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ITI’s Yearly Loss Reduced to All Time Low in Eight Years

Bangalore, June 7, 2011:

ITI Limited has reported a net loss of Rs.382 crores in the year 2010-11 which is lowest ever loss reported by the Company in the last eight years, i.e. from 2003-04 to 2010-11. The net loss for the financial year 2010-11 has come down by 16.77 % as against the corresponding period of the previous year when the Company registered a net loss of Rs.459 crores.  

“This is critical phase for us and we hope to achieve better results and even possible turn-around in next two years”, said Mr. K. L. Dhingra, CMD, ITI Ltd. “Our expenditure in important areas like employee cost, financing expenses etc has come down during 2010-11 as compared to 2009-10. We expect significant orders in coming months and this should boost our sales which declined in 2010-11 due to lack of orders”, he added. He said the Company is concentrating on new business opportunities in defense, banking, solar, LED lighting and railways. 

Gopal Sutar,
Deputy General Manager [Corporate Public Relations],
ITI Limited,
Bangalore-560016
gopals_crp@itiltd.co.in