IFFCO’s net profit drops by 10% in FY2018-19
In FY2018-19, IFFCO’s turnover rose by 34 percent to Rs 27,851.74 crore, up from Rs 20,787.55 crore in FY2017-18
June 14, 2019
Fertiliser co-operative IFFCO registered a 10 percent dip in net profit at Rs 841.58 crore in financial year 2018-19, despite recording a surge in income. Its net profit was at Rs 937.17 crore in the previous financial year. IFFCO is the world’s largest fertiliser cooperative and has five plants at Kalol, Kandla, Phulpur, Aonla and Paradeep in India and three overseas.
Turnover up by 34%
In FY2018-19, IFFCO’s turnover rose by 34 percent to Rs 27,851.74 crore, up from Rs 20,787.55 crore in FY2017-18.
Along with the core fertiliser business, IFFCO is also engaged in general insurance, rural telecom and rural retail businesses. It also owns stake in commodity exchange NCDEX and Indian Potash Ltd. The company has recently entered into organic food and food processing sectors.
Total production rises to 81.49 lakh tonnes
In FY2018-19, IFFCO’s total production of fertilisers rose to 81.49 lakh tonnes, up from 78.71 lakh tonnes in the previous year. Out of the total output, urea accounted for 45.62 lakh tonnes and DAP (di-ammonium phosphates) was 14.19 lakh tonnes. On the sales front, IFFCO sold 115.56 lakh tonnes of fertilisers in FY2018-19 as opposed to 103.03 lakh tonnes in 2017-18.