The farmers’ fertiliser cooperative IFFCO has posted a 17.40 per cent increase in turnover to Rs 29,000 crore in 2015-16 on account of higher sales of soil nutrients. The cooperative’s turnover stood at Rs 24,500 crore in the previous fiscal, IFFCO’s Managing Director U S Awasthi told PTI.
The IFFCO known for keeping dates with calendar gets its account audited by mid-April every year. “This year also we are done with our job and on April 16 you can see the entire audited accounts”, said its Joint Managing Director Rakesh Kapur entrusted with the job. Kapur is an ex-IRS Officer and has been with the IFFCO for the last 16 years.
Giving details of the turnover and other indices of growth, Kapur echoed Dr Awasthi’s words and said total fertiliser sales have increased to 130 lakh tonnes including 78.7 lakh tonnes of urea in 2015-16 compared to 111 lakh tonnes in the last fiscal.
“Despite rise in subsidy arrears due to the government of Rs 8,500 crore in 2015-16, the cooperative’s turnover has gone up because of its overall efficient performance,” Awasthi informed PTI. Last year the subsidy arrears of the cooperative were at Rs 7,500 crore.
An expert in financial planning Kapur is credited with ensuring sound auditing and accounting standards for the cooperative behemoth by working in close cooperation with the IFFCO MD, sources add.
The IFFCO is currently preparing for the AGM scheduled for May 25. Among cooperatives in the country it holds its AGM at the earliest. Having more than 40 thousand cooperative societies as its members delegates are expected to come from every state. The IFFCO represents farmers counting crores, said an official.