Public sector telecom equipment manufacturer ITI Ltd has declared its first quarter financial results for the fiscal year 2010-11. The company has suffered a net loss of Rs 63.83 crore for this quarter.

However, the company has managed to minimize its net loss in the current year. The company had recorded a net loss of Rs 107.78 crore in the similar quarter a year ago.

In a filing to the Bombay Stock Exchange, the company has informed this fact.

Chairman and Managing Director of ITI, Mr. K L Dhingra has said that due to the prudent financial management and deft handling of operations of the company, it has managed to reduce the loss figure in the June quarter this time.

The net sales of the company were found out to be Rs 1,001.53 crore which has seen a decline as well. The company had posted net sales of Rs 1,110 crore in the corresponding quarter last year.

However it has managed to achieve the highest turnover of Rs 4,660.28 crore for the fiscal year 2009-10.