On behalf of the Board I present to you SKF India's Annual Report that encapsulatesour performance and journey while also giving you a glimpse of our near-term strategies.Despite the year 2019-20 being marred by uncertainties and volatilities we continuedworking closely with our customers helping them mitigate all the ambiguities aroundtheir rotating equipment. During the year we launched new and timely business modelscreating more room for Digitalization' than ever before. We navigated through thechallenging situation with our prompt and decisive actions while constantly deliveringvalue for all our stakeholders.
This year's Annual Report theme SKF Stronger' captures our inherent strength andstrategic objectives that add to our agility. We believe growth is only powered by asound strategy in motion. Our SKF 2025' strategy revolves around six focus areas Digitalization New business models Innovation World-class manufacturingCleantech and Future workforce.
SKF considers sustainability as one of its key pillars of propositions. By reducingfriction and enabling reliable rotation our products help customers increase efficienciesand productivity. Through Rotating Equipment Performance (REP) and remanufacturing weassist our customers to transition towards a circular economy while also reducing thecarbon footprint from both SKF's factories and supply chain.
The year was further highlighted by our acquisition of RecondOil in alignment to ourstrategic objectives. It develops chemical filtration and rejuvenation processes forindustrial lubrication oil.
Amidst a difficult industry environment 2019-20 was another year of focused executionand operational responsiveness. Sales were recorded at `27959 million as compared to`29960 million in the previous year. Operating margins were recorded at 12.9% and profitafter tax stood at `2890 million witnessing a dip of 14% owing to muted economic andmanufacturing activity. However I am pleased to inform that the Board of Directorsrecommended a special dividend of 1300% per share on a face value of `10 for ourshareholders.
At SKF our people are at the center of all that we do. We believe this is the rightapproach to make a meaningful difference while acquiring the best talent for the Company.Our emphasis is largely towards developing new skills and competencies among ourworkforce. Furthermore we are also investing in digital solutions to help us evolve ourprocesses both in office and factory environments.
Health and safety of our employees is an utmost priority. During the pandemic dailyhealth surveys were conducted through an easy-to-access mobile app and the outcome ofthis survey was shared with the core team for taking necessary actions. Also allGovernmental guidelines and instructions were followed both in letter and in spirit.
Our determination to be a responsible business reflects in our energy-efficientproducts and sustainable processes. I am glad to state that over 28% of our energy usagecomes from green sources translating into a significantly reduced carbon footprint.Likewise we are steadily increasing the use of renewable energy sources across all ourfacilities to further reduce our environmental impact.
Corporate Social Responsibility
At SKF we believe that education employment and access to essential amenities arebasic human rights. We conduct effective programs focusing on all three facilities atMaharashtra Karnataka and Uttarakhand.
Our flagship YES program develops vocational skills of youth from underserved sectionsof the society. By providing training in automotive maintenance and servicing the programhelps them secure meaningful jobs. So far 2923 YES beneficiaries have been trained and80% of them are currently employed in the industry.
To help the Government fight the current pandemic the Company supplied PPE kits todoctors and medical staff. We also distributed ration and hygiene kits to laborers andmigrant workers. Additionally we conducted free vehicle disinfection camps for essentialservices personnel. All these initiatives were carried out across various locations in thecountry.