New Delhi: State-run ITI Limited saw a 15 percent rise in their shares, thanks to a massive jump in its net profit for the December quarter. According to the public sector enterprise, its net profit has multiplied to a whopping Rs 168.25 crore from Rs 13.58 crore for the year-ago period.
ITI Ltd has also witnessed a substantial rise in its revenue from operations. A 47 percent increase to Rs 827.95 crore has been achieved from Rs 563.23 crore in the same quarter of 2018. The company said for the first time in 16 years its net worth has turned positive.
"Despite several challenges, ITI has consistently exhibited resilient performance. The company is focusing on strategic areas and is intending to maintain steady growth. With the strategy of project implementation, manufacturing and marketing, it has achieved this breakthrough. We are tying up with various agencies to position ITI as a manufacturer of IoT products," ITI CMD Rakesh Mohan Agrawal said.
Agarwal said steps such as infrastructure upgrade and modernisation have borne fruits for the company and that they would continue to strive for improvement.
"During the quarter, the company undertook several measures to reduce operating costs, increase operational efficiency and improve productivity. These measures include modernised and upgraded infrastructure, equipment and technology, emphasis on R&D and innovation and continued training and improvement of our employees' skills," he added.
ITI Limited is a public sector undertaking in the telecommunications technology segment established as a departmental factory in 1948. The company is manufacturing a diverse range of Information and Communication Technology (ICT) products/solutions to hone its competitive edge in the convergence market by deploying its rich telecom expertise and vast infrastructure.