ITI Q2 net narrows to Rs 7.56 cr

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State-owned ITI Limited on Saturday said its consolidated net profit narrowed to Rs 7.56 crore for the second quarter ended September 30, as against Rs 46.11 crore in the year-ago period.

The company’s total revenue, however, rose to Rs 408.24 crore in the July-September quarter, from Rs 306.91 crore in the corresponding quarter of the previous year, ITI said in a regulatory filing.

During the quarter under review, its total expenses shot up to Rs 400.68 crore from Rs 260.80 crore in the year-ago period, it added.

ITI Limited had recently filed draft papers with capital markets regulator Sebi to float a follow-on public offer (FPO), a move that will help the telecom PSU meet the minimum 25 per cent public shareholding norm.

The company is primarily engaged in business of manufacturing, trading and servicing of telecommunication equipments and rendering other associated ancillary services.

Source: The Hindu