NEW DELHI, 19 July 2020: World’s largest fertilizer cooperative IFFCO has recorded highest ever net profit after tax (PAT) at INR 1005 crore for 2019-20 financial year ended 31 March 2020.
During the same fiscal year, the company also recorded a increase in turnover at INR 57,778 crore, as compared to INR 50,908 crore.
Despite the difficult & random market and weather conditions, the fertilizer cooperative also posted the highest ever sales of fertilisers at 133.31 lakh tones during 2019-20, 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.
Speaking on this, IFFCO managing director Dr Awasthi said, “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, the company said in a statement.
Apart from its core fertiliser business, IFFCO has also diversified into General Insurance, Rural Retail, Farm Forestry, Rural Telecom, Agrochemicals, Rural Finance, Logistics, SEZ. It also forayed into Food Processing, Organics and small move into Nutrients for Urban Gardening also.
IFFCO has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and two overseas.
