IFFCO reports record profit of Rs 1,005 cr for FY 2019-20; turnover up 6%

Fertiliser cooperative IFFCO’s web revenue rose 20 per cent to an all-time excessive of Rs 1,005 crore over the past fiscal yr on file gross sales of soil vitamins.

Its revenue stood at Rs 841.58 crore through the 2018-19 monetary yr.

IFFCO’s turnover elevated to Rs 29,412 crore within the 2019-20 fiscal, from Rs 27,851.74 crore within the earlier yr.

The group turnover of IFFCO, together with its joint ventures, subsidiaries and affiliate corporations, rose to Rs 57,778 crore final fiscal, from Rs 50,908 crore within 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 stated.

IFFCO has achieved highest ever manufacturing, gross sales, revenue and despatches of fertilisers for the monetary yr 2019-20, the corporate stated.

Apart from core fertiliser enterprise, IFFCO has diversified into normal insurance coverage, rural retail, farm forestry, rural telecom, agrochemicals, rural finance, logistics, SEZ. It has forayed into meals processing, natural meals and vitamins for city gardening.

The cooperative achieved the very best ever gross sales of fertilisers at 133 lakh tonnes final fiscal regardless of troublesome market and climate situations.

On operational entrance, IFFCO’s whole manufacturing of fertilisers elevated to 91.42 lakh tonnes final fiscal yr, from 81.49 lakh tonnes within the earlier yr.

Urea output elevated to 48.75 lakh tonnes from 45.62 lakh tonnes final yr, whereas the manufacturing 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 bought file 133.31 lakh tonnes of fertilisers within the final fiscal yr, as in opposition to 115.56 lakh tonnes in 2018-19.

Out of whole gross 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 5 crops at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and two abroad.