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ITI Limited declares PAT of Rs 150.86 crore for FY 2019-20

ITI Limited has posted a profit after tax (PAT) of Rs 150.86 crore and gross turnover of Rs 2,403.45 crore for FY2019-20

ITI Limited has posted a profit after tax (PAT) of Rs 150.86 crore and gross turnover of Rs 2,403.45 crore for FY2019-20.

Bengaluru: ITI Limited, a Miniratna PSU under Department of Telecommunications, has posted a profit after tax (PAT) of Rs 150.86 crore and gross turnover of Rs 2,403.45 crore for FY2019-20 ended March 31. The PAT figure marks a 63.02 percent rise in net profit when compared to a profit of Rs 92.54 crore in the previous financial year.  

Highlighting the company’s achievement for the year 2019-20, ITI Limited's Chairman & Managing Director (CMD) RM Agarwal said, “It’s a collective effort of our employees who have not only changed the momentum of ITI’s overall business but they have also succeeded in posting a remarkable achievement despite nationwide lockdown due to Coronavirus (COVID-19) announced in the last week of the fourth quarter of FY2019-20. It is a phenomenal jump in the performance of the company which is improving year on year."

“We have taken a number of initiatives on improving business prospects by transformed strategy for manufacturing, marketing, and management of projects. We are also positioning the company in the upcoming areas of 4G upgradable to 5G manufacturing, manufacturing of IoT based products and services, IT & telecom equipment manufacturing. Under the EMC 2.0 scheme of the Ministry of Electronics and Information Technology (Meity), the company is also planning to set up an electronic manufacturing cluster for which 200-acre land in Bengaluru has been earmarked. We have set up a new tier 3+ data centre with 1,000 rack space, which may help many government agencies, banks, PSUs, corporates and start-ups to store the data within the country. To help startups under the startup India mission, the company has established a startup hub ‘Vinyas’ at its Bangalore plant to help them in realizing their ideas into products and also facilitate various services towards rapid prototyping in PCB fabrication, assembly, SMT line, mechanical fabrication, plastic molding, 3D printing, IoT etc.,” Agarwal added.

"It’s a collective effort of our employees who have not only changed the momentum of ITI’s overall business but they have also succeeded in posting a remarkable achievement despite nationwide lockdown due to Coronavirus (COVID-19) announced in the last week of the fourth quarter of FY2019-20" : ITI Limited's CMD  RM Agarwal

To strengthen the objective of the government’s Aatmanirbhar Bharat Abhiyan and to prevent the spread of coronavirus, the company has recently signed a transfer of technology (ToT) agreement with Defence Research & Development Organization (DRDO) to manufacture portable ventilators at its manufacturing plants. The company has already started manufacturing of face shields at its Bengaluru-based manufacturing unit. The 3D designed unique and safe face shield provides complete protection to the facial area, including eyes, nose, and mouth from sprays and droplets. The company is now producing 5,00,000 face shields per month which may be enhanced to 15,00,000 face shields per month in the coming months.

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