ITI declares PAT of Rs. 150.86 Cr for FY2019-20

ITI has posted a Profit After Tax (PAT) of Rs. 150.86 crore and gross turnover of Rs. 2,403.45 crore for the financial year ended March 31, 2020.

ITI made 63.02% rise in the net profit as per the approved audited financial results for the year 2019-20, compared to a profit of Rs. 92.54 crore for the previous period ended March 31, 2019.

Highlighting the company’s achievement, RM Agarwal, Chairman & Managing Director, ITI 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 COVID-19 announced in the last week of 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 transforming 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,” added Aggarwal.

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 a 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 start-ups under the start-up 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 facilitates various services towards rapid prototyping in PCB fabrication, assembly, SMT line, mechanical fabrication, plastic molding, 3D printing, IoT etc.,” added Aggarwal.

To strengthen the objective of Government of India’s Aatma Nirbhar 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.

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