IFFCO's net profit up 62% to record Rs 3,053 cr last fiscal

New Delhi: Cooperative major IFFCO, which sells conventional granular as well as nano (liquid) fertilisers, has reported 62 per cent increase in net profit to record Rs 3,052.73 crore for the last fiscal year on better income.

Its profit stood at Rs 1,883.77 crore in the previous year.

Total revenue also grew to Rs 60,324 crore in 2022-23 from Rs 40,171.67 crore in the previous year.

"IFFCO has registered the highest ever Profit After Tax of Rs 3,053 crore along with the highest ever turnover of Rs 60,324 crore for FY22-23," IFFCO's MD U S Awasthi said.

He attributed the record profit to better plant performance, efficient marketing channel, good support from the government and better management.

On operational front, IFFCO reported the highest production of 95.61 lakh tonne last fiscal. It also achieved the highest production of nano fertilisers at 479.38 lakh bottles of 500 ml each.

The company sold 128.07 lakh tonne of fertilisers in the last fiscal. The sale of nano fertilisers was at record 326.53 lakh bottles.

"Nano fertilizers provide a cheaper, effective and efficient alternative to traditional fertilizers, requiring less raw materials and help in making nation self-sufficient while reducing dependence on imports, thus moving in the direction of ‘Atmanirbhar Bharat, Atmanirbhar Krishi’," IFFCO said.

In June 2021, Indian Farmers Fertiliser Cooperative Ltd (IFFCO) launched the world’s first nano urea fertiliser.

Recently, Cooperation Minister Amit Shah launched IFFCO’s nano liquid DAP fertiliser for commercial sale at Rs 600 per 500 ml bottle.

IFFCO’s nano DAP fertiliser was approved by the Agriculture Ministry and notified in the Fertiliser Control Order (FCO) in March this year based on its encouraging results.

The cooperative has set up manufacturing facilities for the production of nano DAP fertilisers at Kalol, Kandla in Gujarat and Paradeep in Odisha.

Production at Kalol Plant has already started and this year 5 crore bottles of nano DAP liquid, equivalent to 25 lakh tonne of DAP, will be produced.

Nano DAP contains 8 per cent nitrogen and 16 per cent of phosphorus in a bottle.

IFFCO has sold 5.44 crore bottles of nano urea since August 2021.