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IFFCO FY'20 profit at record Rs 1,005 crore; turnover up 6% at Rs 29,412 crore

Date: 16-07-2020
Subject: IFFCO FY'20 profit at record Rs 1,005 crore; turnover up 6% at Rs 29,412 crore
Fertiliser cooperative IFFCO's net profit rose 20 per cent to an all-time high of Rs 1,005 crore during the last fiscal year on record sales of soil nutrients. Its profit stood at Rs 841.58 crore during the 2018-19 financial year.

IFFCO's turnover increased to Rs 29,412 crore in the 2019-20 fiscal, from Rs 27,851.74 crore in the previous year.

The group turnover of IFFCO, including its joint ventures, subsidiaries and associate companies, rose to Rs 57,778 crore last fiscal, from Rs 50,908 crore in the 2018-19 fiscal.

"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 Managing Director U S Awasthi said.

IFFCO has achieved highest ever production, sales, profit and despatches of fertilisers for the financial year 2019-20, the company said.

Apart from core fertiliser business, IFFCO has diversified into general insurance, rural retail, farm forestry, rural telecom, agrochemicals, rural finance, logistics, SEZ. It has forayed into food processing, organic food and nutrients for urban gardening.

The cooperative achieved the highest ever sales of fertilisers at 133 lakh tonnes last fiscal despite difficult market and weather conditions.

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.

Urea output increased to 48.75 lakh tonnes from 45.62 lakh tonnes last year, while the production of di-ammonium phosphate/nitrogen phosphorus potassium/water soluble fertilisers (DAP/NPK/WSF) rose to 42.87 lakh tonnes from 35.87 lakh tonnes.

IFFCO sold record 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, the worlds largest fertiliser cooperative, has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and two overseas.

Source:- economicstimes.indiatimes.com

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