ITI soars over 18 per cent, owing to strong financial performance
ITI Ltd is engaged in the manufacturing, trading and servicing of telecommunication equipment, and rendering other associated as well as ancillary services. The company focuses on offering telephone communication services.
Today, the shares of ITI Ltd surged 18.07 per cent to Rs 99 per share on BSE as the company announced its financial results.
The company informed that it has recorded net sales and other operating income of Rs 1,141.50 crore thereby, declining by 9.86 per cent from Rs 1,266.32 crore registered in Q4FY21. On the other hand, the operating profit was recorded at Rs 422.82 crore in Q4FY22 as compared to an operating profit of Rs 243.96 crore in Q4FY21. Q4FY22 registered a net profit of Rs 357.39 crore in comparison with the net profit of Rs 201.29 crore in the same quarter of the previous year, surging 77.55 per cent.
Considering the yearly performance, the operating profit of ITI Ltd was recorded at Rs 363.23 crore in Q4FY22 as compared to an operating profit of Rs 212.64 crore in Q4FY21. The net profit soared 980.98 per cent to Rs 121.07 crore as against Rs 11.20 crore during the previous year, ending March 2021. On the other hand, net sales declined 21.23 per cent to Rs 1,860.73 crore as against Rs 2,362.18 crore during the previous year, ending March 2021.
Considering its commendable growth and bright future outlook, we suggest keeping a close eye on this scrip for the upcoming sessions.