Nafed's net profit down 41 pc in FY20; announces 20 pc dividend

During 2019-20, Nafed undertook seed business worth over Rs 27.44 crore, which was distributed to states across the country under various schemes of the central government, it said..

Cooperative Nafed on Wednesday reported 41 per cent drop in net profit to Rs 165.65 crore for 2019-20 financial year on lower income. Its net profit in 2018-19 stood at Rs 279.31 crore and turnover was Rs 20,138.46 crore, according to Nafed's annual report.

''During the year (2019-20), the Federation achieved a turnover of Rs 16,280.98 crore with a net profit of Rs 165.65 crore,'' Nafed Managing Director Sanjeev Kumar Chadha, who placed the performance report before the 63rd Annual General Meeting here, said in a statement. Nafed Chairman Bijender Singh said, ''Nafed has been generating profits for the last three years now accumulating to Rs 670 crore, which is a remarkable achievement.'' Due to the government's support, right policy decisions and hard work of employees, the federation is now continuing on the path of progress both financially and in providing better services to the farming community, he added. The company's board has approved highest ever dividend of 20 per cent to the member federations/societies for 2019-20 for the first time in the history of Nafed, the company said. Nafed is one the Centre's nodal agencies for procurement of oilseeds and pulses under the Price Support Scheme(PSS), in addition to maintaining buffers of pulses on its behalf.

During 2019-20, Nafed said 33,03,157 tonne of oilseeds and pulses valuing over Rs 16,066 crore were procured, which was relatively lower as compared to last year due to lower arrivals at PSS procurement centres on account of firming up of prices. Similarly, Nafed procured 1,11,697 tonne of pulses valuing over Rs 648 crore to maintain buffers on behalf of the government to serve any emergent requirement in the country. Nafed also continued supplying milled pulses to the Army, the Central Para Military Forces and to states under different welfare schemes such as Public Distribution System, Mid Day Meal and ICDS across India out of the national buffer of pulses. During 2019-20, Nafed undertook seed business worth over Rs 27.44 crore, which was distributed to states across the country under various schemes of the central government, it said..