ITI spurts after Q4 PAT jumps 78% YoY

26 May 2022 , 10:39 AM

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. Powered by Capital Market – Live News