ITI December Quarter Profit Zooms To Rs. 168 Crore

State-owned ITI on Monday said its consolidated net profit grew manifold to Rs 168.25 crore for the December 2019 quarter. The company had posted a net profit of Rs 13.58 crore in the year-ago period, ITI said in a BSE filing.

Its revenue from operations rose 47 percent to Rs 827.95 crore in the quarter under review from Rs 563.23 crore in October-December 2018, it added. The company said its net worth has become positive after a period of 16 years.

“Despite several challenges, ITI has consistently exhibited resilient performance. The company is focusing on strategic areas and intending to maintain a steady 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,” ITI CMD Rakesh Mohan Agrawal said. The company has a sound order book and is poised to take off from here, he added.

“During this quarter, the company has undertaken several measures to reduce operating costs, increase operational efficiency and improve productivity. These measures include modernised and upgraded infrastructure, equipment and technology, emphasis on R&D and innovation and continued training and improvement of our employees’ skills,” he said. The company will continue to take further measures in the area of cost control in the coming quarters, Agrawal said.

Besides, the company’s board appointed Rajeev Srivastava as the Chief Financial Officer. Srivastava – General Manager Corporate Finance – has taken charge as CFO of ITI on January 6, 2019, the filing said.

Before joining ITI, he worked with the Government of India as Director (Accounts)/Senior Accounts Officer from December 1990 to December 2018, it added.―Devdiscourse