Like every year, IFFCO MD Dr U S Awasthi has again shared the details of the co-op titan’s performance on the last date of the financial year 2020-21. Despite the Covid constraints, IFFCO has performed fabulously with an all-time high profit zooming past Rs 2300 crore before tax.
Highest ever production of fertilizers, their marketing and diversification of products are some of the other highlights the MD has described in his letter to all the stakeholders. Last but not least, the enthusiasm of Nano range is reflected amply in his writing–Editor
Excerpts:
Dear Friends,
I hope that you and your family are safe and in the best of health.
Financial Year 2020-21 was indeed a challenging year for us. Faced with unique operational constraints due to the COVID-19 pandemic, normal course of doing business was impacted to a great extent and we had to really push ourselves to maintain a steady rhythm. However, I am glad to share that with excellent teamwork, collective efforts and dedication, we were able to weather the storm and achieve impressive results for FY 2020-21.
Despite difficult times, logistic issues and mobility restrictions, our efficient operations resulted in production of 89.58 Lakh MT of fertilisers, which included 46.75 Lakh MT Urea, 19.24 Lakh MT DAP and 42.83 Lakh MT NP/NPK/DAP/WSFs. We were able to achieve dispatches of 132.99 lakh MT Urea/NP/NPK/DAP/WSF and other Specialty Fertilizers during FY 2020-21 from IFFCO’s Plants at Kalol, Phulpur, Aonla, Kandla, Paradeep and various Ports. Correspondingly, we were able to achieve a highest sale of 136.55 Lakh MT of fertilisers. Our Profit Before Tax is expected at an all time high of more than 2300 Crore for FY 2020 – 21.
It gives me immense pleasure to share that IFFCO is finally geared up to commence the commercial production of its next generation innovative fertilisers, which we expect to launch shortly in our continuous efforts to provide environment friendly farm inputs to farmers.
I am also happy to share that despite numerous operational challenges, all our teams worked with excellent coordination and synergy. Due to restricted physical movements, we leveraged on our excellent IT infrastructure to stay connected with each other seamlessly. All the important meetings were held virtually as per work plan. I even undertook virtual visits to all the plants to review the performance and interact with personnel.
Due to the pandemic, we also suffered losses of human life. Some persons succumbed to COVID 19 including Sh. Kamal Verma, our former head of finance who was an efficient and hard-working teammate. We pray to the Almighty to grant peace to the departed souls and strength to their families to bear the loss.There were challenges on the production front as well. Two unfortunate accidents at our Phulpur plant were a big shock for all of us.
Expert Committees were immediately constituted to investigate these accidents. We have also taken urgent steps to further beef up the safety measures in all our plants. But the loss of our team-mates and workers has devastated us, and we understand that no amount of compensation can truly compensate for the loss that their families had to endure. However, in this hour of need we stand with the bereaved families in all possible ways within the organisation’s framework. Let me assure you that we at IFFCO are known the world over for our technical prowess. Our technical team is truly world class with some of the best engineers in the trade today. Though we had to take some decisive and drastic steps, including disciplinary actions against some of our colleagues with great pain, I am confident that the technical team will take due cognizance and do their best to avoid such accidents in future.
Our focus for FY 2021-22 is to reiterate our resolve on plant health, safety and environment along with an increased focus on innovations. We aim to innovate in every aspect of organization function with increased productivity without compromising on quality. Our aim is to make IFFCO a happy, safe and healthy organization. This would only be possible if we collectively work towards it.
Friends, in the last one year, COVID 19 has changed the entire world. It has disrupted the normal way of human life and ushered in a new normal. But we, as proud Indians led by our Hon’ble PM Sh. Narendra Modi Ji, have taken this enemy as well as various other challenges head on. With our collective resolve and indomitable spirit, we have fought the virus valiantly. I am confident that we will come out of this stronger, and with several remedies in the pipeline, we will be able to defeat this virus once and for all. Till that time, urge everyone to wear a mask, wash your hands regularly, practice social distancing and stay optimistic.
I would like to thank our Chairman Sh. B.S Nakai, our Vice- Chairman Sh. Dileep Sanghani and all the Directors on the Board of IFFCO for their continued support and direction. I would also thank all the employees of IFFCO, IFFCO Employees Union and IFFCO Officers Association for their constant support to the management. express my gratitude to the Department of Fertilizers, Ministry of Agriculture, Cooperation and Farmers Welfare along with Indian and International Media for their valuable support and assistance from time to time.
I take this opportunity to congratulate the management of all our Joint Ventures, Subsidiaries and Associates for their outstanding performance.
On this note, I wish you all the very best for the new FY 2021-22.
Dr U S Awasthi
Managing Director
IFFCO Sadan
New Delhi