IFFCO reports highest ever net profit in 2022-23 at Rs 3,053 cr
May 02, 2023
New Delhi [India], May 2 : Indian Farmers Fertiliser Cooperative (IFFCO) posted a record Profit After Tax of Rs 3,053 crore during the just concluded financial year 2022-23 (April-March), which is a 61 per cent increase on a yearly basis.
In a year ago period, it recorded a net profit of Rs 1,884 crore. The rise in profits in 2022-23 could be largely attributed to a rise in nano fertilisers and its efficient energy consumption initiatives.
With two more Nano Fertilizer Plants in action, IFFCO's sales rose from 2.15 crore bottles to 3.27 crore bottles in 2022-23.
"Glad to share that IFFCO has registered highest ever Profit After Tax of Rs. 3053 Cr along with highest ever Turnover of Rs. 60,324 Cr for FY22-23. This robust performance is a true example of SahkarSeSamriddhi," Managing Director & Chief Executive Officer of IFFCO US Awasthi said on Twitter.
Further, coming to the revenue part, it increased by 66 per cent to Rs 62,990 crores in 2022-23 as compared to Rs 41,898 crores in 2021-22.
"IFFCO set up a new record of average energy consumption of 5.251 Gcal/MT improving on previous fiscal's 5.385 Gcal/MT, highlighting efficient plant operations," it said.
IFFCO Group, including its associates and subsidiaries, is now valued at around Rs 1.05 lakh crores.
IFFCO is a farmers' cooperative and the largest manufacturer and marketeer of chemical fertilisers in India.
