Nafed registers record turnover of Rs 2311 cr in FY-'03

NEW DELHI: Driven by increased international trade in commodities and price support operations, Nafed (National Agricultural Cooperative Marketing Federation) has posted a 17 per cent increase in net profit to Rs 4.14 crore in 2002-03 from Rs 3.54 crore in the previous year.

The cooperative has shown a record turnover of Rs 2,311.82 crore, up 39 per cent from Rs 1,665 crore in 2001-02.

Releasing the results during the Annual General Meeting of the cooperative, Managing Director P K Agarwal said, "Price Support Scheme (PSS) operations continue to be the Federation's mainstay and contributed Rs 1,402 crore to the total highest ever turnover of Rs 2,312 crore last fiscal".

Under the PSS, Nafed is the nodal agency for procurement of oilseeds and pulses when the market rates fall below the Minimum Support Price.

Federation's Chairman Ajit Kumar Singh said it has taken a whole range of initiatives including diversifying into non-traditional areas of business like consumer marketing, sale of fertilisers and seeds.

He said Nafed has taken up exports and domestic marketing of agri-commodities on tie-up basis through business associates. It is also constructing cold storages and general purpose warehouses at various strategic locations.

It envisages entering into insurance business by becoming the agent of Iffco-Tokio General Insurance Company, he added.

Agarwal said Nafed procured 83,239 tonnes oilseeds valued at Rs 118 crore and sold 1.11 lakh tonnes of oilseeds and oils valued at Rs 150.19 crore in its commercial account. Under PSS it procured 4.80 lakh tonnes oilseeds for Rs 662 crore.

PTI[ FRIDAY, AUGUST 01, 2003 07:08:15 PM ]