Public sector undertaking ITI Ltd. on Monday reported a net loss of ₹102.29 crore for the quarter ended June 30, compared with the ₹61 crore loss a year earlier.
“We faced headwinds from the nationwide lockdown during April-June quarter,” said Rakesh Mohan Agarwal, CMD.
“Our factories were under a complete lockdown for the first 20 days of the quarter,”he added.
During the quarter, ITI recorded a revenue of ₹165 crore, or 2.5% more than the year-earlier period. Of this, 56% came from services and 42% from turnkey projects, it said in a filing.
Mr. Agarwal said during the quarter, ITI signed an MoU with Tech Mahindra for the creation of next-generation wireless network. The synergistic benefits derived from this collaboration would help India to become self-sufficient in telecommunications. The company also forged a similar collaboration with TCS to provide various IT-enabled services.
“More such tie ups are in the pipeline. We received a letter of intent and order from Bharti Airtel for fibre-to-the-home (FTTH) roll-out in eight circles,” he said.
“We have also signed a transfer of technology agreement with Defence Research & Development Organisation to manufacture portable ventilators at its manufacturing plants,” he added.
ITI’s total order book, including advance purchase orders, as at September stood at over ₹11,000 crore.
