 "Telephone")
Profits were aided by Rs 484.4 crore jump in other income, which is largely revenue grant for employee benefit expense to the phone maker, which has been declared a sick company.
ITI had reported losses of Rs 297 crore on revenue of Rs 574.3 crore in 2014-15, the company said in its regulatory filings.
ITI's stock on Wednesday closed Rs 5.05 or 19.88 per cent higher at Rs 30.45 on the Bombay Stock Exchange.
In February 2014, the Cabinet Committee on Economic Affairs had recommended financial assistance of Rs 4,156.79 crore to revive the ailing PSU. Rs 494.02 crore were disbursed in 2015-16, while the centre gave a grant of Rs 192 crore in the previous year.
"NFS (Network for Spectrum), ASCON, IT services & NGN (Next Generation Network) were the key projects that contributed towards this spectacular rise. However, other service projects like - GSM, NPR, SECC & APDRP - played a vital role in augmenting the rise in turnover," ITI said in a statement on Wednesday.
The firm has build products such as - Mobile wallet services, eAuthentication of Aadhaar identities, Digitisation of certificates for Ministry of HRD and enhancing Defence telecom solutions, it said.
