IFFCO Boosts Profit with Nano Fertilizer Success
Fertilizer giant IFFCO reported a 16% rise in net profit to Rs 2,823 crore in the last fiscal due to increased sales of traditional and nano fertilizers. Despite high overseas demand, IFFCO focuses on awareness and innovation while facing challenges in anticipated volume growth of nano fertilizers.
- Country:
- India
Indian Fertilizer Cooperative Limited (IFFCO) witnessed a significant 16% increase in net profit, reaching Rs 2,823 crore during the last fiscal, driven by strong sales of both conventional fertilizers and innovative nano liquid variants including urea and DAP.
In the fiscal year 2023-24, IFFCO had a net profit of Rs 2,443 crore. Managing Director U S Awasthi noted a 46% increase in nano fertilizer sales, despite not meeting initial expectations. To boost future sales, IFFCO is investing heavily in technology such as drones and expanding awareness of its products' benefits.
With ongoing investments exceeding Rs 2,500 crore, IFFCO plans to introduce new nano products while enhancing crop productivity. Chairman Dileep Sanghani highlighted the cooperative's consistent financial performance, including over Rs 3,000 crore in pre-tax profit for three consecutive years and a 20% dividend payout to its members.
(With inputs from agencies.)
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