ITI Q1 results: Net loss widens to Rs 102 cr

NEW DELHI: State-run telecom gear maker ITI Limited on Monday reported widening of its consolidated loss to Rs 102 crore for the June quarter, hit by the COVID-19 crisis.

The company had posted a loss of Rs 61 crore in the corresponding period of the preceding fiscal.

“The company has estimated from internal sources that there is a decrease of around more than 50 per cent in turnover… due to COVID-19. The recent Pandemic outbreak has brought about economic disruptions and uncertainties and ascertaining its impact is difficult,” ITI said in a BSE filing.

Consolidated revenue rose marginally to Rs 173.83 crore from Rs 170.59 crore in Q1 2019-20.

“The impact of any future events and developments emerging out of COVID-19 pandemic, if any, and occurring after the approval of financial result for the quarter and relating to the assets and liabilities of the company as on June 30, 2020 will be recognised prospectively,” ITI added.

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