Fertilizer Major IFFCO Sells Over 10 Million Tons of Fertilizers
IFFCO has business operations spread across the world with join ventures like JIFCO-Jordan, KIT-Dubai, OMIFCO-Oman, ICS-Senegal, and IFFCO CANADA - Canada.
- (1888PressRelease) September 04, 2018 - Fertilizer major IFFCO India sold over 10 million tons and manufactured over 7.87 million tons of soil nutrients the last fiscal year, its Chairman and MD, Dr US Awasthi announced. The figures were achieved despite difficult market conditions. The IFFCO Chairman and MD, Dr US Awasthi further announced plans of cost cutting and consolidation of business, as the cooperative targets long term growth with cost rationalizing measures being introduced in plants and introduction of new products that are manufactured using less cost intensive methods.
IFFCO managed to produce a total of 78.71 lakh tons of fertilizer during the fiscal year 2017-18. This included 41.09 lakh tons of Urea and 37.62 lakh tons of complex fertilizers. In a letter shared via twitter, Dr US Awasthi, IFFCO Chairman and MD, lauded the efforts put in by the employees of the organization. He congratulated the manufacturing plants for achieving their target production and capacity utilization while keeping the energy consumption at the lowest ever. The letter was also full of praise for the sales force, as IFFCO India managed to register sales in excess of 100 lakh tons, despite the prevailing unfavourable economic conditions in the market. He also welcomed the acceptance of new IFFCO products, like Sagarika, bio-fertilizers, and water soluble fertilizers, by the Indian farming community.
IFFCO India’s turnover for 2016-17 stood at Rs. 22, 597 crore, while the net profit after tax was Rs. 684.70 crore. While expressing confidence that IFFCO India will register a profit of over Rs. 1,000 crore in the last fiscal, Dr US Awasthi reminded of the need to adopt tough cost rationalizing measures as IFFCO India aims to achieve sustained long term growth. The tweaking of the marketing structure to increase profitability of its marketing channel is among the first steps that IFFCO India will take in the forthcoming years.
About IFFCO
IFFCO (Indian Farmers Fertiliser Cooperative Limited) is one of biggest cooperative societies in India. IFFCO India is wholly owned by Indian Cooperatives. IFFCO was founded in 1967 with just 57 cooperatives, and today, it is an amalgamation of over 36,000 Indian cooperatives. Other than being among the largest fertiliser producers in India, IFFCO India has interests ranging from General Insurance to Rural Telecom. The global partnership further extends with several strategic MoUs signed with several international fertiliser manufacturers and raw material suppliers.
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