The shares of India’s premier telecom company and multi-unit central public sector undertaking that provides total solutions in the telecommunications segment rose 4.2 percent on Tuesday’s trade following recognition from ISRO for its role in the launch of Chandrayaan-3.
At 2:30 p.m., ITI Limited shares were trading at Rs 111.00 per share, up 2.35 percent.
As per Company’s BSE filings, ITI Limited manufactured 55 packages for the flight vehicle in the Chandrayaan-3 mission, and the company received recognition from ISRO and the Department of Telecommunications for playing a significant role in the successful launch of Chandrayaan-3 on July 14 at 2.35 p.m. from Satish Dhawan Space Centre (SDSC) in Sriharikota.
ITI Limited shares climbed 26.35 percent in the previous four months, from a price of Rs 87.65 per share to the present level.
ITI Limited manufactures, trades, and services telecommunications equipment, as well as providing other related and auxiliary services. Since its inception the firm has been a pioneer in the field of telecommunications, contributing approximately 50% of the current national telecom network.
TCS-led consortium and ITI limited received mega-4G network advance purchase orders of over Rs 19,000 crore from BSNL in the first quarter of 2023. A consortium led by Tata Consultancy Services has secured an advance purchase order (APO) for around Rs 15,500 crore, and ITI Limited has received a contract for delivering 4G telecom gear worth Rs 3,889 crore.
Company’s revenue fell by 25% year on year, falling from Rs 1,860 crore in FY 21-22 to Rs 1,395 crore in FY 22-23. Within the same time period, net profit fell 397 percent, from Rs 121 crore to a loss of Rs 360 crore.
According to the shareholding pattern for the quarter ended June 2023,Promoters own 90.28 percent of the firm, while domestic institutional investors possess 7.62 percent.
Written by Omkar Chitnis
