Spectacular Performance: IFFCO turnover crosses Rs 60324 crore

Yet again, the largest fertilizer cooperative of the world, IFFCO has shown an enormous rise in its bottom line. The cooperative has earned a net profit of Rs 3,053 crore and achieved a business turnover of Rs 60,324 crore in the 2022-23 FY, beating all its past records.

IFFCO Board which met recently, felicitated both the Chairman Dileep Sanghani and MD Dr U S Awasthi for the spectacular performance of the co-op titan. IFFCO registered an increase of 61% Profit After Tax of IFFCO from Rs 1,884 Crores (FY 2021-2022) to Rs 3,053 Crores in FY 2022-2023. With Two more Nano Fertilizer Plants sprung in action the sales rose from 2.15 Crore bottles to 3.27 Crore bottles in FY 2022-2023.

The Total Revenue increase at the rate of 66% rising to Rs 62,990 Crores (FY 2022-2023) as compared to Rs 41,898 Crores posted last fiscal. IFFCO set up a new record of average energy consumption of 5.251 Gcal/MT improving on previous fiscal’s 5.385 Gcal/MT, highlighting efficient plant operations.

Besides, IFFCO Group including its associates and subsidiaries is now valued at around Rs 1.05 Lakh Crores. While India’s Prime Minister Shri Narendra Modi inaugurated World’s first IFFCO Nano Urea Plant at Kalol and dedicated it to the Nation, the Union Minister of Cooperation Amit Shah inaugurated & laid the foundation stone for the IFFCO Nano Urea Plant at Deoghar.

In his financial year message, IFFCO MD informed, “We have produced 21.60 Lakh MT equivalent of Urea in the form of 4.80 Crore IFFCO Nano Urea Bottles. A total of 4 Lakh bottles of IFFCO Nano DAP were dispatched to retail outlets/field godowns. We now have a dedicated website for IFFCO Nano Urea and IFFCO Nano DAP which is available in 11 Regional languages & 7 foreign languages”, he added.

“With collective efforts and dedication of our Team, we were able to achieve efficient operations resulting in production of 95.62 Lakh MT of fertilizers, which includes 48.80 Lakh MT Urea, 30 lakh MT DAP and 46.75 Lakh MT NP/NPK/DAP/WSFs & Specialty Fertilizers during FY 2022-23 from IFFCO Plants”, Awasthi said.

The IFFCO was ranked 1st among the top 300 cooperatives of the world by World Cooperative Monitor, ICA this year. We have moved our conventional Data Centre to a highly advanced & secured, scalable oracle-based cloud infrastructure hence we have now enhanced our IT Security.

Sharing the good news through social media, IFFCO MD Dr U S Awasthi wrote on twitter, “Glad to share that IFFCO has registered the highest ever Profit After Tax of Rs. 3053 Cr along with highest ever turnover of Rs. 60,324 Cr for FY 22-23. This robust performance is a true example of Sahkar Se Samriddhi”.

Readers would recall that Union Cooperation Minister Amit Shah dedicated IFFCO’s Nano DAP to the country at the sprawling headquarters of IFFCO last week.