ITI reports lowest half-yearly losses in eight years

ITI Ltd has reported its lowest half-yearly losses in eight years by clocking a net loss of Rs 123.81 crore for the six month period ended September 30.

"This is against Rs 185.88 crore (loss) registered for H1 2009-10," the Bangalore-headquartered company said in a statement.

The company's lowest recorded half-yearly loss in the last eight years was Rs 142.29 crore for the first half (H1) 2002-03.

"Our immediate challenge is to consolidate our order book position from non-BSNL and non-MTNL customers. These include areas such as Railways, defence, solar, LED lighting and National Population Register (NPR) projects", ITI Chairman and Managing Director K L Dhingra said.

According to him, ITI expects to reduce its losses in third quarter of 2010-11 as well.