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Fertiliser major IFFCO has reported a 9 per cent increase in its profit-before-tax to Rs 1,107 crore for fiscal 2012-13 despite fall in the sales of nutrients due to bad monsoon in some parts of the country.
The company’s profit-before-tax stood at Rs 1,017.78 crore in the previous fiscal. Its turnover fell 15.3 per cent to Rs 21,673 crore in 2012-13 from Rs 25,599 crore in the previous fiscal.
“IFFCO has achieved robust growth with its highest-ever profit-before-tax at Rs 1,107 crore,” the co-operative said in a statement.
Commenting on the results, IFFCO Managing Director U.S. Awasthi said: “Our profit-before-tax has increased because of growth in our insurance and communication businesses in India and higher profits from foreign joint ventures.”
Profit from fertiliser business in India has been almost constant, he added.
Asked about the drop in turnover, Awasthi said: “In turnover figure, we only include fertiliser business in India. We do not add revenues from overseas investment and non-fertiliser business in India.’’
Fertiliser business in India suffered because of bad monsoon resulting into lower fertiliser production and sales, he added.
IFFCO has five manufacturing plants in the country. The co-operative has diversified into general insurance and communication businesses through joint venture firms IFFCO-Tokio General Insurance Ltd and IFFCO Kisan Sanchar Ltd.
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