ITI reports net profit before tax at Rs 305 cr for 2016-17

Public sector telecom company ITI Limited has posted a net profit before tax at Rs 305 crore for 2016-17, a 21% jump over the previous fiscal.

The company had reported net profit before tax at Rs 251 crore last year.

Announcing the financial results for 2016-17, ITI said its total income for the year ended on March 31, 2017, was Rs 1,903 crore, up from Rs 1,674 crore during the previous fiscal.

As on date, ITI has an order book of Rs 1600 crore, the company said in a statement.

The net profit figures for both financial years 2015-16 and 2016-17 are after taking into account grants from government, it said.

ITI's losses have drastically come down to 56 crores in 2016-17 from Rs 247 crore in 2015-16 without any government grants, the statement said.

Company Chairman and Managing Director S Gopu said ITI plans to explore business opportunities in the Lot, e-Governance and ICT areas in addition to telecommunication and defence projects.

ITI had bagged various orders through competitive bidding from BBNL, BSNL and RailTel for the supply of GPON equipment for government's flagship project "BharatNet", which is providing broadband facility to over 2.5 lakh village panchayats in the country.

The company is planning to offer end to end Data Center hosting services including Colocation, Bandwidth and Managed Services, it said.

ITI Data Center is one of ITI's endeavours to provide customer-centric services to government organisations and corporate entities.

The new Data Center is proposed to go LIVE in October 2017.