ITI Limited has announced a net profit of Rs. 111 crore profit as per the approved audited financial results for FY2018-19, compared to a profit of Rs. 102 crore in FY2017-18.
The company’s total turnover for the period ended March 31, 2019 was Rs. 1,894 crore as compared to Rs.1,703 crore for the previous period ended March 31, 2018 showing a growth of 11 percent.
Highlighting the company’s achievement for the year 2018-19, K Alagesan, Chairman & Managing Director, ITI Limited said, “It is a happy moment of accomplishment as we continue the success mission in the second year after a long drought of 16 years. It is a phenomenal jump in the performance of the company which improved by 11% compared to the previous year. ITI is now firm on a sound order book and is poised to scale newer heights in the coming years.”
“We have taken number of initiatives on improving our business prospects by partnerships in the upcoming areas of technology. We have set up testing labs in association with TEC, which would help the product companies to test their devices for mandatory certification. We have set up a new tier 3+ data centre with 1,000 rack space, which may help many start-ups and other companies to store the data within the country. The employees at ITI are motivated and the momentum is positive. We hope to achieve much better results in the coming years,” added Alagesan.
Some key milestones achieved by the company in FY2018-19) include: GujaratNet order (Part of BharatNet Phase II) from government of Gujarat and the same is under execution; process of signing the contract with the Ministry of Defence for the ASCON phase IV project; setting up 18MWp facility for manufacturing of solar panels in Naini; and only PSU which got accreditation from NPCI for Rupay credit/debit.
The company is committed to the government of India initiatives like Make In India, Digital India, Swatch Bharat, Skill India and Smart City.
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