Fertiliser cooperative major IFFCO today reported a nearly two-fold jump in its net profit at Rs 792 crore for the 2010-11 fiscal on the back of record production and sales of key farm nutrients.
"We have achieved robust growth in 2010-11 fiscal as profit after tax rose to Rs 792 crore from Rs 401 crore in the previous year," Indian Farmers Fertilisers Cooperative (IFFCO) Managing Director U S Awasthi told reporters, here. Also read: Nilekani codes to improve subsidy delivery for aam aadmi
The turnover has increased by 26% to Rs 21,195 crore in FY11 as against Rs 16,808 crore in the previous fiscal, he said.
IFFCO sold 125 lakh tonnes of fertiliser last year. Its fertiliser production reached an all-time-high of 85 lakh tonnes in 2010-11, he added.
Out of 85 lakh tonnes of fertilisers, urea production was 44 lakh tonnes and di-ammonium Phosphate (DAP) and other complex fertiliser at 41.7 lakh tonnes.
IFFCO has set up joint venture overseas arms like Jordan India Fertiliser Company (JIFCO) to boost fertiliser supply in the domestic markets.
On JIFCO, Awasthi said that despite tumultuous political environment in Middle East, about USD 33.5 million debt has been tied up for its Jordan phosphoric acid project, which is expected to begin commercial production by mid-2013.
Awashti said IFFCO has invested nearly Rs 24 crore as fresh equity in National Collateral Management Services (NCMSL) to raise its stake in the company to 20.64%.
IFFCO has now become the largest shareholder in NCMSL.
"This reflects our interest in promoting agriculture and its allied activities," he added.
Giving details about its expansion plans at its facility in Kalol, Gujarat, Awashti said that the cooperative has got envirnmental and other statutory clearances.
IFFCO is expanding its annual capacity of urea plant by 1.4 million tonnes with an investment of Rs 4,660 crore.
Awashti said IFFCO is in the process of scouting for investors and industries to set up facilities at IFFCO Kisan SEZ at Nellore, Andhra Pradesh.
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