INDIAN FARMERS FERTILIZER COOPERATIVE LIMITED(IFFCO)

IFFCO was registered on 03.11.1967 as a multi-unit cooperative Society to manufacture chemicals & fertilizers and supply them to the farmers through marketing outlets in the cooperative sector. IFFCO was the first enterprise to set up fertilizer manufacturing facilities in the Cooperative Sector. Over the years, it has grown to be the largest manufacturer and distributor of fertilizers in India. The society commissioned two fertilizer plants in Gujarat at Kalol & Kandla in 1974-75. In 1981, it expanded the capacity of its Kandla plant and also commissioned a new Urea Plant at Phulpur (U.P.). The fourth fertilizer plant of the society at Aonla (UP) using gas as feedstock from the HBJ pipeline, started commercial production on 16.7.1988. The expansion of Aonla & Kalol units have been completed on schedule & commercial production was started in December, 1996 & August, 1997 respectively. The Phulpur unit was commissioned on 22.12.1997.

The paid up share capital of the Society as on 31.3.1998 was Rs.373.92 crore which included Rs.289.61 crore as the Government of India’s equity. The installed capacities of IFFCO’s plants as on 31^st March, 1998 are as under:

2. PRODUCTION PERFORMANCE

1997-98 (April to March)

During the year 1997-98, IFFCO produced 14.96 lakh MT of Nitrogen and 4.78 lakh MT of phosphate against the target of 13.14 lakh MT of Nitrogen and 3.41 lakh MT of phosphate. The society contributed 15% of Nitrogen production and 16% of phosphate production to overall indigenous production.

During the year IFFCO Plants achieved an overall capacity utilisation of 112% of Nitrogen and 155% of Phosphate, leading the National average. The Society achieved the highest ever annual production of 41.60 lakh MTs of fertilizer comprising of Urea (28.87 lakh MT) and NPK/DAP (12.73 lakh MT) during 1997-98.

1998-99 (April to October)

During the period April 1998 to October 1998 the Society produced 10.58 lakh MT of `N’ against the target of 10.10 lakh MT and 2.71 lakh MT of P2O5 against the target of 3.02 lakh MT.

The details of the actual production during 1997-98 and target of production for 1998-99 together with the details of capacity utilisation are given in Statement-II.

3. FINANCIAL PERFORMANCE

During 1997-98, IFFCO earned the highest ever pre-tax net profit of Rs.474.53 crore and post-tax profit of Rs.438.85 crore. The Society has declared the highest ever dividend @ 16% of equity for 1997-98.

The details of the projects/schemes under implementation/proposed for implementation, estimates of internal/external resources and performance indices are given in Statement-I, Statement-III & Statement-IV respectively.