Appraisal Rating Demotived, Was Expecting Promotion

Hi,
I'm working as Team Leader in IT company. This year appraisal I was expecting promotion, but in 1-on-1, my PM told me that since the area you are working didn't have visibility to higher management and is also not so much revenue generating, hence promotion is not possible. For the complete year all of my projects were in GREEN zone, also from process point of view I was star performer, but still nothing went well after appraisal. I got promoted in 2nd yr of joining the company, 3rd i got 5 out of 5 rating, 4th year got onsite but this year only just 3 rating out of 5 just because of above reasons. I felt very bad and got highly demotivated. Just wanted to know why didn't higher management not consider my promotion.
Regards,
Reet..

Reet,
On individual performance appraisal feedback and assessment, you will see that many people viewing your post, while will not be able to comment, since its its related to individual performance and a company policy about which, we do not know.
Don't be dissapointed if you do not get a reply from folks who view this.
Regards