ITI Q1 FY21 income stands at Rs. 165.01 Cr

ITI total income for the quarter is Rs. 165.01 crore in Q1 FY21 as against Rs. 160.95 crore in Q1 FY20, a YoY increase of 2.52%.

EBITDA (without other income) is Rs. (59.84) crore in Q1 FY21 as against Rs. (27.66 crore) in Q1 FY20 was mainly on account of higher employee costs and higher fixed expenses. Net profit/(loss) is Rs. (102.29) crore in Q1 FY21 as compared to Rs. (61.04) crore in Q1 FY20.

Commenting on the performance, Rakesh Mohan Agarwal, Chairman & Managing Director, ITI said, “Like every other industry and sector, our company also faced headwinds from the nationwide lockdown during most of this quarter due to the COVID‐19 pandemic. Our factories were under a complete lockdown for the first 20 days of the quarter. But our determination to make the best use of the situation has yielded positive results. We signed a number of MoUs with market pioneers to venture into new avenues of sustainability and growth.

The COVID 19 pandemic hampered the production and operations of the company. Operations resumed partially in the latter half of the quarter but at a reduced capacity. The Mahanet Project contributed 41.32%, GSM AMC South 8.56%, ASCON AMC 11.19% and contribution from other products was 38.93%. The total order book including advance purchase orders as on 01.09.2020 stands at Rs. 11,010.64 crore of which purchase order is to the tune of Rs. 3,915.29 crore and Advance Purchase order at Rs. 7,095.35 crore.

ITI has signed a Memorandum of Understanding (MoU) with Tech Mahindra to work together in the areas of 4G and wireless technology, equipment manufacturing, smart cities and health care services. ITI is gearing up to participate in the 4G tender expected to be floated by BSNL.

The company has also signed MoU with Tata Consultancy Services (TCS) to work in different IT projects and solutions. ITI has also signed a Memorandum of Understanding (MoU) with Ilantus Technologies to deliver Make‐in‐India, world‐class Identity and Access Management (IAM) solution to government agencies, defence and public sector undertakings to address concerns of cyber threats in the country.

ITI has initiated to bring up a Global Electronics Manufacturing Hub in Bengaluru plant and has ear marked 200 acres of land in the first phase. With this venture ITI plans for creation of world class infrastructure for manufacturing, including common facilities, for attracting major global electronics manufacturers along with their supply chain to set up units in the country.

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