What were the ITE results like for the Jun-20 quarter?
Answer
Answer
The state owned telecom owned and system manufacturer, Indian Telephone Industries, reported a net loss of Rs.102 crore for the Jun-20 quarter. This higher than the loss of Rs. 61 crore reported by ITI in the Jun-19 quarter.
Total revenues were marginally up by 2% at Rs.173.6 crore. It is well known that ITI is a major supplier of specialized telecom and communication equipment and installation of systems for specific departments of the Indian government.
ITI has also been the beneficiary of some large defence orders in the recent past. It recently received some major orders from the Defence Ministry for systems installation. The losses were largely pandemic induced and hopefully, the turnaround is expected soon.