All Rights Reserved Finance News 2020.
ITI Q1 results: Net loss widens to Rs 102 cr
NEW DELHI: State-run telecom gear creator ITI Limited on Tuesday reported widening of its combined loss to Rs 102 crore for the June 1 fourth, hit by the COVID-19 emergency.
The company had published a loss of Rs 61 crore in the matching period of the preceding money.
“The company has believed from internal sources that there are a decrease of around over 50 per cent in yield… due to COVID-19. Often the recent Pandemic outbreak has already established about economic disruptions in addition to uncertainties and ascertaining the impact is difficult,” ITI said in a BSE filing.
Consolidated revenue increased marginally to Rs 173.83 crore from Rs 170.59 crore within Q1 2019-20.
“The influence of any future functions and developments emerging away from COVID-19 pandemic, if virtually any, and occurring after the acceptance of financial result for the 1 fourth and relating to typically the assets and liabilities from the company as on Summer 30, 2020 will be accepted prospectively,” ITI extra.