IFFCO registers highest ever profit & production; turnover at Rs 57,700 cr
−− IFFCO is setting up a true Vocal for Local example for the country: MD
Jul. 16, 2020
The world’s largest fertilizer cooperative IFFCO has created history by posting the highest ever Production, Sales, Profit and Despatches of fertilisers for the financial year 2019-20. For the first time, IFFCO records the highest ever net profit after tax (PAT) at Rs 1,005 crore during the last fiscal year 2019-20.
Despite the difficult & random market and weather conditions, the fertilizer cooperative also posted the highest ever sales of fertilisers for 133 lakh tonnes. IFFCO’s group turnover in FY 19-20 stood at Rs. 57,778 Crores which was Rs. 50,908 in 2018-19, noted a press release by the IFFCO.
“I am glad that IFFCO could achieve outstanding overall performance for the FY 19-20, which is indeed incredible to accomplish in a year severely affected by global and economic challenges. IFFCO supports Prime Minister Narendra Modi ‘Vocal for Local’ campaign wholeheartedly”, MD Dr Awasthi said.
MD further said that 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 Hon’ble PM Shri Narendra Modi Ji of doubling the farmers income by 2022. I am sure that this will help us in expanding our sphere to new horizons at an accelerated pace in the coming years.
Besides, on the 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 total fertiliser production in 2019-20, Urea output was 48.75 lakh tonnes which was 45.62 lakh tonnes last year. The production of DAP/NPK/WSF was 42.87 lakh tonnes in 2019-20 which was 35.87 lakh tonnes in the previous year, press release claims.
It further reads, IFFCO sold the highest ever 133.31 lakh tonnes of fertilisers in the last fiscal year, as against 115.56 lakh tonnes in 2018-19. Out of total sales, Urea stood at 86.31 lakh tonnes and DAP/NPK at 47 lakh tonnes in 2019-20.
IFFCO MD who usually tweets on important developments related to the co-op titan later tweeted “IFFCO Records Highest Ever Production, Sales, Profit & Operations in FY 2019-20. IFFCO is setting up a true Vocal for Local example for the country. Cooperative’s Net Profit & Group Turnover also goes up. Achieved its lowest composite energy consumption”.
IFFCO also achieved its lowest composite energy consumption of 5.285 Gcal per MT which was 5.331 Gcal per MT in 2018-19.
IFFCO has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and two overseas.
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 have also forayed into Food Processing, Organics and small move into Nutrients for Urban Gardening also.
More from AgroNews
Subscribe to daily email alerts of AgroNews.