ITI spurts after Q4 PAT jumps 78% YoY

ITI climbed 10.91% to Rs 93 after the company's consolidated net profit rose 78.33% to Rs 356.06 crore on 9.86% decline in net sales to Rs 1,141.50 crore in Q4 March 2022 over Q4 March 2021.

On a consolidated basis, profit before tax rose 77.54% year-on-year to Rs 357.38 crore in Q4 March 2022.

The company reported other income of Rs 225.54 crore in Q4 March 2022 (up 248.38% YoY), which includes Rs 2.89 crore towards provisions/liabilities written back/no-longer required related to earlier year during the year.

Total expenses fell 13.14% to Rs 944.22 crore. Cost of material consumed fell 26.36% to Rs 605.82 crore while employee benefits expenses fell 23.97% to Rs 54.61 crore.

For the year, net profit surged 1,162.66% to Rs 119.70 crore on 21.23% decline in net sales to Rs 1,860.73 crore in the year ended March 2022 over the year ended March 2021. Other income climbed 57.75% YoY to Rs 254.57 crore in FY22.

ITI is primarily engaged in business of manufacturing, trading and servicing of telecommunication equipments and rendering other associated / ancillary services. The company is also engaged in defence projects.

The Government of India held 89.97% stake while Governor of Karnataka held 0.03% stake in ITI.

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