We are happy to report a solid performance in FY18 with 29% increase in total income.We have undertaken several strategic initiatives to drive improvement across operatingparameters and create a more efficient and sustainable business framework. Focusing ongrowth investments while rationalizing cost structures has resulted in net profit growthof 48% YoY.
Growth has been broad-based across key segments triggering the multiple demand driversthat underpin our multi-faceted business. After declining over two consecutive yearsremittances to India saw 9.5% growth in 2017 to a level of US$ 69 billion and the countryretaineditstop position as a recipient of remittances. The trend this year is once againlooking positive. In the inward remittances business we have over two decades longrelationship with Western Union Money Transfer (WU) and have emerged as WU's largestprincipal agent in terms of network size with more than 61000+ touchpoints. We have alsoempanelled with additional global principals - MoneyGram Ria Money Transfer ExpressMoney and Transfast. These arrangements have expanded our addressable market size reducedconcentration risk diversified revenue stream from nonGulf corridors and facilitatedbetter utilization of our nationwide distribution network.
On the forex front we have undertaken many initiatives to expand the addressablemarket on the back of expansion in outbound tourism across retail and corporate segmentsincreasing our presence to 18 airport counters (across Mumbai Hyderabad KochiChandigarh and Goa International Airports) and focusing on the increasing volume ofstudents going abroad to study. Travel Card is another growing category and the company islooking to increase their usage across various travel segments.
While we have expanded the ecosystem we and our principals are also seeing greatercompetitive pressures. Commensurate shifts in network incentive structures are beingimplemented and we are now focusing on harnessing our strong position to drive highervolumes and benefit from these incremental relationships overtime.
We haveundertaken a major re-engineering exercise to enhance the customer experience onsustainable basis. Our business model and operational processes including our network arebeing calibrated to market needs for technology driven solutions and improvements. We havecommissioned an in-house ERP Platform to cater for customers through all our verticals andproducts with increased data analytics for customer delight.
The Technology driven solutions and re-engineering of its business and processes wouldhave stress on current year's performances to achieve long term sustainable marketpenetration and market share improvements.
ForFY18 total income increased by 29% YoY to Rs 7700 crore net revenue was up 4% YoYto Rs 214 crore EBITDA was higher by 20% YoY to Rs 63 crore margins expanded 380 bps to29.6% and resultantly Profit AfterTax was up 48% to Rs 34 crore. We have maintained strongreturn ratios-with ROE and ROCEof21% and 29% respectively in FY18.
The Board has recommended dividend of 10% i.e. Rs 1 per share for FY18. Further theBoard has approved buy-back of equity shares. We see the implementation of these proposalssupporting long term shareholder value.
On behalf of the Board I would like to thank all our stakeholders includingshareholders investors bankers creditors and employees for their continued support. Iwould like to express my sincere gratitude to all the members of our Board for theircontinued insights and invaluable guidance as we explore new opportunities and move aheadwith confidence.