Shares of ITI Ltd hit the 5% lower circuit on Friday 14 February after the company announced its quarterly earnings for October-December. 

The state-owned telecom product manufacturer reported a net loss of Rs 48.9 crore for the December quarter, contracting from Rs 101.3 crore for the same period last year.

The revenue from operations of the company stood at Rs 1,034.5 crore, marking a 299.73% year-on-year increase from Rs 258.8 crore reported in the same quarter last year, driven by strong operational performance regardless of increasing raw material cost. 

Among the major factors influencing the company’s success in FY24 were projects including ASCON Phase IV, BSNL 4G Rollout, Mahanet, TanfiNet, NFS Project, Gujnet, and IAF project for upgrading the 3G network to 4G/5G.

In addition, the company announced other order wins, including a Rs 95 crore project from the Directorate of Geology & Mining of the Uttarakhand government. The company, together with its consortium partner, has secured the lowest bid for BharatNet project packages valued at Rs 4,559 crore.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) loss was Rs 10.6 crore, as opposed to the Rs 43.5 crore loss in the third quarter of the previous year.

At 3:30 pm, the shares of ITI closed 4.99% lower at Rs 270.15 on NEE.

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