ITI hoping for a Rs.2000 crore turnover in 2006-07

Bangalore, Dec 15 (UNI) Limping in the red for the last four successive years, Indian public sector telecom major ITI hope to end the current fiscal with a turnover of over Rs 2,000 crore banking on bulk order from BSNL.

Addressing the 56th AGM of the Company here today, Incharge CMD Pritam Singh said the Company already had orders worth Rs 1839 crore and an Advanced Purchase Order of Rs 568 Crore should see the Company cross the Rs 2000 crore turnover once again this year. At its peak, the Company had recorded a turnover of Rs 2317 crore in 2001-02 when the company had turned out a profit of Rs 22 crore.

However, subsequent years saw ITI slip back to losses with the loss for last fiscal being Rs 429 crore.

He said the Company reported a 26 per cent an increase in sales at Rs 1749 crore last year. The performance achieved in the face of growing competition and lack of financial resources represented 40 per cent jump over the 2003-04 turnover of Rs 1257 crore, when ITI faced the brunt of steep crash in equipment prices.

''The year (2005-06) proved significant for ITI by virtue of its rapid strides in technology acquisition'' Mr Singh told the share hodlers adding that there was a spurt in manufacturing activities also with supplies of GSM mobile infrastructure equipment manufactured indigenously at new facilities Mankapur and Rae Bareli yielding Rs 500 crore against an order of three million lines worth Rs 900 crore for west Zone.

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