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Public sector ITI Ltd has posted a profit of ₹102 crore for the financial year 2017-18.
The company, which was sick for the last 16 years, has turned around to declare profits.
ITI made a net profit of ₹102 crore without grants, as per the approved audited financial results for the year 2017-18.
Total turnover for FY 2017-18 was ₹1,703 crore compared with ₹1,621 crore for same period last year.
Highlighting the company’s achievement S Gopu, Chairman and Managing Director, said: “It is a moment of pride for ITI and it is a phenomenal performance compared to the previous years. ITI is now poised take off from this accomplishment to recreate and regain its past glory.”
“The company after being sick for 16 years has been able to turnaround from loss to profit. This has been made possible by timely business decisions, cautious financial and business strategies.”
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