ITI secures final ₹25 crore payment from C-DOT for ₹200 crore property transaction in Bengaluru.

State-owned telecom equipment manufacturer, ITI Limited, announced on Monday (June 23) that it has received the final ₹25 crore installment from the Centre for Development of Telematics (C-DOT). This completes the ₹200 crore transaction for its 22.258-acre land in Electronic City, Bengaluru.

This payment signifies the conclusion of the proceedings under the Alternate Mechanism for Resolution of Commercial Disputes (AMRCD) concerning a long-standing land conflict between the two public sector organizations. The land transfer is being formalized through a sale deed in accordance with the Revised AMRCD order, previously disclosed in a regulatory filing dated July 12, 2024.

In the March quarter, ITI almost reached profitability, with its net loss shrinking to ₹4.4 crore from a loss of ₹238.8 crore during the same quarter last year. It is important to note that the reduction in the company’s net loss was also supported by an exceptional gain of ₹62.41 crore.

The last time ITI’s bottom line was at such levels was in March 2022, when it reported a net profit of ₹356 crore. Company revenue rose 74% from the same quarter last year to ₹1,045.7 crore, compared to a topline of ₹601 crore in the previous period.

ITI’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) reflected a loss of ₹28.2 crore, which is also an improvement from the EBITDA loss of ₹173.8 crore in the comparable quarter.

Shares of ITI Ltd closed at ₹315.10, rising by ₹5.45, or 1.76%, on the BSE.