Business News | IFFCO Profit Margins Raise Up to 3,053 cr For The Fiscal.
BUSINESS NEWS (DIARYTIMES)-
BUSINESS NEWS BY KUMUD SHARMA
(IFFCO) The Indian Farmers Fertilizer Cooperative Limited, a cooperative organization that manufactures chemical fertilizers, has made a new record of earning profits.
IFFCO has earned a record profit of Rs 3,053 crore in the financial year 2022-2023, which was only Rs 1,884 crore in 2021-2022. This much profit has been earned after paying tax.
While its profit without tax has been Rs 4106.81 crore. The major reason for such a jump in earnings is being attributed to the increase in nano urea and subsidy.
The organization has sold more Nano Fertilizer than last year. Its sale has increased from 2.15 crore bottles to 3.27 crore bottles in the financial year 2022-2023. Two more nano fertilizer plants have become operational.
Total revenue of IFFCO has increased to Rs 62,990 crore in 2022-2023-
The total revenue of IFFCO has increased to Rs 62,990 crore in 2022-2023 as compared to Rs 41,898 crore in the previous year. Not only this, the IFFCO group including its associates and subsidiaries has now become worth about Rs 1.05 lakh crore.
IFFCO Become number-1 cooperative organization in the world-
Not only earning, because of its work, it has also become the number-1 cooperative organization in the world. It is on top in the ranking of 300 cooperative institutions of the world.
IFFCO has five conventional plants In Kalol, Kandala, Phulpur, Amla and Paradeep-
Presently IFFCO has five conventional plants. Which includes Kalol, Kandala, Phulpur, Amla and Paradeep. While there are three plants in which the work of nano fertilizer is going on. These include Kalol, Phulpur and Amla. Its three plants are in other countries.
Which include Oman, Jordan and Senegal. IFFCO has built such a huge business through them. It has been told that due to the increase in fertilizer subsidy, the companies making fertilizers have made good profits.
IFFCO had launched Nano Urea on 31 May 2021-
For the first time in the world, IFFCO had launched Nano Urea on 31 May 2021. Whose 60 million bottles of 500 ml have been sold. Now it is being used extensively in the fields.
Now Nano Liquid DAP has also started. Whose patent was received only in 2022. One bottle of its 500 ml is equal to one sack of normal urea.
Nano DAP will be produced at IFFCO’s Kalol expansion unit in Gujarat, Kandla unit and Paradip unit-
Nano DAP will be produced at IFFCO’s Kalol expansion unit in Gujarat, Kandla unit and Paradip unit in Odisha. 2-2 lakh bottles of 500 ml Nano DAP will be prepared daily in all the three units. Production will start soon at IFFCO’s Kalol expansion unit.
Production at Paradip, Odisha will start by July 2023, while Kandla, Gujarat will start production by August 2023. It is expected that this will also increase the profit of IFFCO.
 95.61 lakh metric tonnes of fertilizers were produced from IFFCO plants-
IFFCO Managing Director Dr. Uday Shankar Awasthi said that 95.61 lakh metric tonnes of fertilizers were produced from IFFCO plants during the financial year 2022-23, which is a big record in itself.
This includes 48.80 lakh metric tonnes of urea, 30 lakh metric tonnes of DAP and 46.75 lakh metric tonnes of NPK.
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