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 Cr 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.
Shri Rakesh Mohan Agrawal, CMD, ITI said on the occasion, "It is a momentous occasion to declare a net profit of Rs. 168 Cr. 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 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. 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).
Shares of ITI LTD. was last trading in BSE at Rs.91.65 as compared to the previous close of Rs. 94.8. The total number of shares traded during the day was 84680 in over 1075 trades.
The stock hit an intraday high of Rs. 94.4 and intraday low of 90.8. The net turnover during the day was Rs. 7824581.