Annual Report: 2024
The 69th Annual Report of Indian Potash Limited (IPL) for the year 2023-24 discusses the company's performance across its various divisions, including fertilizers, dairy and feeds, and sugars & biofuels, against the backdrop of the Indian economy and global trends. The report addresses key financial outcomes, operational strategies, and future prospects.
Ordinary Business (Notice of the 69th Annual General Meeting): The 69th Annual General Meeting will address the adoption of the Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2024. Declaration of Dividend of Rs. 7.50/- per fully paid-up Equity Share of Rs. 10/- each for the Financial Year 2023-24. Re-appointment of Shri Pankaj Kumar Bansal, Shri Rakesh Kapur, and Shri Girish Dayalan who retires by rotation. Ratification / approval of the remuneration of Independent Directors and Cost Auditors for the Financial Year 2024 - 25.
Directors' Report: The fertilizer industry in India plays a vital role in agricultural output, food security, and rural employment, consistently demonstrating growth. IPL has positioned itself to aid balanced fertilization and ensure fertilizer availability nationwide at affordable costs. The report highlights rainfall patterns, noting that despite a delayed monsoon, the country received near-normal rainfall during the southwest monsoon season, with spatial unevenness impacting rabi crop sowing. International prices of raw materials and finished fertilizers showed volatility.
Sales and Financial Performance: First Point Sales for all fertilizer products together (excluding canalized Urea) totaled 5.9 million MTs, down from 6.9 million MTs in the previous year. First Point Sales also reflected decline in MOP and DAP, with a positive growth in Complex Fertiliser sales. Total income for FY 2023-24 was Rs. 22,033.63 Crores, a decrease from the previous year's Rs. 34,010.73 Crores. This degrowth in total income is after considering the negative impact on account of downward revision in subsidy per tonne. Despite the setbacks, Profit Before Tax (PBT) stood at Rs. 1,040.27 Crores, a 2% increase, and Profit After Tax (PAT) was Rs. 777.33 Crores, a 3% increase. Finance costs decreased by Rs. 312.02 Crores. The Sugar Division achieved a profit of Rs. 89.56 Crores, up from Rs. 81.12 Crores in the previous period.
Operational Highlights & Future Outlook: IPL's grain-based distillery project in Odisha faced delays due to policy changes but is expected to commence commercial production in July 2024. The company continues extension and promotion activities to promote balanced fertilization. Project Potash For Life continues to educate farmers on fertilizer use. The company expects to benefit from investments in Grain based distillery project. For 2024-25, the India Meteorological Department predicted above-normal monsoon conditions, potentially boosting agricultural output, despite looming El Nino conditions. Continued demand for fertilizers will be supported by Minimum Support Prices (MSP).
Board and Corporate Governance: The report details changes in the Board of Directors and provides information on the number of board meetings, audit committee meetings, nomination and remuneration committee meetings, and extra ordinary general meetings. Details of corporate social responsibility (CSR) activities undertaken, including preventive healthcare, education, skill development, sanitation, rural development, and conservation of natural resources, are provided.
Auditor's Report & Financial Controls: The auditor’s report expresses a qualified opinion due to an ongoing CBI investigation. Despite this, the company maintains strong internal controls, which it continues to strengthen. The financial statements were prepared following applicable accounting standards. The Board confirms its responsibility for the financial statements.
Subsidiary Performance: Key financial data for IPL Sugars and Bio Fuels LTD. is presented, showing share capital, reserves & surplus, total assets & liabilities, investments, turnover, profit, and country of operation.
CSR Initiatives The company outlines its various CSR initiatives and the budget allocated. Average net profit of the company as per sub-section (5) of section 135 is Rs. 804,56,78,333/-.
Directors’ Responsibility Statement: The Directors confirm that in the preparation of the Standalone and Consolidated Annual Accounts, the applicable accounting standards have been followed and that proper and sufficient care has been taken for the maintenance of adequate accounting records.
Acknowledgement The company is grateful to various ministries and government departments, state governments, and the consortium of Banks for their guidance and co-operation. The Directors acknowledge with gratitude the support of company's distributors, Institutional customers, Overseas and indigenous suppliers, employees of the Company.
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