IFFCO FY11 net up 97.5 % at Rs 792 cr

IFFCO reported a two fold jump in net profits at Rs. 792 crorefor the financial year 2010-11.

Fertiliser cooperative major IFFCO reported nearly a two-fold jump in its net profit at Rs 792 crore for the 2010-11 fiscal on the back of record production and sales of key farm nutrients on Wednesday.

“We have achieved robust growth in 2010-11 fiscal as profit after tax rose to Rs 792 crore from Rs 401 crore in the previous year,” Indian Farmers Fertilisers Cooperative’s (IFFCO) Managing Director U S Awasthi,said.

The turnover has increased by 26 per cent to Rs 21,195 crore in FY11 as against Rs 16,808 crore in the previous fiscal,he said.

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IFFCO sold 125 lakh tonnes of fertiliser last year. Its fertiliser production reached an all-time-high of 85 lakh tonnes in 2010-11,he added.Out of 85 lakh tonnes of fertilisers,urea production was 44 lakh tonnes and di-ammonium Phosphate (DAP) and other complex fertiliser at 41.7 lakh tonnes.

IFFCO has set up joint venture overseas arms like Jordan India Fertiliser Company (JIFCO) to boost fertiliser supply in the domestic markets.

On JIFCO Awasthi said that despite tumultuous political environment in Middle East,about $33.5 million debt has been tied up for its Jordan phosphoric acid project,which is expected to begin commercial production by mid-2013.