Krishak Bharati Cooperative Limited (KRIBHCO), one of India’s leading fertilizer-producing cooperatives, reported a pre-tax profit of Rs 334.12 crore for the financial year 2023-24. The society declared a dividend of 20% on its equity capital for the year.
The annual accounts were approved during its 44th Annual General Body Meeting, held on September 12, 2024, at the NCUI Auditorium, New Delhi. The meeting, presided over by Dr. Chandra Pal Singh, Chairman of KRIBHCO, was attended by the Board of Directors and delegates from member cooperatives across the country.
KRIBHCO achieved notable production figures in FY 2023-24, with urea production at 23.35 lakh MT and ammonia production at 13.88 lakh MT, achieving capacity utilization of 106.4% and 111.32%, respectively.
Expanding its product offerings to meet farmers’ diverse needs, KRIBHCO’s portfolio includes Neem Coated Urea, imported DAP, MAP, MOP, Complex Fertilizers, Bio-fertilizers, Compost, Certified Seeds, Hybrid Seeds, SSP, Zinc Sulphate, Natural Potash, and Seaweed-Fortified Bio-stimulants. In the year, KRIBHCO sold 52.82 lakh MT of fertilizers, including both urea and complex fertilizers.
KRIBHCO Fertilizers Ltd (KFL), a wholly-owned subsidiary, also reported a strong performance, producing 10.66 lakh MT of urea and 6.54 lakh MT of ammonia, achieving 123.23% and 130.46% capacity utilization, respectively. KFL declared a dividend of Rs 14.40 crore for the year.
M.R. Sharma, the newly appointed Managing Director of KRIBHCO, highlighted the sustained high production and operational efficiency standards maintained by KRIBHCO and its subsidiaries.
KRIBHCO has also diversified into new areas to boost farmers’ incomes. Its wholly-owned subsidiaries, KRIBHCO Agri Business Limited (KABL) and KRIBHCO Green Energy Private Limited, have shown significant contributions. KABL reported a turnover of ?821 crore for FY 2023-24, driven by sales of rice, chilies, maize, makhana, and lentils in domestic and international markets. Meanwhile, KRIBHCO Green Energy Pvt. Ltd. is constructing two plants in Hazira, Gujarat, and Nellore, Andhra Pradesh, set to be operational by FY 2024-25.
In line with its commitment to rural development, KRIBHCO’s social arm, Gramin Vikas Trust (GVT), is
celebrating its 25th anniversary in 2024. GVT has impacted 1.5 million lives across 25 states through its rural development initiatives focused on healthcare, education, and gender equality.
Aligned with the Government of India’s “Sahakar Se Samriddhi” vision, KRIBHCO is playing a crucial role in promoting seed and export activities among cooperatives, acting as the lead promoter of Bharatiya Beej Sahakari Samiti Limited (BBSSL) and as a joint promoter of National Cooperative Export Limited (NCEL) under the Ministry of Cooperation’s guidance.
KRIBHCO received several awards from the Fertiliser Association of India (FAI) and other esteemed organizations for its outstanding performance.
During the AGM, KRIBHCO also honored two eminent cooperators for their remarkable contributions to the cooperative movement in India. Sh. Satyendra Narayan Singh from Bihar was awarded the KRIBHCO “Sahakarita Shiromani Award,” and Sh. V.K.S.K. Senthil Kumar from Tamil Nadu received the KRIBHCO Sahakarita Vibhushan Award.
At the close of the session, delegates were invited to provide feedback and suggestions. Several members commended the KRIBHCO team for its stellar performance, with Ram Kalevar Singh from Bihar questioning whether dividends could be raised to 25%. KRIBHCO Chairman Dr. Yadav clarified the legal aspects regarding dividend distribution.
