ITI posts Q1 net loss of Rs 64 cr

Public sector telecom equipment manufacturer ITI today reported a net loss of Rs 63.83 crore for the quarter ended June 30, 2010.

The company had recorded a net loss of Rs 107.78 crore in the corresponding quarter of the 2009-10 fiscal, ITI said in a filing to the Bombay Stock Exchange (BSE).

Explaining the reason for the lower losses this year vis-a-vis the previous year, ITI Chairman and Managing Director K L Dhingra said in a statement: "We have been able to achieve this due to our prudent financial management and deft handling of our operations."

"We are concentrating on new orders, diversification of products and rationalisation of all our activities to turn the company around as early as we can," he added.

The company's board of directors met today in New Delhi and approved the unaudited financial results for the quarter ended June 30, 2010.

ITI achieved the highest turnover in its history of Rs 4,660.28 crore for the year ended March 31, 2010. This is a quantum jump of 167.63 per cent when compared to the previous year's turnover of Rs 1,741.32 crore, he said.

However, net sales during the April-June quarter of 2010 only amounted to Rs 1,001.53 crore, down from Rs 1,110 crore in the same period of the previous fiscal.

Shares of ITI today closed at Rs 43.60 on the BSE, down 1.80 per cent from the previous close.