Latest news with #ITL


Business Standard
3 days ago
- Business
- Business Standard
India Ratings assigns 'BBB+/A2' rating to the bank facilities of Indo Tech Transformers
Indo Tech Transformers (ITL) said that India Ratings and Research has assigned 'IND BBB+/Stable/IND A2' rating to the bank facilities of the company. India Ratings said that the ratings are supported by the significant improvement in ITL's revenue during FY22-FY25, backed by strong demand for transformers and increased realisations. Additionally, the ratings factor in the companys healthy EBITDA margins, comfortable credit metrics and promoters more than three decades of experience in the transformer industry. However, the ratings are constrained by volatility in raw material prices and the working capital-intensive nature of operations. The agency further said that a a substantial improvement in the scale of operations, along with maintaining the liquidity position and the credit metrics, all on a sustained basis, could be positive for the ratings. However, any significant deterioration in scale of operations and/or large unanticipated debt-funded capex along with any substantial cash outflow to group entities, resulting in deterioration in the liquidity position and credit metrics, with the interest coverage falling below 4x, on a sustained basis, could be negative for the ratings. Indo tech Transformers (ITL) manufactures electrical transformers. Its product portfolio comprises power and large power transformers up to 200 MVA/ 230 KV and distribution transformers up to 5MVA/33KV. The companys production facilities are located at Kancheepuram and Chennai, Tamil Nadu, with an aggregate installed capacity of 9684 MVA as on 31 March 2025. The company's net profit declined 17.95% to Rs 20.98 crore despite a 17.94% increase in net sales to Rs 206.06 crore in Q4 FY25 as compared with Q4 FY24. The scrip fell 3.19% to currently trade at Rs 2090 on the BSE today.


Syyaha
16-02-2025
- Business
- Syyaha
Estonia Strengthens Digital Collaboration with Saudi Arabia, Showcasing Innovation in ICT
Riyadh, Kingdom of Saudi Arabia, 16 February 2025: Estonia strengthened its digital ties with the Kingdom of Saudi Arabia (KSA) as the Estonian business delegation, together with Minister of Justice and Digital Affairs Liisa-Ly Pakosta, visited the country during the LEAP 2025 technology conference. The business delegation led by the Estonian Association of Information Technology and Telecommunications (ITL) includes Estonian technology companies, which had the opportunity to showcase their innovative services and solutions during the visit, share the experience of the Estonian e-state and strengthen international business relations. As part of an ongoing digital cooperation initiative, the visit underscores the Northern European nation's unwavering commitment to driving innovation, advancing digital identity solutions, and supporting Saudi Arabia's ambitious Vision 2030 goals. With the 3rd highest number of cybersecurity companies per capita in the EU, Estonia brings solid expertise in digital security. Estonian companies had the opportunity to strengthen existing cooperation and discuss possible new cooperation projects at meetings led by the Minister of Justice and Digital with representatives of the Saudi Arabian government and digital and business organisations. The minister also participated in a panel discussion on the main stage of the technology conference, where the ethical aspects of the use of artificial intelligence were discussed. Eight Estonian technology companies participated in the high-level visits: Solutions Estonia, Bamboo Group, CybExer Technologies, Helmes, Lean Digital, Miltton CIO World, Nortal, and Wildix. According to Minister Liisa-Ly Pakosta, the meetings where Estonia's business and investment environment and its digital expertise were introduced to Saudi government ministers and influential IT company leaders exceeded expectations regarding success. Economic cooperation opportunities with Gulf countries, including Saudi Arabia, are highly attractive to Estonian entrepreneurs and are among the priorities of business diplomacy. At the Gulf Region business seminar held at the Ministry of Foreign Affairs in Tallinn last autumn, interest in the region was remarkably high among entrepreneurs. Visiting the region also provided an excellent opportunity to support entrepreneurs and present Estonia's positions. During the visit, the Estonian delegation engaged with key Saudi leaders to explore opportunities for digital collaboration in innovation, research and development, and capacity building. Meetings were held with H.E. Eng. Abdullah bin Amer Alswahah, Minister of Communications and Information Technology; H.E. Khalid Al-Falih, Minister of Investment; H.E. Eng. Abdulrahman Abdulmohsen A. AlFadley, Minister of Environment, Water, and Agriculture; H.E. Suliman Alobaid, Assistant Minister of Economy and Planning; H.E. Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Chairman of Monshaat; and H.E. Dr. Saad bin Saleh Alaboodi, CEO of Saudi Information Technology Company (SITE). The delegation also took part in the 'Gateway to KSA: Unlocking Business Opportunities for Estonia' workshop, hosted by the Ministry of Investment, where discussions centred on Estonia's technological prowess and its potential role in Saudi Arabia's digital transformation. Furthermore, the minister attended a dinner discussion on how to bring more women into IT and met with Ms. Daniah Orkoubi, General Manager of the Tony Blair Institute for Global Change, to discuss support for women's role in IT. Eva-Kristiina Ponomarjov, Director of Global Trade, Enterprise Estonia, stated,'Estonia may be rather compact in size, but it is digitally boundless and aims to collaborate in digital transformation projects on a global scale. We believe in digital resilience and open collaboration, where everybody wins. In this perspective, LEAP was a great leap forward for Estonian companies.' For instance, Bamboo Group from Estonia signed a Letter of Intent with a local partner, Skyeyes, to form a joint venture that will transform infrastructure security in Saudi Arabia. This partnership is set to accelerate the Kingdom's digital transformation and support Vision 2030. Another key agreement is the collaboration between Solutions and Professional Solutions, a Saudi-based company specialising in digital products and emerging technologies. This strategic partnership will focus on implementing post-quantum-ready Mobile Identity solutions, including eSIM and cloud-based identities, to support secure cross-border services. Moreover, this collaboration aims to develop the mResidency programme, which is designed to attract global investors and entrepreneurs to Saudi Arabia, thereby enhancing the country's global acumen. In addition to B2B agreements, the IITL signed an MoU with the Digital Cooperation Organisation (DCO). According to the CEO of ITL Doris Põld, Saudi Arabia is an important target market for Estonian technology companies. 'Estonia's ICT sector has long been at the forefront of secure digital services, and strong state support plays an essential part in helping Estonian companies expand into new markets. In this region, where government-backed initiatives drive large-scale digital transformation, having that support is vital for unlocking new opportunities.' The Estonian government has played a crucial role in facilitating these partnerships, ensuring that the country's ICT sector, contributing 8% to the nation's GDP, continues to lead the way in digital transformation. By fostering collaboration between the public and private sectors, Estonia is advancing digital solutions that benefit societies and businesses alike, paving the way for a prosperous digital future. This is supported by the recent announcement that 100% of all Estonian public services are now accessible online. Estonia and Saudi Arabia are poised to become leaders in the digital landscape, exemplifying how innovation can drive economic growth and societal well-being.