New Delhi: Indian Farmers Fertiliser Co-operative Ltd (IFFCO) has posted a growth of 3.54% in turnover to Rs10,295 crore during 2006-07 on the back of record production.
Turnover rose 3.54% last fiscal from Rs 9,943 crore in 2005-06. Net profit during 2006-07 stood at Rs176 crore, the company said in a press release.
During 2006-07, IFFCO produced the highest ever output of 70.12 lakh tonnes of fertiliser, comprising 37.86 lakh tonne urea and 32.26 lakh tonne NPK/DAP.
Sales grew 5% to 86.10 lakh tonne during 2006-07 against 82 lakh tonnes a year ago.
However, profit before tax (PBT) declined to Rs251 crore against Rs398 crore in the year-ago period.
“The PBT has reduced by about Rs147 crore due to unjustified fixation of lower base concession for NPK/DAP in respect of Kandla unit by linking up the input price of ammonia as per Ammonia Off Take Agreement,” it said.
Interest burden of Rs113 crore towards funding of large subsidy receivables from the government because of delayed subsidy also lowered PBT.
“The adjusted PBT by adding the above factors would have worked out to Rs 510 crore,” IFFCO said.
IFFCO has five production units at Phulpur, Paradip, Kalol, Kandla and Aonla.