ITI Ltd Q4 profit drops 47 pc to Rs 36.4 cr

New Delhi: State-run electronics manufacturing firm ITI Ltd on Friday posted a 47 per cent drop in consolidated profit at Rs 36.46 crore for the March quarter on account of COVID-19 disrupting the supply chain. The company had reported a profit of Rs 68.74 crore in the same period a year ago.

“The manufacturing operations completely stopped from March 22. The impact of coronavirus was there on the supply chain at the beginning of March.

“Components from China and neighbouring countries could not be sourced due to COVID-19 crisis. Many high margin products that were ready could not be shipped because of the lockdown,” ITI Limited Chairman and Managing Director R M Agarwal told reporters.