ITI posted a turnover of INR 919 crore.
ITI Limited (ITI) declared its unaudited standalone and consolidated financial results for the Third Quarter and nine months ending December 31st, 2019-20. The Company posted a turnover of Rs. 919 crore and a PAT of Rs. 168 crore in Q3 of the financial year 2019-20. With this, the company’s net worth has become positive after a period of 16 years.
Rakesh Mohan Agrawal, CMD, ITI said on the occasion “It is a momentous occasion to declare a net profit of Rs.168 crore in the Q3 of FY20. Despite several challenges, ITI has consistently exhibited resilient performance. The Company is focusing on strategic areas and intending to maintain asteady growth.With the strategy of project implementation, manufacturing and marketing, ITI has achieved this breakthrough. We are also tying up with various agencies to position ITI as a manufacturer of IoT products. The company has a sound order book and is poised to take off from here”.
He further added, “During this quarter, the Company has undertaken several measures to reduce operating costs, increase operational efficiency and improve productivity. These measures include modernized and upgraded infrastructure, equipment and technology, emphasis on R & D and innovation and continued training and improvement of our employee’s skills. The company will continue to take further measures in the area of cost control in the coming quarters”.
Shri Agrawal placed on record his appreciation for the contribution and continued support by the Department of Telecommunications (DoT).