We continue to enrich our brand proposition with robust research and developmentsupported by an equally powerful branding and marketing strategy to celebrate Indianconsumers' taste and preferences in particular.
India is the world's largest democracy the second most populous country and the thirdlargest economy. Our economy has some structural strengths that have enabled it to grow ata robust pace and be resilient to the global macroeconomic factors. India is home to alarge working population of young people whose disposable incomes are growing who areinternet and technology savvy as well as aspirational and ready to try out new products.An expanding middle class and rapid urbanisation along with rural income growth arefuelling the advancement in consumption.
These factors contribute to the huge opportunity that we at Radico Khaitan have beforeourselves. We are capitalising on it with our diverse brand portfolio and thrust onpremiumisation of our brands.
After a long period of stagnation the liquor industry in India returned to growthduring the last year which is reflected in the significant improvement across all of ourkey operating and financial metrics.
Our performance for the FY2019 was a testament to the hard work that went into buildingbrand Radico Khaitan. Driven by strong growth in the premium brands portfolio net revenueincreased by 15% leading to corresponding profitability enhancement. We generated strongfree cash flows and reduced net debt by over र250 Crore during the year. We continue tostrengthen our core brands through focused marketing initiatives and also launched selectnew brands in the premium category.
Driving sustainable and profitable growth to create long-term value for all ourstakeholders is our priority. Creating memorable experiences for our consumers throughenhancing our connect with innovative branding and fulfilling their expectations is coreto our growth strategy. We continue to enrich our brand proposition through robustresearch and development supported by an equally powerful branding and marketing strategyto celebrate Indian consumers' taste and preferences in particular.
Alongside business growth we are deeply committed to the social and economicdevelopment of the society. We work closely within our ecosystem to encourage sustainableand inclusive growth.
We partner with communities for enhancing livelihood promoting education and healthcare and ensuring environmental sustainability.
These are exciting times for Radico Khaitan as we embark upon our next phase of growth.Our senior management team is inspired by and focused on achieving our vision to becomethe most preferred IMFL brand in India with global standards while at the same time beingcommitted to environment sustainability and governance. We continue to develop andsuccessfully launch new brands expand our outreach and distribution network and furtherstrengthen our manufacturing platform. As we move ahead with our strategy we willcontinue to deliver consumer-focused results.
Chairman & Managing Director.