ITI turns profitable after 16 years in Q3 FY18
State-owned ITI Ltd today said it became a "profit-making company" after a gap of 16 years in the third quarter of 2017-18.
The telecom manufacturer, which had been ailing for long, posted a higher turnover at Rs 1,701 crore in 2017-18 as compared to Rs 1,621 crore in the previous fiscal.
The company had registered a net profit of Rs 27 crore in the third quarter of 2017-18 without any grants.
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"Company's total turnover for the period ended March 31, 2018 was Rs 1,701 crore as compared to Rs 1,621 crore for the previous period ended March 31, 2017," ITI Limited said in a statement.
"...After sick for 16 years, ITI has been able to turnaround from the loss incurring company to a profit making company. This has been possible by timely decision, prudent financial measures and proactive business initiatives," ITI Limited Chairman and Managing Director S Gopu said.
He said that that enhancing manufacturing and diversification into emerging areas of business like internet-of-things, smart city etc have given company new prospects of revenue.
The company said that its order now stands at Rs 3,671 crore after it bagged several projects.
"ITI Naini unit has emerged as the solar unit of ITI, which is planning to set-up 500 KWp capacity of solar energy generation for captive use. Also unit would implement 10 MWp project in association with CER and Tata Power Trading Company Limited," the statement said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)