KRIBHCO Reports Robust Growth in FY 2023-24; Declares 20% Dividend
The AGM, presided over by KRIBHCO Chairman Dr. Chandra Pal Singh at the NCUI Auditorium, was attended by delegates from member cooperatives across the country. During the meeting, KRIBHCO’s annual accounts were formally approved.
Krishak Bharati Cooperative Limited (KRIBHCO), one of India’s leading farmers’ cooperatives, held its 44th Annual General Meeting (AGM) in New Delhi, reporting impressive financial results for the fiscal year 2023-24. The cooperative posted a pre-tax profit of Rs 334.12 crore and declared a 20% dividend on its equity capital.
The AGM, presided over by KRIBHCO Chairman Dr. Chandra Pal Singh at the NCUI Auditorium, was attended by delegates from member cooperatives across the country. During the meeting, KRIBHCO’s annual accounts were formally approved.
KRIBHCO achieved strong production numbers, with Urea production reaching 23.35 lakh metric tonnes (MT) and Ammonia production standing at 13.88 lakh MT, representing 106.4% and 111.32% of capacity utilization, respectively. The cooperative’s product portfolio has expanded beyond Neem Coated Urea to include a wide range of fertilizers and bio-stimulants to cater to diverse agricultural needs. In total, KRIBHCO sold 52.82 lakh MT of fertilizers in FY 2023-24.
KRIBHCO Fertilizers Ltd (KFL), a wholly-owned subsidiary, also delivered good performance, producing 10.66 lakh MT of Urea and 6.54 lakh MT of Ammonia, surpassing its capacity utilization targets. KFL declared a dividend of Rs 14.40 crore for the year.
Managing Director of KRIBHCO, M.R. Sharma, emphasized the cooperative’s focus on maintaining high production standards and operational efficiency. He also highlighted the contributions of KRIBHCO’s subsidiaries, including KRIBHCO Agri Business Limited (KABL), which reported a turnover of Rs 821 crore from the sale of various agricultural products, and KRIBHCO Green Energy Pvt. Ltd., which is constructing two plants in Gujarat and Andhra Pradesh for renewable energy production, slated for completion in FY 2024-25.
During the AGM, KRIBHCO honoured two prominent cooperators for their contributions to the movement. Satyendra Narayan Singh from Bihar received the "Sahakarita Shiromani Award," while V.K.S.K. Senthil Kumar from Tamil Nadu was awarded the "Sahakarita Vibhushan Award."
In line with its commitment to rural development, KRIBHCO’s Gramin Vikas Trust (GVT) is marking its 25th anniversary in 2024. GVT has impacted 1.5 million lives across 25 states through projects focused on healthcare, education, and gender equality. KRIBHCO continues to play a key role in the Government of India's “Sahakar Se Samriddhi” initiative, particularly in seed promotion and export activities through its leadership roles in Bharatiya Beej Sahakari Samiti Limited (BBSSL) and National Cooperative Export Limited (NCEL).
KRIBHCO’s commitment to increasing farmers’ incomes through the promotion of integrated farming practices and judicious fertilizer use remains at the forefront of its mission, ensuring a sustainable future for India’s agricultural sector.
