The 100 percent owned subsidiary of the fertilizer cooperative IFFCO, IFFCO Bazar achieved a business turnover of Rs 2457 crore and earned a gross profit of Rs 100 crore in the 2022-23 FY, beating all its own past records.
The business turnover of the IFFCO Bazar is 24 percent higher than the previous year’s turnover. Besides, the segment wise performance of IFFCO Bazar has also been very good, registering an increase of 26%, 58%, 3% in franchisee, B2B and retail respectively.
Congratulating the team, IFFCO MD Dr U S Awasthi wrote, “Excellent performance by @IFFCOBAZAR in FY 2022-23 with highest turnover of Rs 2457 Cr and highest PBT Rs. 100 Cr. Providing agri inputs to Indian farmers through 3300 retail stores pan India. Congratulations to the team”.
Earlier, extending greetings to the IFFCO Bazar for spectacular performance, IFFCO Marketing Director Yogendra Kumar said, “The sale of Nano Urea has also been remarkable with 11 percent contribution in total sale of IFFCO Nano Urea. With the help of an e-commerce platform, IFFCO Bazar has been able to serve the farmers by supplying 2 lakh orders at the doorsteps in all the states serving 27,000 pin codes”.
“In the said financial year, there are significant improvements in system procedures and operations. It implemented cloud-based oracle Fusion ERP for accounting. Purchase and inventory with integration with our-in-house Bazar soft system”, Kumar added.
The IFFCO Bazar also introduced a documentation management system (DMS), Geo-Tagging and Face-Recognition based mobile app for attendance and real time payment collection integration with major banks.
During the year, for employee’s welfare, IFFCO Bazar gave a remarkable hike of approx 30 percent to all employees. Moreover, a new initiative of Sunday ‘Pathshala’ was undertaken for sales officers, sales assistants, Kisan Call Centre staff and all other IFFCO Bazar employees for imparting technical knowledge, new farming practices and nano-technology based products has proved to be highly beneficial.
The IFFCO Bazar outlets spread in different parts of the country have increased from 2706 (2021-22) to 3353 in 2022-23 FY.
Meanwhile, the IFFCO MD’s followers reacted to the news about the turnover of IFFCO Bazar. One of the users wrote, “IFFCO bazaar is tirelessly working to provide all agri inputs and agri solutions under one roof at genuine prices to farmers and now farmers consider it their second home. Hearty congratulations to the IFFCO bazar team and a big thanks to MD sir for his Visionary guidance”.
“Congratulations to the team IFFCO Bazar. They deserve accolades for hard work, remarkable progress and growth. Ms Madhulika has really led the team well. We wish them even more success in all their future endeavours”, another user wrote.
