National Fertilizer Development Centre (NFDC) released the fertilizer statistics for February yesterday. The urea off-take remained satisfactory for the dying months of Kharif season. But the alarmingly low inventory levels signal hefty imports in line for the upcoming Rabi season.

Fauji Fertilizer Company (FFC) has kick started the blue chips financial results season, announcing its 2012 financial results with a seven percent year-on-year slide in profitability. With the competitors yet to announce their annual results, the market expects FFCs performance as good as it would get amongst the industry players, as the company has weathered the negativities rather nicely, not letting profits go down massively.

The Rabi season did not start on a great note in terms of fertiliser application to the soil as the farmers continue to give their lukewarm response to fertiliser buying. Most worrisome is the slowdown in urea off-take which has piled on huge inventories. Urea off-take for October 2012 clocked in at 234 thousand tons - the lowest October level in five years.