Business

ITI posts net profit of ₹168 crore in Q3

Public sector undertaking ITI Limited has posted a turnover of ₹919 crore and a net profit of ₹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, ITI said here on Monday.

Announcing its unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, ITI CMD Rakesh Mohan Agrawal said, “It is a momentous occasion for the company. 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.''

Mr. Agrawal said ITI had undertaken several measures to reduce operating costs, increase operational efficiency and improve productivity. Some of these measures included modernised and upgraded infrastructure, equipment and technology, emphasis on R & D and innovation and continued training and improvement of our employee’s skills. The company would continue to take further measures in the area of cost control in the coming quarters.

“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 added.

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Printable version | Apr 10, 2020 11:42:53 PM | https://www.thehindu.com/business/iti-posts-net-profit-of-168-crore-in-q3/article30496800.ece

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