IFFCO closes FY23-24 on a happy note, expects over Rs.3000cr pre-tax profit  

The financial year 2023-24 was a great year for IFFCO, the world's leading fertilizer cooperative. IFFCO MD Dr. Uday Shankar Awasthi, while congratulating IFFCO family, cooperatives, associates, partners and farmers for very good annual results of production, sales & profit of IFFCO for the Financial year 2023-24, expressed hope that the new financial year 2024-25 will prove to be even better.

In his message on the occasion of the beginning of the new financial year, Dr. Uday Shankar Awasthi said that in the report of World Cooperative Monitor, ICA, IFFCO has again got the first position among the top 300 cooperative societies of the world. IFFCO is playing a positive role in the development of the agriculture and fertilizer sector by bringing cutting-edge technologies like nano fertilizers and agricultural drones to Indian farmers. With the cooperation of the Prime Minister, IFFCO is continuously working to fulfill the resolve of prosperity, self-reliant India, self-reliant agriculture and doubling the income of farmers.

Dr. Awasthi said that the pre-tax profit of IFFCO is expected to be more than Rs 3000 crore in the financial year 2023-24. The expertise of the Strategic Management Group has ensured profitable operations and high financial returns from overseas ventures. Dr. Awasthi said that the IFFCO family has achieved excellent results in every field this year. He congratulated all the IFFCO teams for their hard work and efficient implementation.

IFFCO launched Nano DAP in the last financial year 2023-24. India's first Nano DAP plant set up by IFFCO at Kalol (Gujarat) was commissioned. Also, the foundation stone of IFFCO Nano Urea Plant in Deoghar (Jharkhand) and IFFCO Nano DAP Plant in Kandla (Gujarat) was laid. IFFCO has commissioned a new Sulfuric Acid Plant-III at its Paradip unit this financial year.

Giving information about the progress of IFFCO, Dr. Awasthi said that during the financial year 2023-24, IFFCO was successful in selling more than 2.04 crore bottles of Nano Urea liquid and more than 44 lakh bottles of IFFCO Nano DAP liquid. IFFCO has so far conducted more than 80 thousand field demonstrations and trained more than 1500 rural entrepreneurs regarding nano fertilizers. He said that our legal team has done commendable work for the registration of patents for nano products.

IFFCO plants produced 88.95 lakh tonnes of fertilizers during FY 2023-24 which includes 48.85 lakh tonnes of Urea and 40.10 lakh tonnes of NPK/DAP/WSF and specialty fertilizers. IFFCO has sold a total of 112.26 lakh tonnes of fertilizers across the country which includes 110.46 lakh tonnes of bulk fertilizers, 1.80 lakh tonnes of WSF/special fertilizers/ Sagarika granule fertilizers and 8.63 lakh liters of Sagarika liquid. IFFCO has sold 113.06 lakh tonnes of urea/NP/NPK/DAP/WSF, special fertilizers and nano fertilizers in the last financial year. 8.37 lakh liters of bio-fertilizers useful for soil health have been sold.

This year IFFCO entered the field of Artificial Intelligence (AI) based agricultural drone technology. An ambitious scheme to provide IFFCO Kisan Drones to farmers for spraying Nano Urea and Nano DAP has been launched. According to Dr. Awasthi, this step of IFFCO will create 5000 rural entrepreneurs across the country. In line with Prime Minister Narendra Modi's 'NaMo Drone Didi' initiative, IFFCO trained 300 NaMo Drone Didis as agricultural drones and drone pilots.