Kribhco's profit before tax up 26% at Rs 205.54 cr last fiscal; declares 20% dividend

Fertiliser co-operative Kribhco on Thursday reported 26 per cent increase in profit before tax to Rs 205.54 crore during the last fiscal and announced 20 per cent dividend for the members.

Its profit before tax stood at Rs 162.56 crore in the 2017-18 and had declared 18 per cent dividend.

"Your society has posted a pre tax profit of Rs 205.54 crore and the society's net worth has increased from Rs 3,413.05 crore in the year 2017-18 to Rs 3507.88 crore as on 31st March ,2019," Kribhco Chairman Chandra Pal Singh said while addressing the 39th annual general meeting.

It has a total membership of 9,462 co-operative societies and paid up share capital of the society was Rs 389.11 crore as on March 31, 2019, he added.

Kribhco's urea production stood at 23.42 lakh tonne and ammonia output was 13.65 lakh tonne MT with 106.74 per cent and 109.39 per cent capacity utilisation, respectively.

"The society achieved ever highest sales of 53.16 lakh tonnes fertilisers during 2018-19 breaking its previous record of 48.62 lakh tonnes during 2017-18," Singh said.

Its subsidiary KRIBHCO Infrastructure Ltd (KRIL), which operates eight container rakes under Category I license on pan-India basis, reported Rs 186.65 crore revenue during the last fiscal.

"Kribhco's fertilizer complex plant in Hazira, Gujarat has maintained its good performance during the year. Kribhco is committed to achieve the revised energy consumption norms of 5.5GCal/tonne of urea by March 31, 2020 at this manufacturing unit," Singh said.

Kribhco, being a farmers organisation, is surpassing government's initiatives of doubling farmers' income by 2022 through reduction in cost of cultivation with judicious use of fertilisers based on free soil testing, farmers education and by promoting integrated agriculture, said N Samasiva Rao, Managing Director, Kribhco.

In its AGM, KRIBHCO honoured two eminent cooperators. The "Sahakarita Shiromani" Samman was conferred on Ramjan Ansari from Bihar and the "Sahakarita Vibhushan" was conferred on Maganlal Premjibhai Ghoniya from Gujarat.