ITI Limited’s shares closed at ₹378.55, up by 15.41 per cent on the BSE. The stock hit an intraday high of ₹334.35, outpacing the broader market by 1.75 per cent.
The company is expected to deliver strong quarterly results as its working capital requirements have significantly reduced from 196 days to 15.1 days.
Consolidated revenue
For the quarter that ended on September 30, the company reported a consolidated revenue from operations of ₹1,016.20 crore, compared to ₹246.47 crore in the corresponding quarter last year. ITI also reduced its losses to ₹70.10 crore in the quarter under review from ₹125.81 crore in Q2FY24.
Recently, ITI Limited, along with its consortium partner, emerged as the lowest bidder (L1) for two packages worth ₹3,022 crore in the BharatNet Phase-3 Project. Under the contract, the company will manufacture Package 8 covering Himachal Pradesh, and Package 9 covering West Bengal and Andaman and Nicobar Islands.
The BharatNet Phase-3 Project, funded by the Universal Service Obligation Fund (USOF), involves the design, supply, construction, installation, upgradation, and maintenance of the Middle Mile Network. These packages are part of a larger tender comprising 16 packages nationwide, with bids for 11 packages opened so far.
ITI Limited is already executing optical fiber network projects worth approximately ₹5,400 crore across Tamil Nadu, Maharashtra, and Gujarat under earlier phases of BharatNet. The company serves as the Project Implementation Agency for MahaNet-I and manages two packages for Gujarat Fiber Grid Network Ltd. in Gujarat.