ITI (523610) Q1 24/25 earnings summary

Executive summary

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were approved by the Board on August 12, 2024, following Audit Committee recommendations.

• The company continues to operate under a government-approved revival plan, with significant financial assistance received and ongoing support from the Government of India.

• The company is executing major defense and telecom projects, including the ASCON Phase IV project for the Ministry of Defence.

Financial highlights

• Standalone revenue from operations for Q1 FY25 was ₹51,998 lakhs, with total revenue at ₹53,502 lakhs, down from ₹61,055 lakhs in the previous quarter.

• Standalone net loss for the quarter was ₹9,108 lakhs, compared to a net loss of ₹23,894 lakhs in the previous quarter and ₹10,260 lakhs in Q1 FY24.

• Consolidated net loss for the quarter was ₹9,131 lakhs, compared to ₹23,882 lakhs in the previous quarter and ₹10,281 lakhs in Q1 FY24.

• Basic and diluted EPS for the quarter stood at (₹0.95) on both standalone and consolidated basis.

• Total comprehensive loss for the quarter was ₹9,638 lakhs (standalone) and ₹9,661 lakhs (consolidated).

Outlook and guidance

• Management maintains a going concern basis, citing a high-value order book of ₹11,252 crores under execution and expected conversion of ₹1,814.86 crores of unbilled revenue within 12 months.

• The ASCON Phase IV project is expected to complete PoC by September 30, 2024, with the overall timeline revised to December 2025.