ITI Limited, country's first PSU post-independence and premier telecom manufacturing company, announced the financial results for the quarter ended December 31, 2017 (Q3 2018), with a profit of Rs 86 crore without any government grants.
Company's total income for the period ended December 31, 2017, is Rs 922 crore and net profit for the period has increased by 109 % to Rs 19 crore for the period ended December 31, 2017, without any aid from the government as against the loss of Rs 203 crore for the previous year.
As on December 31, 2017, ITI's order book position is Rs. 2137 crore. Highlighting the company's achievement for the year 2016-17, Shri S Gopu, Chairman & Managing Director, ITI Limited said, "After a gap of 16 years, ITI Limited has achieved this profit for the third quarter which is a remarkable feat towards ITI's revival. Out of our five units, four units have registered a significant profit. ITI is now heading towards a great financial year 2017-2018 as the company has won Rs 8000 crore deal of Army Static Switched Communication Network (ASCON) from the Ministry of Defence, Rs 800 crore order for the supply of Smart Energy Meters from Energy Efficiency Services Limited (EESL)."
ITI Limited has achieved a significant milestone by being a part of phase I of Government of India's flagship project "BharatNet" connecting over One Lakh Gram Panchayats across the country with a high-speed optical fiber network. The project envisages hi-speed broadband connectivity at an affordable price in over 2.5 lakh villages.