Companies

FACT profit jumps to ₹973 crore in FY20

Our Bureau Kochi | Updated on June 26, 2020 Published on June 26, 2020

Extraordinary income through land sale to Kerala government lifts company’s profit

Riding on the comfort of extraordinary income through the sale of land to the Kerala government, public sector company FACT has posted a whopping ₹976 crore net profit in FY20 vis-à-vis ₹163 crore in the previous fiscal year.

The company’s turnover has also gone up in FY20, touching ₹2,770 crore against the previous year’s figure of ₹1,955 crore.

A statement issued here said the chemical and fertiliser manufacturing company has touched new heights in net profit, production of its prime products — Factamfos (ammonium sulphate) — and the sale of fertilisers.

At 8.45 lakh tonnes, Factamfos production reached an all-time high, surpassing the previous best of 8.38 lakh tonnes in 2000-01, and its sale at 8,35 lakh tonnes is also the highest in 19 years. The production of ammonium sulphate touched 2.2 lakh tonnes, the highest in 19 years. Compost sale was at an all-time high at 13,103 tonnes compared to the previous best of 9,370 tonnes.

During the current year, the company has expanded fertiliser marketing operations across India, enlarging the network to West Bengal, Odisha, Maharashtra, and Gujarat. In a first, it started marketing Ammonium Sulphate in Maharashtra and West Bengal.

FACT expects to continue the momentum in production and marketing in FY21 as well. The performance in production and marketing in the first three months of FY21 is encouraging, facilitating the company to improve the top- and bottom-line in fertiliser trading. So far, it has placed a purchase order for the import of three fertiliser shipments such as Muriate of Potash and Complex Fertiliser.

Plans are afoot to re-start Caprolactam operations in FY21, after completing major maintenance activities and installing online effluent monitoring facilities. The trial run of the plants was completed.

Published on June 26, 2020
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