Kribhco held its 35th Annual General Meeting at NCUI Auditorium in N Delhi on Wednesday where its Chairman Chandra Pal Singh Yadav announced a profit of 52 crore before tax for the year 2014-15 and a dividend of 15 per cent.
Chandra Pal thanked the delegates for electing him Chairman in the elections held 4-5 months ago and vowed to fulfill their expectations by contributing towards strengthening the cooperative movement.
“For many years Kribhco has been giving 20 per cent dividend but due to unavoidable situation the board has decided to give at least 15 per cent. I promise you that next year on wards not only would we give 20 per cent but even this 5% would be compensated some way” Chandra Pal said amid thunderous applause.
“Our profit could have been easily Rs 400 crores but for certain unfavourable conditions.Our Rs 2000 crore is being held up by the govt as payment towards the subsidy. In order to keep our factories operational we had to take loan from banks and had to pay an interest to the tune of Rs 179 crore this year alone”, a pained Yadav said.
Though we have achieved highest number of urea production this year, but see the paradox our profit margin has gone down. He also blamed reduced gas supply in the Oman partly for this. “Due to the shortage of gas the didvidend amount dwindled significantly from there. It used to be in the rage of Rs 100 to 150 crore earlier”, Yadav said.
Kribhco Chairman also blamed govt policy for sorry state of affairs in the fertilizer sector. Total subsidy that the govt of India disburses every year on various items costs it Rs 1.5 lakh crore but the budgetary provision in the last budget was merely Rs 70 thousand crore-less than half of the requirement, he underlined.
MD of Kribhco Samba Shiva Rao also lamented dwindling support from the govt. For past 3 years subsidies dues are paid at least 10 months late causing untold operational glitches. Yet our production and marketing are doing wonderful. He felt confident that things would improve sooner than later.
On this occasion Kribhco also honoured Dr Dayabhai Jinabhai Patel with Sahkarita Siromani award and Shri M E Hassainar with Sahakarita Vibhushan award.Madan Bhai Badaria was honoured with Vishesh Samman for his contribution in the field of Bt Cotton.