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The Indian Farmers Fertiliser Cooperative Limited (IFFCO) continues to solidify its position as a leader in the Indian fertiliser market. The cooperative's robust financial performance, innovative ventures like nano fertilizers, and dedication to its vast network of farmers have contributed to its success.
Financial Highlights and Performance
IFFCO has consistently delivered strong financial results. In FY 2023-24, the cooperative achieved a turnover of ₹39,330 crore, a net profit of ₹2,443 crore, and produced over 88.95 lakh metric tonnes of fertilizers and related products. This performance is underpinned by steady subsidy payouts from the Government of India and efficient operations.
IFFCO Kisan Finance: Supporting Rural Credit
IFFCO Kisan Finance Limited, a subsidiary of IFFCO, has also shown impressive growth. The company reported a 12% increase in disbursements, reaching ₹87,002 lacs in FY 2023-24. With a focus on rural markets and a deep connection to the farming community, IFFCO Kisan Finance continues to expand its reach, serving a predominantly rural credit portfolio.
Innovations in Fertiliser Technology
IFFCO is at the forefront of innovation in fertilizer technology with its development of nano urea and nano DAP. These advancements offer the potential to boost farm productivity and contribute to the 'Atmanirbhar Krishi' (self-reliant agriculture) initiative. The cooperative is actively promoting the adoption of these nano fertilizers through national campaigns and plans to procure agri-drones for efficient application.
Global Recognition
IFFCO's contributions have earned it international recognition. It holds the No. 1 position among the top 300 cooperatives worldwide, as ranked by the International Cooperative Alliance (ICA). This accolade reflects IFFCO's significant contribution to India's GDP and its commitment to the cooperative model.
Expanding into Surety Bonds Business
IFFCO-Tokio General Insurance, a joint venture of IFFCO, has recently entered the surety bonds business. This move aims to support infrastructure projects and small contractors, contributing to the growth of a sector projected to reach Rs 3 trillion by 2030.
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