Gujarat Marketing Cooperative-Gujcomasol earned an impressive net profit of Rs 24 crore in the 2022-23 financial year, beating all its past records. The profit tripled in comparison to previous year i.e. 2021-22.
It was revealed by its Chairman Chairman Dileepbhai Sanghani, who doubles as the Chairman of NCUI & IFFCO, during a press conference held last week.
“The total turnover of the Gujcomasol crossed to more than Rs 4700 crore in the 2022-23 FY. Whereas, the net profit of the society increased from Rs 7.22 (2021-22) to Rs 24 crore as on 31st March 2023. Again, this year, we proposed to pay 22 percent dividend to our shareholders”, said Sanghani.
He further added, “The total sales of fertilizer and sales of seed increased to Rs 1821 crore and 107 crores respectively. The maximum fertilizer was supplied by IFFCO, KRIBHCO, GSFC and GNFC. During the financial year, Gujcomasol earned a gross profit of Rs 70 crore. Earlier i.e. 2021-22 it was Rs 11.72 crore”.
Talking to the Indian Cooperative, Gujcomasol Chairman Dileep Sanghani said, “We have performed well on all the financial parameters and with new business plans and schemes, we are able to earn an impressive net profit in the 2022-23 FY. During the financial year, we reduced the cost of management.
“We are making efforts to open new avenues for the development of Gujcomasol. We will sell our products and other things through Gujco Mall. It is one of its kind in which farmers and others will get agriculture inputs and other things under one roof”, he added.
Besides, Gujcomasol is also making efforts to increase the sales of Nano urea based on Nano technology, which is developed by IFFCO. In this regard, it has been organizing farmers’ meetings and field demonstrations at the village level in collaboration with IFFCO for creating awareness.
During the year, the federation opened its own depots to sell fertilizers, seeds, pesticides and other inputs to farmers as well as cooperatives. The federation has its own 157 godowns having storage capacity of 2.10 lakh metric ton.
It is worth mentioning that under the leadership of Sanghani, the marketing cooperative body is growing well in the entire context. He took charge as the Chairman of Gujcomasol on 17th July 2017. In 2016-17, the turnover was Rs 1626 crore but in 2022-23, it has been increased to Rs 4700 crore.
It bears recalling that last year Union Home and Cooperative Minister Amit Shah inaugurated a new building of Gujcomasol at GIDC in Gandhinagar. The newly constructed head office of Gujcomasol is spread over a big area becoming a Farmers’ Hub.