Shares of ITI Ltd jumped by over 14 per cent on Tuesday after the state-owned telecom equipment manufacturer reported a turnover of Rs 919 crore during the October to December quarter of the current financial year.
The profit after tax during Q3 FY20 totalled Rs 168 crore, with this, the company said its net worth has become positive after a period of 16 years.
"With the strategy of project implementation, manufacturing and marketing, ITI has achieved this breakthrough," said Chairman and Managing Director Rakesh Mohan Agrawal. "The company has a sound order book and is poised to take off from here."
ITI took several measures to reduce operating costs, increase operational efficiency and improve productivity during the quarter. These measures included modernised and upgraded infrastructure, equipment and technology, emphasis on R & D and innovation besides continued training and improvement of employee's skills.
"The company will continue to take further measures in the area of cost control in the coming quarters," said Agrawal.
ITI has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R & D centre in Bengaluru and eight regional offices at Bengaluru, Bhubaneshwar, Chennai, Hyderabad, Kolkata, Lucknow, Mumbai and New Delhi besides 17 area offices across the country.
At 10:30 am, the company's stock was trading at Rs 104.70 apiece, up 14.24 per cent.
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