ITI (523610) Q4 23/24 earnings summary

Executive summary

• Reported a consolidated net loss of Rs. 56,892.02 lakhs for FY 2023-24, with revenue from operations at Rs. 1,26,363.22 lakhs, reflecting a 9% decrease from the previous year.

• The year was marked by project delays (notably ASCON Phase IV and BSNL 4G rollout), impacting turnover and profitability.

• Major contributions came from projects like ASCON Phase IV, BSNL 4G, Mahanet, TanfiNet, NFS, Gujnet, and IAF 4G/5G upgrades.

Financial highlights

• Consolidated revenue from operations: Rs. 1,26,363.22 lakhs (PY: Rs. 1,39,544.51 lakhs).

• Net loss: Rs. 56,892.02 lakhs (PY: Rs. 35,985.37 lakhs).

• EBITDA and operating margins declined due to lower revenue and higher costs.

• EPS: (Rs. 5.93) per share.

• No dividend declared due to accumulated losses.

Outlook and guidance

• Management expects improved performance as delayed projects (ASCON Phase IV, BSNL 4G) progress in FY 2024-25.

• Focus on 5G, IoT, cybersecurity, and export opportunities for 4G RAN.

• Expansion into smart energy meters, EVMs, DMR radios, and solar module manufacturing.

• Order book stands at Rs. 1,18,712.5 million, providing revenue visibility.