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ITI's losses have doubled to ₹102.29 crore on a consolidated basis for the first-quarter of FY 2020-21 as against the loss of ₹61.04 crore recorded in the same period last year.
The company’s revenue in Q1 is marginally higher (1.89 per cent) at ₹173.83 crore as against the ₹170.59 crore posted last year.
The company has been declared a sick company as per provisions of Sick Industrial Companies Act (SICA), 1985. The CCEA had approved a financial assistance of ₹4,156.79 crore in February 2014 for revival of ITI under the rehabilitation scheme.
The company said it has estimated from internal sources that there is a decrease of more than 50 per cent in turnover was affected due to Covid-19. The recent pandemic outbreak has brought about economic disruptions and uncertainties, and ascertaining its impact is difficult.
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