IFFCO turnover reaches Rs 10,295 cr
Fertiliser major IFFCO on Monday posted an all time high turnover of Rs 10,295 crore and a net profit of Rs 176 crore during 2006-07 fiscal on the back of robust sales and production.
By PTI |
NEW DELHI: Fertiliser major IFFCO on Monday posted an all time high turnover of Rs 10,295 crore and a net profit of Rs 176 crore during 2006-07 fiscal on the back of robust sales and production.
However, IFFCO's profit before tax declined to Rs 251 crore against Rs 398 crore in the year-ago period, the leading cooperative said in a release.
"The profit before tax has reduced by about Rs 147 crore mainly because of 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 Rs 113 crore towards funding of large subsidy receivables from the government due to inordinate delay in release of subsidy also contributed in the dip in the profit before tax (PBT).
"The adjusted PBT by adding the above factors will have worked out to Rs 510 crore," IFFCO said.
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The cooperative achieved the highest ever production of 70.12 lakh tonne fertiliser material comprising 37.86 lakh tonne urea and 32.26 lakh tonne NPK/DAP.The sales also registered a growth of 5 per cent at a record high of 86.10 lakh tonne during 2006-07 compared to 81.95 lakh tonnes in the previous year.
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