Odisha's Seeds Corporation records profit

BHUBANESWAR: Struggling to survive in adverse market conditions, the State-run Odisha State Seeds Corporation (OSSC) has registered a profit for the third consecutive year. The corporation has made a profit of Rs 4.01 crore in 2021-22 by doing business to the tune of Rs 177 crore.

This was announced at the 44th annual general meeting of OSSC, which met here last week. The corporation has planned to do business of about Rs 150 crore in the current financial year and has set a target to achieve a profit of Rs  3.2 crore, said Managing Director of the Corporation Jyoti Ranjan Mishra.

Though the State PSU has a negative worth of Rs 2.44 crore as on March 31, 2020 after eroding its paid-up capital of Rs 2.63 crore (as per the latest CAG report), it had earned a net profit of Rs 24 lakh after tax in 2019-20 and Rs 11 lakh in 2018-19.

The AGM also approved the decision of the corporation to share 11 per cent of its profit with the shareholders. The decision to share profit with the shareholders was taken at the January 25 meeting of the corporation’s Board of Directors. 

Farmers representative in the OSSC Board of Directors Ashok Baral who chaired the AGM told this paper that the corporation sold 2.56 lakh quintals of certified seeds against a target of 4.5 lakh quintals.