It gives me immense pleasure to share with you our performance for the year andperspectives on the way forward. This year marks 150 years of Tata Group's service tosociety. Tata Chemicals has made a significant contribution to the group's agenda. Nextyear we will celebrate 80 years of Tata Chemicals and 90 years of the founding of theenterprise as Okha Salt Works. Throughout the time our Company has constantly evolved tostay relevant to meet the needs of customers and deliver value to all its stakeholders.
Overall Business Performance
Our business is robust. Performance was upwards and on expected lines across allgeographies including India Kenya the UK and the USA. In India we launched Medikarb apharmaceutical grade sodium bicarbonate and there were pilot launches of khichdi mix anutrimixes range and our organic pulses range. Distribution of new products is throughmodern retail stores which is improving the focus and brand equity of Sampann.
With a strong focus on productivity improvement the Company achieved profits in linewith expectations. During the year revenue from continuing operations was Rs. 10345crore down from Rs. 10681 crore in the previous year. This small reduction wasconsequent to a management decision to reconfigure the supply chain in our ConsumerProducts Business. Net profit was up by Rs. 439 crore at Rs. 1560 crore. Adjusting forone off events the net profit from continuing operations was up by Rs. 123 crore.
Cash flow from operations continues to be strong. On a standalone basis there was areduction of borrowings by Rs. 1003 crore and we showed a healthy cash position of Rs.3753 crore resulting from the divestment of our urea business.
Going Forward Our Strategy
The Company today is engaged in an energising transformation agenda built on the threepillars of Innovation Sustainability and Digitisation. Our future growth catalysts aregoing to be specialty chemicals and consumer products.
For the Specialty Business the past year marked the first milestone of ourtransformation. We seeded two new investments totaling Rs. 565 crore. We began work on ournutritional solutions plant in Nellore Andhra Pradesh and signed the business transferagreement for our acquisition of the precipitated silica business of Allied Silica fromwhich we will build the Highly Dispersible Silica Business out of Cuddalore Tamil Nadu.Both these businesses were spawned in our Innovation Centre in Pune and are first in apipeline of businesses being seeded by the Company with a focus on innovation andapplications of new technologies. Our two subsidiaries Rallis and Metahelix which housethe specialty businesses Agrochemicals and seeds respectively are also making excellentstrides in terms of new products and innovation in farms.
Our Consumer Products Business is following a strategy to expand range and reach. Weexpanded our range from Tata Salt to pulses including organic pulses nutri-mixes andkhichdi. We have a strong pipeline of value added products to be launched from time totime. In addition we have invested resources to build a resilient digitised sales anddistribution engine to drive greater reach and engagement. Our direct reach continues toimprove and all our brands improved their brand equity position in the past year.
Simplify Synergise and Scale
Our exit from the fertiliser sector has simplified the portfolio of the Company andthere are now strong synergies between all our businesses underpinned by a foundation ofscience. The focus now is to scale our specialty and food consumer businesses while weretain scale in our basic chemicals business. The balance sheet strength of the Companynow enables it to drive scale in both the specialty and consumer portfolio.
Focus on Innovation Digital and Sustainability
Our investments in laboratories in Pune and Bengaluru are the backbone of buildingknowledge driven businesses with strong foundations in future technologies. Many of theproduct lines being pursued at these facilities are in line with a growing emphasis onsustainable solutions. Digital technology is now at the centre of every aspect of theCompany's operations. We are embracing the opportunities of the fourth industrialrevolution through Manufacturing 4.0 and Sales & Distribution 4.0. These are centralpillars to our ways of working. Our efforts toward managing the concerns of climate changeand energy use are driven through a focus on responsible manufacturing to deliver ZeroHarm to people assets and environment across the value chain in current and futurebusinesses. These efforts will gather momentum in the current year and beyond.
I would like to thank all the shareholders of the Company for their continued support.We remain focused on building a sustainable long-term future for the Company for all itsstakeholders while upholding the Tata Values and Group Purpose. Engaged employees are ourstrength and they bring passion and energy in all our efforts. We now rededicate ourselvesto the journey ahead as we celebrate 150 years of the Tata Group.
I assure you it will be a fruitful and fulfilling journey together.
Managing Director & CEO