We stand at the cusp of dynamic transformation of India's infrastructure; against thisbackdrop we successfully leveraged our robust foundation to deliver improved resultsacross our business segments. It is my privilege and pleasure to take you through thisperformance as well as the other highlights of the year and the way forward as I presentthe 25th Annual Report of your company.
RMC Switchgears Limited ("RMC") today is one of the largest electricalenclosure manufacturing company in India. Having entered the market in the late 90s on thestrength of its indigenously designed electrical enclosures it has over a decade'sexperience in design manufacturing and supply of various power distribution equipment'sto Indian utilities. Since then a strong emphasis on design and testing coupled with theability to meet utilities' express and implied needs has resulted in the development ofproducts that are accurate easy to operate and more importantly reliable on the Indiandistribution network. RMC's LV Power Distribution solutions have found wide acceptance inIndia from all major EPC contractors like KEI Industries Limited NCC Limited CapitalElectec etc. private utilities like TATA Power and BSES & all states electricityboards. The team work was the key to get approval from all over India and We becamelargest manufacturer in electrical enclosures.
RMC believe that all of our clients deserve highest level of service and we areproviding just that. By keeping a pulse on the upcoming trends we have gained acompetitive edge that has made us the successful company we are today.
Under the leadership of our Honourable Prime Minister Shri Narendra Modi and thevarious initiatives undertaken by the government such as PMs slogan "Har GharBijali" by 2022. India is poised for rapid growth and development. India today isnot only determined to occupy its rightful place in the global arena but is also expectedto be a key engine of global growth.
At RMC we are immensely pleased to witness the launch of the transformationalprogrammes. We are also happy to directly participate in this nation-building efforts ofNew India specifically through the 24x7 Power for All' project and the SmartCities project. Power for All' a joint initiative between the Central andState government to provide 24x7 power supply across the country by 2019 - promises toenergise India.
Our biggest achievement for the year was the impressive growth in our business.Successful bids for the right contracts and its efficient execution resulted in ourbusiness growing on 20% year-on-basis. More importantly as on May 31 2019 we have arobust order book of 60 crore providing strong revenue visibility over the coming year.Gaining momentum across all our business verticals in the second half of the fiscal weachieved steady growth in overall revenues. Total revenues for the year (net of excise)stood at 131 crore as against 83 crore in the previous year an increase of 58%. TheFinancial Year 2018-19 proved to be one of the best year for our Company with the doubledgrowth and we hit the right milestones with an increase of 50% in PAT. RMC was able toincrease the order flow due to meeting the customer demands timely. The year under reportwas one of considerable success.
In closing I would like to acknowledge the efforts and commitment shown by our people.Their collective experience and expertise keep us on top of our game. I am also thankfulto our stakeholders including Central and State government bodies customers bankersinvestors creditors and dealers for reposing their trust in our vision and strategies.RMC remains committed to a future of continuous growth. Thank you for joining us on thejourney; we aim to make it a rewarding one.
Ashok Kumar Agarwal
Chairman & Managing Director