ITI Industries is among the top five gainers on the BSE since the opening bell. The stock opened 14.5% higher at Rs.105, going on to hit an intraday high at Rs.105.95. It’s not too far from its 20% UC of Rs.109.95. Volumes have jumped up almost 3.5 times.
Among the first to announce its quarterly performance for Q3FY20, the market is thrilled with the numbers.
The company posted a net profit of Rs.168 crore, a jump of 1140% higher than the Es.13.58 crore reported in Q3FY19.
Total income rose 54% (YoY) higher at Rs.979 crore.
With this, the company’s net worth has become positive after a period of 16 years.
Rakesh Mohan Agrawal, CMD, ITI said, “the company is focusing on strategic areas and intending to maintain a steady growth. With the strategy of project implementation, manufacturing and marketing, ITI has achieved this breakthrough. We are also tying up with various agencies to position ITI as a manufacturer of IoT products. The company has a sound order book and is poised to take off from here.”
Its net profit for 9MFY20 at Rs.114 crore has already surpassed the entire FY19 net profit of Rs.92.54 crore. With one more quarter to go, clearly the company is on a winning scale.