ITI Posts 124% Growth In Q3, Revenue Touches Rs 563 Cr

State-run telecom gear making firm ITI has posted an impressive 124% growth its revenue for the third quarter ended 31 December 2018. In Q3, 2018, the company has posted revenues of Rs 563.23 crore as compared to Rs 251 crore a year ago, in Q3, 2017.

On a quarterly basis too, the firm that has been declared as a ‘sick’ company, has also posted an impressive growth of 99% in Q3 2018 as against its Q2 revenue of Rs 284 crore.

The Company is a Sick Company as per provisions of Sick Industrial Companies Act(SICA), 1985. CCEA has approved a financial assistance of 4156.79 crore in February, 2014, for revival of ITI under Rehabilitation Scheme.

In terms of net profit for the quarter, the firm pocketed Rs 14 crore in Q3 as against Rs 8 crore in Q2, the same year. However, if we compare on a yearly basis, there is big drop in its net profit, of almost82%. In Q3 a year back, ITI’s net profit was Rs76 crore.

ITI’s total revenue for the whole financial year, from April 2018 to December 2018 or for the nine month period, was Rs 1035 crore as against Rs 685 crore for the same period a year ago.

 

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