Riding on the wave of unprecedented performance, the second largest fertilizer co-operative, Kribhco held its 42nd AGM at the NCUI headquarters on Thursday, where its Chairman Chandra Pal Singh Yadav informed that Kribhco has earned the highest ever profit of its existence in the financial year 2021-22.
“During the Financial Year 2021-22, Kribhco has been excellent in all fields of its operation and earned an ever-highest profit of Rs. 1493.26 crore. The Board of Directors has recommended a dividend of 20% on the paid-up share capital”, Chandra Pal informed the cheering audience composed of delegates who had come from various states of the country.
The AGM was attended by a majority of Board members, who in their speeches lauded MD Rajan Chowdhary and his team for exemplary performance. “Our MD and staff members deserve kudos for a dedicated service to the Kribhco”, stated Chandra Pal in his presidential speech. Besides Board members, Shri Mohan Kundariya and Ex MD Sambasiva Rao were also present on the dais.
Chandra Pal said the dividend amount payout will be Rs. 77.68 Crore. He also informed that Kribhco’s net worth has increased from Rs 3,557.37 crore in the FY 2020-21 to Rs. 4,643.10 crore as on March 31.
Talking about plants, JVs and several projects under Kribhco, the Chairman said the Financial year 2021-22 was the 36th year of commercial production of the Society’s Plants at Hazira, Surat and it achieved production of 13.29 lakh MT Ammonia & 22.08 Lakh MT Urea.
Kribhco’s performance in the sales of fertilizers was excellent during the year. The Society achieved sales of 44.00 Lakh MT fertilizers during 2021-22. The Society has achieved Urea sales of 34.58 Lakh MT, he stated.
In order to promote balanced fertilization and to serve the farming community by making available P&K fertilizers in the country, the Society Imported 11.18 Lakh MT of OAP, NPK 10:26:26, NPK 12:3:16, NPS 20:20:0:13 and Marketed 9.27 Lakh MT during the year. Your Society has marketed 15,924 MT of Single Super Phosphate (SSP) in the states of Gujarat, MP, Uttar Pradesh and Haryana, informed Chandra Pal.
Talking about Joint Venture and Subsidiaries, Chandra Pal informed that Oman India Fertiliser Company
(OMIFCO) produced 19.56 Lakh MT Urea and 13.38 Lakh MT of Ammonia which is 112.47% and 106.92% of their annual rated capacities respectively. KRIBHCO Fertilizers Limited (KFL), a wholly owned subsidiary of KRIBHCO, which owns and operates a gas-based Fertilizer Complex at Shahjahanpur, U.P. KFL produced 9.65 Lakh MT of Urea and 6.05 Lakh MT of Ammonia with capacity utilization of 112% and 121% for Urea and Ammonia respectively.
Talking about two new ventures Kribhco has launched this year, Chandra Pal said Kribhco has incorporated a wholly owned subsidiary company following the Government of India vision of a bigger role of cooperatives in Agri Business Activities. On KRIBHCO Green Energy Private Limited, he said Kribhco has incorporated a wholly owned subsidiary company “KRIBHCO Green Energy Private Limited”. Blending of Ethanol in petrol saves precious foreign exchange in import of crude, it also supports Indian farmers.
Chandra Pal also listed the achievements in the fields including Bio-Fertilizer, City Compost and Seed Multiplication & Marketing of Hybrid Seed. Kribhco has been operating 11 modern Seed processing plants and 2 custom processing units in various states. The total seed production capacity of the Society is 28 TPH comprising all the Units.
Talking about Krishak Bharati Sewa Kendra, the Chairman informed that Kribhco has been operating 63 Krishak Bharati Sewa Kendras (KBSKs) to fulfill the twin objectives of “Sales and Service” under one roof.
In this direction, 187 cooperative societies were adopted, 15,387 cooperative managers were trained through 153 cooperative conferences and workshops, wherein they were educated about the use of Society’s products for improving farm productivity and also enhancing Society’s image.
Kribhco Chairman also mentioned the challenges emanating from the geopolitical tensions in Europe and supply chain disruptions in China, which have sent shock waves through the global commodity market. Fertilizer sector was no different, he added.
On this occasion, two co-op awards namely the Sahakarita Siromani and the Sahkarita Vibhushan were given to Chaudhary Sheesh Pal (Ex IFFCO Director) from Hapur and Chaudhary Sukhbir Singh Pawar from Delhi.
Senior co-operator and Kribhco Board member Bijender Singh proposed a vote of thanks.
