IFFCO has recorded net profit of ₹1,005 crore in FY20 as against ₹842 crore during FY 2018-19
Fertiliser cooperative Indian Farmers’ Fertiliser Cooperative (IFFCO) has announced all-time high production, sales, profit and despatches of fertilisers during FY 2019-20.
According to a statement, the fertiliser manufacturer recorded net profit of ₹1,005 crore during the period under review as against ₹842 crore during FY 2018-19. Its turnover touched ₹29,412 crore as against ₹27,852 crore. Apart from its core fertiliser business, IFFCO has also diversified into General Insurance, Rural Retail, Farm Forestry, Rural Telecom, Agrochemicals, Rural Finance, Logistics, SEZ. IFFCO has also forayed into Food Processing, Organics and small move into Nutrients for Urban Gardening also. Taking all these businesses, IFFCO’s group turnover in FY 2019-20 stood at ₹57,778 crores which was ₹50,908 in 2018-19.
US Awasthi, Managing Director, IFFCO, said that latest numbers are incredible to accomplish in a year severely affected by global and economic challenges. “I am sure that our decision to implement multi-faceted initiatives to augment Farmers’ Welfare and take them to the last mile across the country will contribute effectively to the Nation Building process and will certainly help to fulfil the vision of PM Narendra Modi Ji of doubling the farmers’ income by 2022,” he said.
On operational front, IFFCO’s total production of fertilisers increased to 91.42 lakh tonnes last fiscal year, from 81.49 lakh tonnes in the previous year. Out of the total fertiliser production in 2019-20, urea output was 48.75 lakh tonnes (45.62 lakh tonnes). The production of other fertilisers (DAP/NPK/WSF) was 42.87 lakh tonnes in 2019-20 which was 35.87 lakh tonnes in the previous year.
IFFCO sold highest ever 133.31 lakh tonnes of fertilisers in last fiscal year (115.56 lakh tonnes). Out of total sales, urea stood at 86.31 lakh tonnes and DAP/NPK at 47 lakh tonnes in 2019-20. IFFCO also achieved its lowest composite energy consumption of 5.285 Gcal per MT (million tonne) which was 5.331 Gcal in 2018-19. IFFCO, has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and two overseas.
