ITI Limited has announced its financial results for the quarter ended (QE) September 2022. The company has reported a widening of its consolidated loss to over Rs 1 billion for the reported quarter as against a net loss of Rs 558 million during QE September 2021. Meanwhile, its consolidated revenue from operations plunged by around 44 per cent to Rs 1.98 billion during QE September 2022 from Rs 3.52 billion in QE September 2021.
According to the auditor’s note, the company had to bear the financial burden of granting a voluntary retirement scheme (VRS) to employees in 2019-2020 after the Department of Telecommunications refused to accept the proposal of granting VRS on medical grounds. The note further mentioned that ITI has not made any provision for credit losses amounting to Rs 961 million under trade receivables comprising Rs 584.7 million from the Centre for Development of Telematics, Rs 169 million from HCL Infosystems, Rs 104.9 million from Himachal Futuristic Communications Limited, and Rs 102.3 million from Mind Array, which are doubtful recoveries.
