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ITI Ltd has posted Rs 109.60 crore in profit for the fourth quarter of the financial year 2012-13, compared with a loss of Rs 98.05 crore in the same period previous year. This is largely because of an extraordinary income of Rs 130 crore, and exceptional income of Rs 47.7 crore. Without these, it would have incurred losses of Rs 68.2 crore.
The statutory auditors issued a qualified audit report for the year ended March 31, 2013 which states that the company has retained a claim of Rs 68.97 crore, as rent on a leased premises, amounting to Rs 58.47 crore, and Rs 10.5 crore as liquidated damages from a supplier.
These claims have been rejected by the arbitral tribunal. Had these been provided for, the loss for the year would have been higher by Rs 68.97 crore, the auditors said in their note.
The company’s Q4 revenues dropped 31.05 per cent to Rs 301.02 crore compared to Rs 436.62 crore in the previous year period . Earrings per share was Rs 3.81 (Rs 3.36) . However, for the full year, the company reduced its loss to Rs 182.05 crore, against a loss of Rs 369.80 crore the previous year (2011-12). Revenues were down 7.93 per cent to Rs 843.26 crore as against Rs 915.96 crore.. The company did not pay dividends for the year.
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