BANGALORE, May 28: ITI Ltd has finally slipped into the black by posting a profit after tax of Rs 5.65 crore in 1997-98, compared with a net loss of Rs 50.90 crore in the previous fiscal. The company has recorded a 24 per cent increase in its turnover to Rs 1270.14 crore from Rs 1021.21 crore in 1996-97. Gross profits increased to Rs 36.95 crore from the last fiscal's loss of Rs 57.27 crore.ITI's provisional results were declared following the board meeting held here on Wednesday.
Chairman and managing director SS Motial said the Telecom Commission and the department of telecommunications' timely help has aided the company to post an improved show. He said ITI gained from DoT's help in resolving several pending pricing and financial issues.
ITI restructured its operation, updated its many plants adopting newer technology and re-engineered processes to reduce cycle-time and delivery.
The company also adopted better inventory management with innovative fiscal measures for reducing costs and overheads,re-vitalising R&D and pro-active customer support, said a company.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
