ITI FY11 loss at Rs 382 cr, lowest in 8 yrs

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ITI FY11 loss at Rs 382 cr, lowest in 8 yrs

Press Trust of India / Bangalore 07 Jun 11 | 03:20 PM

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Telecom company ITI Ltd has reported a net loss of Rs 382 crore for the year 2010-11, the lowest it has recorded in eight years.

A company release said the net loss for the financial year 2010-11 narrowed by 16.77% in comparison to the corresponding period of the previous year, when the company registered a net loss of Rs 459 crore.

"This is a critical phase for us and we hope to achieve better results and even possible turnaround in the next two years," said ITI CMD KL Dhingra.

"Our expenditure in important areas like employee cost, financing expenses, etc, has come down during 2010-11 as compared to 2009-10. We expect significant orders in coming months and this should boost our sales which declined in 2010-11 due to lack of orders," he added.

Dhingra said the company was concentrating on new business opportunities in defence, banking, solar, LED lighting and railways.