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ITI Limited Announces Financial Results for the Quarter Ended December 31, 2017

Posted On: 2018-02-17 02:11:04

ITI Limited, country's first PSU post-independence and premier telecom manufacturing company announced the financial results for the quarter ended 31st December 2017 with a profit of Rs 86 crores without any government grants.

Company's total income for the period ended December 31, 2017 was Rs 922 crores up and net profit for the period was increased by 109 % to Rs. 19 crores for the period ended December 31, 2017 without any aid from government as against the loss of Rs 203 crores for the previous year. As on 31.12.2017, ITI's order book position is Rs. 2137 Cr.

Highlighting the company's achievement for the year 2016-17, Shri S Gopu, Chairman & Managing Director, ITI Limited said, "After a gap of 16 years, ITI Limited has achieved this profit for the third quarter which is a remarkable feat towards ITI's revival. Out of our five units, four units have registered a significant profit. ITI is now heading towards a great financial year 2017-18 as the company has won Rs 8000 Cr deal of Army Static Switched Communication Network (ASCON) from the Ministry of Defence, Rs 800 Cr order for the supply of Smart Energy Meters from Energy Efficiency Services Limited (EESL)."

ITI Limited has achieved a significant milestone by being a part of phase I of Government of India's flagship project "BharatNet" connecting over One Lakh Gram Panchayats across the country with high speed optical fibre network. The project envisages hi-speed broadband connectivity at an affordable price in over 2.5 lakh villages. The Company has received Certificate of Appreciation from Hon'ble Union Minister of Communications for its significant contribution, as an Equipment Supplier for the BharatNet Phase 1. The tenders for phase II project are announced and ITI is making all out efforts to participate in all the tenders.

As part of Ministry of Urban Development's 'Swatch Bharath' mission to manufacture feedback devices to civic bodies of different states, ITI has already installed 1000 devices in municipal corporations of Delhi, Karnataka, Tamil Nadu, Gujarat & Telangana states.

ITI is also setting up a Data Centre with a rack space of 24,000 Sq ft. The company has plans to make 150 racks space ready by March 2018. With the support of Government of India, ITI has upgraded the electronics manufacturing infrastructure to supplement indigenous manufacturing.

Shares of ITI LTD. was last trading in BSE at Rs.117.65 as compared to the previous close of Rs. 119.6. The total number of shares traded during the day was 115351 in over 1134 trades.

The stock hit an intraday high of Rs. 123 and intraday low of 116.6. The net turnover during the day was Rs. 13700597.


Source: Equity Bulls

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