Fertiliser co-operative IFFCO has posted 10 per cent decline in its net profit at Rs 841.58 crore during the last fiscal year despite rise in income. Its net profit stood at Rs 937.17 crore in the 2017-18 financial year.
Turnover of the co-operative rose by 34 per cent to Rs 27,851.74 crore during 2018-19, from Rs 20,787.55 crore in the previous year.
On operational front, IFFCO’s total production of fertilisers increased to 81.49 lakh tonnes last fiscal year, from 78.71 lakh tonnes in the previous year, according to data available on the company’s website.
Out of total fertilisers production in 2018-19, urea output was 45.62 lakh tonnes and DAP (di-ammonium phosphates) was 14.19 lakh tonnes.
IFFCO sold 115.56 lakh tonnes of fertilisers last fiscal year, as against 103.03 lakh tonnes in 2017-18. Out of total sales, urea stood at 74.20 lakh tonnes and DAP at 21.19 lakh tonnes.
The co-operative had achieve its best operational performance in 2015-16 fiscal, with production at 86.52 lakh tonnes and sales at 130.24 lakh tonnes.
In financial performance, the company’s highest turnover was in 2008-09 fiscal at Rs 32,933 crore.
IFFCO, the worlds largest fertiliser cooperative, has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and three overseas.
Apart from its core fertiliser business, IFFCO is engaged in general insurance to rural telecom and rural retail businesses. It also has stake in commodity exchange NCDEX and Indian Potash Ltd.
The company has recently entered into organic food and food processing sectors.
Source: Economic Times