State-run Indian Telephone Industries (ITI) Ltd today reported Rs 46 crore net profit for the second quarter of 2017-18, registering 75 per cent annual decline from Rs 186 crore in the same period last year.
In a regulatory filing on the BSE, it said revenue from operations for the quarter under review also declined 32 per cent annually to Rs 241 crore from Rs 354 crore in the like period year ago.
Sequentially, net profit for Q2, however, grew exponentially 12,362 per cent from Rs 37 lakh, while revenue grew 25 per cent from Rs 193 crore last quarter. For the first half (H1; April-September) of the fiscal, net profit plunged 76 per cent annually to Rs 47 crore from Rs 193 crore in the same period year ago.
Revenue from operations also declined 42 per cent annually to Rs 434 crore for H1 from Rs 752 crore in the like period year ago. The company’s other income of Rs 65 crore for the first quarter included Rs 42 crore from the Karnataka Industrial Area Development Board towards the cost of its land acquired by the state government for the second phase of its metro rail project in the city’s eastern suburb.
The Central government also granted the company Rs 133 crore, including Rs 80 crore arrears for previous years towards salaries, provident fund and gratuity of its employees.