BANGALORE / MUMBAI, 6 JANUARY, 2020 (GPN):  ITI Limited (ITI) declared its unaudited standalone and consolidated financial results for the Third Quarter and nine months ending December 31^st, 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).

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About ITI Limited:

ITI Limited is a public sector undertaking in the telecommunications technology segment. The company has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru and 8 regional offices in India, which were located at Bengaluru, Bhubaneshwar, Chennai, Hyderabad, Kolkata, Lucknow, Mumbai and New Delhi as well as 17 area offices spread across the country. The company has a diverse suite of products including defence security encryption products; optical and data network products and passive infrastructure products such as gigabit passive optical network and manage leased line products; multi-capacity encryption units, electrical products such as smart energy meters, smart cards, solar panels, set-top boxes and mini personal computers and Internet of Things products.  Besides offering the telecom solutions and customized support, ITI has a dedicated Network System Unit for executing turnkey projects for installation and commissioning of telecommunication networks. The company intends to upgrade and invest in the technology, through the acquisition of technology from strategic partners with a specific focus on high growth industry segments. The company operates a data centre at Bengaluru and currently also offers its services to government institutions/departments, banks etc.