Iffco FY11 net up 97.5% at Rs 792 cr

Fertiliser cooperative major Indian Farmers Fertilisers Cooperative (Iffco) today reported a nearly 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.

"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,"  Iffco managing director US Awasthi told reporters, here.

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

Iffco sold 125 lakh tonne of fertiliser last year. Its fertiliser production reached an all-time-high of 85 lakh tonne in 2010-11, he added.

Out of 85 lakh tonnes of fertilisers, urea production was 44 lakh tonne and di-ammonium Phosphate (DAP) and other complex fertiliser at 41.7 lakh tonne.

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 West Asia, 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.