 2020 in thedomestic market we remain confident that the Indian economy will continue tobe a keygrowth figure for the world economy.
Finally I would like to thank all stakeholders for their unwaveringsupport and encouragement that has propelled us to scale new heights. We remain committedto bettering ourselves every day and deliver value to our shareholders and society atlarge.
Chairman & Managing Director