India-government owned telecom equipment maker ITI has reported revenue of Rs 2,051 crore for the financial year ended on March 31, 2019 against Rs 1,703 crore in the previous fiscal.

The telecom network manufacturing company has posted 20 percent growth in revenue during fiscal 2018-19 as compared to 5.7 percent during fiscal 2017-18.

ITI’s management team includes K Alagesan, director – Production; RM Agarwal, director – Marketing; Chittaranjan Pradhan, director – Finance and Shashi Prakash Gupta, director – Human Resources.

ITI will strengthen its business verticals such as Smart Energy Meters, ICT-IOT, Mini PC manufacturing, Data Center hosting services, manufacturing of Rupay and Master cards with a focus on design and development of products and technologies.

“This is in addition to manufacturing of a wide range of communication products, secured communication products for defence and manufacturing & component screening services for Indian space programs,” K Alagesan, chairman and managing director of ITI, said.

ITI said India Government’s BharatNet project was one of the growth drivers for the hike in its annual revenue.

India’s BharatNet project Phase-1 connected over one lakh Gram Panchayats (GP) across the country with high speed optical fibre network before the deadline of 31 Dec 2017.

The second phase of the BharatNet before the target of March, 2019 was aimed at connecting 250,000 Gram Panchayats with broadband network — targeting more than 200 million rural Indians.

BharatNet is being utilized by BSNL, CSC SPV, TSPs and ISPs for delivery of services at Gram Panchayats.

BSNL has provisioned WiFi hotspots at 1,742 GPs and FTTH connections at 13,513 GPs in various states.

BBNL has provided for provisioning of an FTTH connection by BSNL at every GP of Phase I, for a period of one year, to provide broadband services to the people at the GP level. Such connections have already been provided to 70,238 GPs.