ITI Limited, a public sector company, has recently seen a significant increase in its share price, closing at ₹378.55, up by 15.41 per cent on the BSE. The stock hit an intraday high of ₹334.35, outperforming the broader market. The company is expected to deliver strong quarterly results due to a reduction in its working capital requirements from 196 days to 15.1 days.
In terms of financial performance, ITI Limited reported a consolidated revenue from operations of ₹1,016.20 crore for the quarter ending on September 30, compared to ₹246.47 crore in the same period last year. The company also reduced its losses to ₹70.10 crore in the quarter under review from ₹125.81 crore in Q2FY24.
One of the key developments for ITI Limited is its participation in the BharatNet Phase-3 Project, where it, along with its consortium partner, emerged as the lowest bidder for two packages worth ₹3,022 crore. These packages cover Himachal Pradesh, West Bengal, and the Andaman and Nicobar Islands and involve the design, supply, construction, installation, upgradation, and maintenance of the Middle Mile Network. This project is funded by the Universal Service Obligation Fund (USOF), and ITI Limited is already executing optical fiber network projects worth approximately ₹5,400 crore in Tamil Nadu, Maharashtra, and Gujarat under earlier phases of BharatNet.
Overall, ITI Limited’s recent performance and projects indicate a strong growth trajectory for the company in the telecommunications and networking sector. With a focus on expanding its presence and capabilities in the digital infrastructure space, ITI Limited is poised for further success in the coming years.
