ITI net profit before tax at Rs305 crore for FY17
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Bengaluru: Public sector telecom company ITI Ltd has posted net profit before tax at Rs305 crore for 2016-17, a 21% jump over the previous fiscal.
The company had reported net profit before tax at Rs251 crore last year.
Announcing the financial results for 2016-17, ITI said its total income for the year ended 31 March 2017, was Rs1,903 crore, up from Rs1,674 crore during the previous fiscal. As on date, ITI has order book of Rs1,600 crore, the company said in a statement here.
The net profit figures for both financial years 2015-16 and 2016-17 are after taking into account grants from government, it said.
ITI’s loses have drastically come down to Rs56 crore in 2016-17 from Rs247 crore in 2015-16 without any government grants, the statement said.
Company chairman and managing director S. Gopu said ITI plans to explore business opportunities in the Internet of things (IoT), e-Governance and ICT areas in addition to telecommunication and defence projects.
ITI had bagged various orders through competitive bidding from BBNL, BSNL and RailTel for supply of GPON equipment for government’s flagship project “BharatNet”, which is providing broadband facility to over 2.5 lakh village panchayats in the country.
The company is planning to offer end to end Data Center hosting services including Co-location, Bandwidth and Managed Services, it said.
ITI Data Center is one of ITI’s endeavours to provide customer-centric services to government organisations and corporate entities. The new Data Center is proposed to go LIVE in October, 2017.