Announcement under Regulation 30 (LODR) -Credit Rating

ITI Limited, a Government of India PSU in the telecom sector, has been assigned a fresh credit rating of IND BB+/Stable (long-term) and IND A4+ (short-term) by India Ratings & Research for its bank working capital facilities worth around INR 48.5 billion across SBI, Bank of Baroda, Indian Bank, Union Bank, Canara Bank, Central Bank, and PNB. The agency flagged weak profitability with EBITDA losses in FY23 (INR 1,536 million) and FY24 (INR 3,190 million), a stretched liquidity position, high customer concentration with government entities (top 3 clients ~50% of revenue), and weak corporate governance including delays in statutory dues and prior loan repayment delays that were later rectified. On the positive side, Ind-Ra cited the Government of India's 90% ownership providing strong support, a robust order book of INR 159.6 billion including BharatNet, BSNL 4G, and ASCON projects, and revenue recovery to INR 25.7 billion in 9MFY25.