Turnover of EUR 347.9 million was recorded in the past year. The gross margin of the organisation increased to EUR 62.3 million. Net profit before taxes amounts to EUR 13.5 million, the result after taxes amounts to EUR 9.3 million.
Together with our joint venture partner, we have provided Mahindra-HZPC with additional capital this year to finance growth. We have also invested in the modernisation of our Enterprise Resource Planning (ERP) infrastructure. These investments took place alongside our annual investments in ICT and R&D. Our invested capital at the end of the financial year 2018/2019 was EUR 35.8 million, an increase of EUR 2.3 million compared to the last accounting year.
Financing and the financing structure have not been affected by any changes this year. The business has only expanded the facility with the bank in order to finance the growing need for working capital. The organisation refinanced and expanded the credit facility to EUR 70 million in accounting year 2019/2020. The solvency of the business has risen from 40.2 percent in 2017/2018 to 41.4 percent in 2018/2019. The current ratio was 1.2 and the quick ratio also came out at 1.2.