BLACK BOX LIMITED — Earnings Release 2024

Nov 10, 2023

Telephone: +91 22 6661 7272 | Email: info.india@blackbox.com

BBOX/SD/SE/2023/84

November 10, 2023

	Corporate Relationship Department Bombay Stock Exchange Limited P.J. Towers, Dalal Street, Fort, Mumbai 400001	Corporate Relationship Department National Stock Exchange Limited Exchange Plaza, Bandra Kurla Complex, Bandra East, Mumbai 400051

Sub: Press Release for Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter/half‐year ended September 30, 2023

Ref: Black Box Limited – Scrip Code: 500463 NSE Symbol: BBOX

Dear Sir/Madam,

Please find attached herewith the Press release on the Unaudited Financial Results of the Company (Standalone and Consolidated) for the quarter/half year ended September 30, 2023.

This is for your information, record and necessary dissemination to all the stakeholders.

Thanking You,

For Black Box Limited

(Formerly Known as AGC Networks Limited)

Digitally signed by Aditya Goswami Aditya DN: cn=Aditya Goswami, o=Black Box Limited, ou, email=aditya.goswami@a Goswami gcnetworks.com, c=IN Date: 2023.11.10 11:22:48 +05'30'

Aditya Goswami Company Secretary & Compliance Officer

Encl.: A/a.

BLACK BOX LIMITED (Formerly AGC Networks Limited)

~~Registered Office: 501, 5th Floor, Building No. 9, Airoli Knowledge Park, MIDC Industrial Area, Airoli, Navi Mumbai 400 708, India~~ BLACKBOX.COM | CIN: L32200MH1986PLC040652 | Tel: +91 22 6661 7272

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Black Box Limited

Mumbai, November 10, 2023: Black Box Limited (BSE: 500463) (NSE: BBOX), announced its unaudited financial results for the quarter and half year ended 30[th] September 2023

EBITDA for the quarter doubles on YoY basis to Rs. 101 crores while Profit after tax for Q2FY24 stood at Rs. 32 crores against a loss of Rs. 23 crores in Q2FY23

Sustained momentum in new project bookings to the tune of US $80 Mn+ during the quarter leads to a robust order backlog

In Rs. Crores

REVENUE

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▪ Revenues for Q2FY24 remained flat on both
3,146 YoY and QoQ basis. For H1FY24 revenues
2,934
grew by 7.2% YoY
1,562 1,571 1,574
▪ The order book continues to remain strong
reflected in new order wins. However, few
delays at customer sites have led to flat
revenue growth
▪ Further, we have started exiting some of the
low-revenue customers who do not have
Q2FY23 Q1FY24 Q2FY24 H1FY23 H1FY24 future growth potential and are drag on
margins
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EBITDA

In Rs. Crores

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3.2% 5.7% 6.4% 3.5% 6.1%
101 190
89
103
50
Q2FY23 Q1FY24 Q2FY24 H1FY23 H1FY24
Margin
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• EBITDA margins for Q2FY24 increased by 320 bps YoY and 70 bps on QoQ basis to 6.4%. For H1FY24 Margins increased by 260 bps YoY to 6.1%

• Focus on cost rationalization and improved productivity have started to yield positive results increasing our EBITDA margins

PROFIT AFTER TAX

In Rs. Crores

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32 56
24 ▪ Profit after tax for Q2FY24 increased by
robust 33% QoQ to Rs. 32 Crs. For H1FY24
profit after tax stood at Rs. 56 Crs as
compared to loss of Rs. 7 Crs in H1FY23
▪ Operating leverage has resulted in better
-23 -7 profitability despite higher interest costs
Q2FY23 Q1FY24 Q2FY24 H1FY23 H1FY24
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Black Box Limited

Deal Wins during the quarter

Transaction Value	Clients
$47.8 Mn	Data Center and In-Building 5G/OnGo solutionsfor an American social media and social networkingservice
$7.3 Mn	Digital Workplace, Audio Video, and On Demand solutionsfor a major American automobile enterprise
$5.9 Mn	Connected Building and Enterprise Networking solutionsfor a Mexican multinational food company
$5.7 Mn	Enterprise Networking, Connected Building, and Digital Workplace solutionsfor an American Biotech major
$5.4 Mn	Enterprise Networking and Connected Building solutionsfor a renewable power generation and distribution company
$2.5 Mn	In-Building 5G solutionsfor a U.S.-based, builder, developer, and engineering servicesprovider
$2.5 Mn	Enterprise Networking, Data Center, On Demand, Connected Building, and Customer Experience solutionsfor a real estate investment trust
$2.4 Mn	Digital Workplace solutionsfor a Norwegianglobal cruise company
$ 1.9 Mn	Manage Cyber Security servicesfor a large life insurance corporation in the United States
$1.9 Mn	Connected Building, Digital Workplace, and 5G solutionsfor an American integrated health care deliverysystem
$1.4 Mn	Digital Workplace solutionsfor a major oil companyin India
$1.0 Mn	KVM matrix Thinklogical solutionfor a European Defence Organization

Commenting on the results and performance Mr. Sanjeev Verma, Whole Time Director, Black Box said,

“We are extremely pleased with our performance for Q2 and H1FY24. We have reported strong improvement in EBITDA margins and overall profitability owing to cost rationalization program and improved productivity yields. Our project order book in North America continues to be robust on the back of order wins in excess of US$80 million during the quarter. Our business model remains resilient and each of our business segments continue to gain traction which gives us the confidence to deliver better performance over the coming quarters”

Mr. Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box , commented,

“Revenues for Q2FY24 remained flat on YoY and QoQ basis whereas for H1FY24 revenue grew by ~7% YoY. Order book continues to be strong, however, we have exited some of the low-revenue customers account who do not have future growth potential and were drag on margins. Our strong focus on profitability over the last few quarters has started yielding positive results and we are confident that this improvement trajectory should continue in the future as well.”

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Black Box Limited

About Black Box Ltd.

Black Box Limited (formerly AGC Networks Limited) is a trusted IT solutions provider delivering cutting-edge technology solutions and world-class consulting services to businesses around the globe.

The breadth of Black Box’s global reach and the depth of expertise accelerate customer success by bringing people, ideas, and technology together to solve real-world business problems.

Black Box’s IT infrastructure solutions, services, and products enable secure, flawless connectivity and meaningful collaboration for businesses in every major market sector on six continents.

Safe Harbor Statement

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.

For further information, please contact

Black Box Limited CIN: L32200MH1986PLC040652 Mr. Deepak Bansal deepak.bansal@blackbox.com www.blackbox.com	Investor Relations Advisors: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Rahul Agarwal / Mr. Karan Thakker rahul .agarwal@sgapl.net/ karan .Thakker@sgapl.net +91 982143 8864 / +91 81699 62562 http ://www.sgapl.net

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