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Telecom tech firm ITI’s loss widens to ₹102 crore

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.

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Printable version | Oct 23, 2020 2:07:09 AM | https://www.thehindu.com/business/telecom-tech-firm-itis-loss-widens-to-102-crore/article32718847.ece

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