Black Box Limited announced financial results
Mumbai, Feb 8 (IANS) Black Box Limited has announced the unaudited financial results for the quarter and nine months ended 31st December 2023.
EBITDA for the quarter grew by 62 per cent YoY to Rs. 116 crores while Profit after tax for Q3FY24 stood at Rs 41 crore.
It said that revenue for Q3FY24 witnessed a growth of 5 per cent QoQ and was muted on a YoY basis. For 9MFY24 revenue grew by 4 per cent YoY
The strategy to focus on large revenue customers is yielding results and the pipeline continues to remain robust with some hold up in decision making, leading to delay in getting new orders.
It said that the EBITDA margins increased by a robust 270 bps YoY at 7.0 per cent for Q3FY24 and by 260 bps YoY at 6.4 per cent for 9MFY24.
It said that the emphasis on cost rationalisation and enhanced productivity has begun to generate positive outcomes, leading to an increase in the EBITDA margins.
It said that profit after tax for Q3FY24 increased by 5.2x YoY to Rs. 41 Crs and grew by 28 per cent on a QoQ basis and for 9MFY24 profit after tax increased to Rs 97 Crs as compared to Rs 1 cr in 9MFY23.
It said that the operating performance has resulted in better profitability despite higher interest costs.
Commenting on the results and performance Sanjeev Verma, Whole Time Director, Black Box said: “We are delighted by our achievements in Q3 and 9MFY24. Our EBITDA margins and overall profitability both on a QoQ and YoY basis has increased substantially due to our emphasis on cost rationalisation and enhanced productivity. Strong order book coupled with deal wins in excess of
$50Mn during the quarter, makes us confident in our resilient business model. As each of our business segments gathers momentum, it reinforces our confidence in delivering improved performance in the upcoming quarters.”
Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented: “Revenue for Q3FY24 witnessed a growth of 5 per cent QoQ and was muted on a YoY basis. For 9MFY24 revenue grew by 4 per cent YoY. Our strong focus on profitability over the last few quarters has started yielding positive results as evidenced by our profit after tax surging 5.2 times YoY in Q3FY24.
“Further, we are optimistic, this trend to continue both in terms of margin enhancement and overall profitability, boosting our confidence in achieving strong performance in fiscal year 2024 and onwards.”