Indian Farmers Fertiliser Cooperative Ltd (IFFCO), has reported 62 per cent increase in net profit to record ₹3,052.73 crore for the 2022-23 fiscal against ₹1,883.77 crore in the previous year on better income. Total revenue of the cooperative surged 50 per cent to ₹62,990 crore from ₹41,898 crore.
“Better plant performance, efficient marketing channel, good support from government and better management paved way for highest profit,” IFFCO’s MD US Awasthi said in a statement.
He further said that nano fertilisers provide a cheaper, effective and efficient alternative to traditional fertilisers, 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’.
“We have managed to save precious foreign exchange by running the plants more efficiently by saving the fuel,” he added.
Nano fertilisers production
On operational front, IFFCO reported the highest production of 95.61 lakh tonnes (lt) of fertilisers last fiscal, up from previous record of 91.42 lt in 2019-20.
Its production of nano fertilisers reached 4.79 crore bottles of 500 ml each, up from 2.90 crore bottles. IFFCO has sold 5.42 crore bottles of nano urea since August 2021.
IFFCO launched the world’s first nano urea fertiliser in June 2021. Last week, Cooperation Minister Amit Shah launched its nano DAP fertiliser for commercial sale at ₹600 per 500 ml bottle.
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, equivalent to 25 lakh tonne of DAP, will be produced.