ITI stock surges after robust Q4 numbers

The telecom equipment company’s revenue from the operation almost doubled to Rs1,266.32cr in the quarter ended March 2021 from Rs650.48cr during the previous quarter ended March 2020.

Jun 23, 2021 04:06 IST India Infoline News Service

Telecom
ITI Ltd shares in today’s session ended higher after the company posted robust Q4 numbers. The company reported a consolidated of Rs200cr in the March 2021 quarter, compared to Rs32.18crore in the same quarter the previous year.

The telecom equipment company’s revenue from the operation almost doubled to Rs1,266.32cr in the quarter ended March 2021 from Rs650.48cr during the previous quarter ended March 2020.

ITI Ltd ended at Rs133.10 up by Rs5.55 or 4.35% from its previous closing of Rs127.55 on the BSE. The scrip opened at Rs137.40 and touched a high and low of Rs140 and Rs132.10 respectively.

The Board of Directors in its meeting held on 22nd June 2021 has interalia considered and approved the changes/modifications in accounting policies relating to Revenue Recognition, Property, Plant & Equipment, Lease, Employee Benefits, Errors and Estimates, Provisions and Contingent Liabilities and Financial Instruments, the company said in the filing.

The changes are in the nature of improving the clarity of the policy except in the case of operating leases wherein the change is to give effect to the new Ind AS 116. There is no material impact on the financial results of the year consequent to these changes, it added.

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