New Delhi: Black Box Limited announced its unaudited financial results for the quarter and half year ended September 30, 2023. Revenue for Q2FY24 remained flat on both a YoY and QoQ basis.
Revenue for H1FY24 grew by 7.2 per cent year-on-year.
The order book remains strong on the back of new order wins. However, some delays at customer sites have resulted in a similar increase in revenue.
Additionally, the company has begun exiting some low-revenue customers that have little future growth potential and are under pressure on margins.
EBITDA margin for Q2FY24 expanded by 320 bps YoY and 70 bps QoQ basis to 6.4 per cent.
Margins for H1FY24 expanded 260 bps year-on-year to 6.1 per cent.
The focus on cost rationalization and improved productivity is beginning to yield positive results in increasing our EBITDA margins.
Profit after tax for Q2FY24 increased 33 per cent QoQ to Rs 32 crore.
Profit after tax for H1FY24 stood at Rs 56 crore compared to a loss of Rs 7 crore in H1FY23.
Operating leverage 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 extremely happy with our performance for Q2 and H1FY24. We reported strong improvement in EBITDA margins and overall profitability due to the cost rationalization program and improving productivity yields. Our project order book in North America continues to be strong with orders totaling over US$80 million during the quarter. Our business model remains resilient and each of our business segments continues to grow, giving us confidence in our performance in the coming quarters.”
Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer, Black Box, commented, “Revenue for Q2FY24 remained flat on YoY and QoQ basis, while revenue for H1FY24 grew by 7 per cent YoY . The order book remains strong, however, we exited some low-revenue customer accounts that do not have future growth prospects and were under pressure on margins. Our strong focus on profitability over the last few quarters has started to yield positive results and we are confident that this improvement trajectory should continue in the future.
