We are india's largest offshore oilfield services facilitator operating multi-supportvessels that undertakes a variety of light subsea construction and maintenance. We alsoown three bulk carriers that are deployed on a fixed charter basis to transport variousdry bulk materials including commodities and industrial products
Fiscal 2020 is the year where the entire globe underwent broad-based economic slowdownand witnessed unprecedented challenges posed by the covid-19 pandemic. We exhibitedremarkable business resilience as demonstrated in our topline and bottom-line growth. Ourrevenue grew by 20% and stood at rs. 3956.3 mn in fy 2019-20. During the year weachieved higher vessel deployment levels and superior charter hire rates thanks to ourunblemished record as well as prudent commercial skill. We clocked higher topline andbottom-line. Our superior project execution capabilities in execution of barge baseddiving as well as lumpsum contract has contributed significantly to the topline as well asbottom-line. Higher revenue control over operating costs and low-interest burden due todebt-free status resulted in superior profitability. Our vessel deployment during the yearstood at satisfactory 85% and was split between long-term and short-term spot contractswhose contribution stood at 79% and 21% respectively. We were successful in convertingchallenges into chances and transformed obstacles into opportunities.
Growing amidst covid-19 challenges the outbreak of novel coronavirus (covid-19)towards the end of fy 2019-20 caused stringent preventive lockdowns that restrictedmovement of goods and people disrupted manufacturing and trade activities and posedsevere logistical constraints. Thankfully our business operations and financialperformance for fy 2019-20 remained materially unhampered. This was on account ofexcellent traction in our oilfield services and bulk carrier operations.
However given the uncertainty around the pandemic's impact on the global economicactivity we have undertaken pre-emptive measures to ensure the smooth running of ourbusiness operations. Additionally we have taken precautionary measures to protect thehealth and safety of our employees and have seamlessly transitioned to work-from-home.Even as we face challenges around logistical coordination sourcing of critical spareparts and continued manpower engagement we are confident of maintaining our growthtrajectory. Our confidence is backed by our operational expertise financial strengthdedicated workforce and favourable industry dynamics.
Our business operations
We are india's largest offshore oilfield services facilitator operating multi-supportvessels that render a variety of light subsea construction and maintenance operations. Wealso own three bulk carriers that are deployed on a fixed charter basis to transportvarious dry bulk materials including commodities and industrial products.
Securing contracts by leveraging our competitive strengths
We continue to secure long-term contracts from our marquee clients backed by ouradvanced fleet vast commercial and operational experience safety compliance financialstrength and technical competence of our dedicated human resources. Our ability to modifyour vessels as per the contract requirements gives us a remarkable competitive edge. Ourexecution capabilities supported by our robust in-house marine management systems (mms)helps us maintain superior customer satisfaction levels.
Long-term contracts providing revenue visibility
With majority of our assets deployed for oil and natural gas limited (ongc) on along-term contract basis we enjoy steady revenue visibility.
Capitalising on spot market opportunities
While our long-term contracts provide us with superior revenue visibility we endeavourto deploy other assets opportunistically in spot market spanning from november to may inindia. We keep a close watch on deployment potentiality in international markets. Our soleaim is to explore the best opportunity to utilise the assets to contribute both in termsof revenue and profitability.
Strengthening our business through lateral diversification
In order to ensure sustainability we diversified into bulk carrier business in year2017. Currently we own three bulk carriers that cumulatively contributed 10% to the totalconsolidated revenues in fy 2019-20. Seamec gallant is operated under seamec limited whilems good hope and marine fortune are managed by our wholly owned subsidiary seamecinternational fze. Our vessels cover all tonnage capacities which provide us with theoperating flexibility to cater to varying bulk carrier demands.
Despite subdued business conditions the long-term growth outlook for both the segmentswe operate in remain structurally positive. Demand for offshore oilfield services areresilient since they are critical to maintaining operations. As a progressive player weare exploring the other avenues in offshore and onshore stream to improve sustainability.
On the bulk carrier front the business is on an upward trajectory. Our focus is toincrease our operations in international markets through our wholly-owned subsidiary.
We keep tabs on market requirements business environment and global trends andaccordingly plan asset acquisition and replacement.
We invest in our business operations nurture and strengthen our human resourcecapacities and maintain and upgrade our vessel capabilities to capitalise on growthopportunities. We achieve sustainable growth through optimum utilisation of our vesselsand exploring synergistic business opportunities.
We act as a responsible corporate citizen' and contribute to csr activities asper regulatory requirements.
I thank all our key stakeholders for their continued support and faith in us. I wouldalso like to thank all our employees for their dedicated efforts throughout these testingtimes. We are confident of achieving our growth objectives while ensuring sustainabilityand inclusive growth of all our stakeholders.