With the Rs 1,000 crore turnaround plan on in full steam, telecom equipment maker ITI hopes to come out of the red this fiscal and post a net profit of Rs 72 crore."We had a loss of Rs 250 crore in 2004-05 but for this fiscal we have set a target of net profit of rs 72 crore," Y K Pandey, chairman and managing director of ITI said today.While the company hopes to make profit in 2005-06, it is also looking at doubling its turnover this fiscal to Rs 3,000 crore from Rs 1,500 crore in 2004-05.A large part of the company's confidence stems from the healthy order book and new technologies that have come to the company from Alcatel.The company's has Rs 2,000 crore worth of confirmed orders in hand.ITI, which was earlier manufacturing telecom equipment for fixed line telecom services, has now started manufacturing GSM mobile phone equipment at its unit in Mankapur. The Mankapur unit now has a capacity of one million telephone lines per year for which Rs 95 crore has been invested.The company is also investing Rs 95 crore in Rae Bareilly, to add a similar capacity for GSM equipment, where the production is expected to begin in next two months.For units in Naini, Palkkad and Bangalore, the ITI is planning to start making additional products.
