1. IFFCO turnover dips 26% to Rs 22,597 cr in FY17

IFFCO turnover dips 26% to Rs 22,597 cr in FY17

Net profit after tax also fell to Rs 684.70 crore last fiscal from Rs 705.5 crore in 2015-16. The co-operative paid a dividend of Rs 84 crore to its members.

By: | New Delhi | Updated: May 31, 2017 5:29 PM
IFFCO, Fertilisers, lower urea sales, reduce consumption of urea Net profit after tax also fell to Rs 684.70 crore last fiscal from Rs 705.5 crore in 2015-16. The co-operative paid a dividend of Rs 84 crore to its members. (Reuters)

Fertiliser major IFFCO’s turnover fell by 26 per cent to Rs 22,597 crore last fiscal, hit by lower urea sales. The co-operative, which is celebrating its golden jubilee year, had posted a turnover of Rs 30,400.65 crore in the previous fiscal. “Our turnover has fallen as production and sales of urea was less last year. We are trying to reduce the consumption of urea for balance fertilisation and maintain good soil health,” IFFCO’s Managing Director U S Awasthi told PTI. He said the prices of fertilisers were also lower in the last financial year.

Net profit after tax also fell to Rs 684.70 crore last fiscal from Rs 705.5 crore in 2015-16. The co-operative paid a dividend of Rs 84 crore to its members. On operational front, Awasthi said total fertiliser production declined to 84.79 lakh tonnes in 2016-17 from 86.52 lakh tonnes in the previous year. Urea production fell to 43.27 lakh tonnes from 46.68 lakh tonnes, while the output of NPK/DAP/NP rose to 41.51 lakh tonnes from 39.84 lakh tonnes during the period under review. Total fertiliser sales fell to 107.76 lakh tonnes from 130.24 lakh tonnes in the previous year.

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Urea sales dipped to 63.82 lakh tonnes from 78.70 lakh tonnes, while sales of NPK/DAP/NP increased to 43.94 lakh tonnes from 41.54 lakh tonnes. On the outlook for the next fiscal, Awasthi said the fertiliser demand is likely to remain same this year. IFFCO is focusing more on raising production and sales of organic and bio fertilisers. The co-operative had posted a record turnover of Rs 33,432 crore in 2008-09. The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is one of the country’s biggest cooperative societies. Founded in 1967 with just 57 cooperatives, IFFCO is today an amalgamation of over 36,000 Indian cooperatives. It has diversified business interests ranging from general insurance to rural telecom apart from its core business of manufacturing and selling fertilisers.

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