ITI Limited announces financial results for 2016-17, records profit of Rs. 305 cr
The Board of Directors of the company approved the results for the quarter ended March 31, 2017 and the audited results for the full year ended March 31, 2017 at their meeting held in Delhi.
Company’s total income for the year ended March 31, 2017 was 1,903 crores up from 1,674 crores for the year ended March 31, 2016. Net profit for the period before tax (after exceptional and/or extraordinary items) increased by 21% to Rs 305 crores for the year ended March 31, 2017 as against 251 crores for the previous year.
As on date ITI has order book of Rs. 1600 Cr. The net profit figures for both financial year 2015-16 and 2016-17 are after taking into account grants from government of India.
Further, ITI’s loses have drastically come down to 56 crores in 2016-17 from 247 crores in 2015-16 without any government grants which is an incomparable organizational achievement for the company.
Highlighting the company’s achievement for the year 2016-17, S Gopu, Chairman & Managing Director, ITI Limited said, “I am delighted with the company’s financial performance along with the strategic initiatives the company has taken in last one year. This will allow us to continue to drive strong revenue growth and improved profitability in the coming years."
“ITI also plans to explore business opportunities in the IoT, e-Governance, ICT areas in addition to telecommunication and defence projects. ITI is committed to the “Make in India” and “Skill India” initiatives of Government of India. With the support of Government of India, ITI has upgraded the electronics manufacturing infrastructure to supplement indigenous manufacturing. The Board has approved the further issue of equity shares through follow on public offer subject to necessary approvals from the statutory authorities and shareholders for meeting SEBI’s 25% minimum public shareholding compliance requirement and also to meet internal working capital requirement,” added Shri Gopu.
Recently ITI has bagged various orders through competitive bidding including orders from BBNL, BSNL and RailTel for supply of GPON equipment for Government of India’s flagship project “BharatNet”, which is providing broadband facility to over 2.5 lacs Village Panchayats in India. ITI is committed to the Prime Minister’s vision of “Swatch Bharath”.
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