In the 43rd Annual General meeting of the KRIBHCO, the second leading fertilizer producing farmers’ cooperative, its Chairman Dr Chandra Pal Singh Yadav informed that the co-op titan has once done well by earning a profit of Rs 763.16 crores (before tax) during the financial year 2022-23.
The AGM was held at Siri Fort Auditorium and was attended by all the Board members along with Special invitees including NCUI President Dileep Sanghani, IFFCO-Tokio Chairman K Sriniwas Gowda and IFFCO Board member Jayesh Radadia. Kribhco Chairman yet again announced a dividend at the rate of 20% on equity capital for the financial year.
The Annual Accounts of the Society was approved by the RGB members, who have come from various states of the country. In his presidential speech Chandra Pal dwelt extensively on the performance of the co-op titan in various sectors such as production, marketing and CSR.
Urea production of KRIBHCO during the year 2022-23 was 22.21 Lakh MT and ammonia production was 13.24 Lakh MT with capacity utilization of 101.20% and 106.16% respectively, said Chandra Pal adding the product range of the Society includes not only Neem Coated Urea but also Biofertilizers, Manure, Certified Seeds, Bt Cotton Seeds, Hybrid Seeds, etc. KRIBHCO sold 57.08 lakh metric tonnes of fertilizers (urea as well as complex fertilizers) during 2022-23, he stated.
KRIBHCO’s wholly owned subsidiary KRIBHCO Fertilizers Limited (KFL) has produced the highest ever quantity of 10.95 Lakh MT Urea and 6.74 Lakh MT Ammonia with capacity utilization of 126.65% and 134.30% respectively.
Rajan Chaudhary, Managing Director, KRIBHCO informed the distinguished gathering that KRIBHCO has maintained the highest standards of achievement in terms of production and other parameters. He also informed that the society’s subsidiary company KFL has performed well and announced a 6 percent dividend.
To promote balanced fertilization, KRIBHCO has imported the highest quantity of DAP, NPK/S fertilizers. To diversify its operations, KRIBHCO has incorporated two wholly owned subsidiaries, KRIBHCO Agri Business Limited (KABL) and KRIBHCO Green Energy Pvt. Ltd.
In the very first year of operation KABL earned profits and has achieved a turnover of Rs 200 crore.
KRIBHCO Green Energy Private Limited has three plants being built at Hazira, Nellore and Jagtial in Gujarat, Andhra Pradesh and Telangana respectively. Production in these plants is expected to start from the year 2024.
In line with the vision of the Government of India “Prosperity through Co-operation” and to promote adoption, availability and increase the current seed replacement rate of good quality seeds, KRIBHCO has become the lead promoter of Bharatiya Seed Co-operative Society Limited (BBSSL), said Chandra Pal.
To promote and manage the entire supply chain of agricultural produce exports by involving grassroots level cooperative societies, KRIBHCO has also jointly promoted National Cooperative Export Limited (NCEL). Both these initiatives have been taken with the active support and guidance of the Ministry of Cooperation, Government of India.
On this occasion, KRIBHCO also honoured two eminent co-operators for their great contributions to the co-op movement in the country. Srinivas Gowda from Karnataka was awarded the KRIBHCO Sahakarita Shiromani Award and Jayeshbhai Radadiya from Gujarat was given the KRIBHCO Sahakarita Vibhushan Award.
Chandra Pal also thanked the govt of India and several states’ govts for their support.
Several delegates also spoke on the occasion stressing the need to conduct more study tours for the members. A Haryana delegate demanded more supplies of fertilizer to Ambala. Chairman assured him that the same would be attended to within a month.
