ITI Q2 Results 2024 on 16 Nov, 2024: loss falls by 44.19% YOY, loss at ₹70.33 crore and revenue at ₹1016.2 crore

ITI Q2 Results 2024:On November 14, 2024, ITI announced its Q2 results, showcasing remarkable growth despite ongoing challenges. The company's topline surged by an impressive 312.3% year-over-year, signaling a significant recovery in its operations. The reported loss for the quarter stood at ₹70.33 crore, which marks a decrease of 44.19% from the same period last year.

Comparing the results to the previous quarter, ITI demonstrated strong performance with revenue growth of 95.43%. Additionally, the loss shrank by 22.98%, reflecting improved operational efficiency and financial management.

The company's selling, general, and administrative expenses saw a commendable decline of 8.42% quarter-over-quarter and a significant decrease of 36.06% year-over-year. This reduction in expenses contributed positively to the bottom line.

Moreover, ITI reported a 56.16% increase in operating income compared to the previous quarter, and a substantial 64.88% increase year-over-year, showcasing a robust operational turnaround.

The Earnings Per Share (EPS) for Q2 was recorded at ₹-0.72, which represents a 45% improvement from the previous year, indicating a narrowing of losses and enhancing shareholder confidence.

In terms of stock performance, ITI shares have yielded a return of 9.39% over the past week. However, over the last six months, the stock has declined by 4.34%, and year-to-date, it is down 4.28%. Currently, ITI boasts a market capitalization of ₹28,011.78 crore, with a 52-week high of ₹384.3 and a low of ₹210.

Overall, ITI's Q2 results reflect a positive trajectory in revenue and a significant reduction in losses, positioning the company for potential growth in the upcoming quarters.

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