Public sector undertaking ITI Ltd. on Monday reported a net loss of ₹102.29 crore for the quarter ended June 30, compared with the ₹61 crore loss a year earlier. “We faced headwinds from the nationwide lockdown during April-June quarter,” said Rakesh Mohan Agarwal, CMD.“Our factories were under a complete lockdown for the first 20 days of the quarter,”he added.During the quarter, ITI recorded a revenue of ₹165 crore, or 2.5% more than the year-earlier period. Of this, 56% came from services and 42% from turnkey projects, it said in a filing. Mr. Agarwal said during the quarter, ITI signed an MoU with Tech Mahindra for the creation of next-generation wireless network. The synergistic benefits derived from this collaboration would help India to become self-sufficient in telecommunications. The company also forged a similar collaboration with TCS to provide various IT-enabled services.“More such tie ups are in the pipeline. We received a letter of intent and order from Bharti Airtel for fibre-to-the-home (FTTH) roll-out in eight circles,” he said. “We have also signed a transfer of technology agreement with Defence Research & Development Organisation to manufacture portable ventilators at its manufacturing plants,” he added.ITI’s total order book, including advance purchase orders, as at September stood at over ₹11,000 crore.
A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath