BLACK BOX LIMITED

��

Digitally signed by ADITYA ADITYA GOSWAMI GOSWAMI Date: 2024.05.31 07:52:40 +05'30'

��

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

==> picture [183 x 24] intentionally omitted <==

Black Box Limited

Results Presentation

May 2024

SAFE HARBOUR

==> picture [55 x 39] intentionally omitted <==

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Black Box Limited (Formerly AGC Networks Limited), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forwardlooking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

Q4 & FY24 FINANCIAL HIGHLIGHTS

==> picture [123 x 42] intentionally omitted <==

----- Start of picture text -----

NAME
BRAND
ONE
LANGUAGE
----- End of picture text -----

FINANCIAL HIGHLIGHTS

==> picture [599 x 449] intentionally omitted <==

----- Start of picture text -----

In Rs. Crores Q4FY22 Q4FY23 Q4FY24 FY22 FY23 FY24
1,682 6,288 6,282
1,442 1,480 5,370
REVENUE
Margin 5.5% 5.6% 8.2% 4.8% 4.3% 6.8%
122 428
95
EBITDA 80 260 269
41 138
PAT
23 73
16
24
----- End of picture text -----

==> picture [107 x 40] intentionally omitted <==

Revenues:

Hold up in decision making, led to delayed project execution in the 2[nd] half of FY24 impacting revenue growth
Robust pipeline growth. Expect order momentum at the back of a healthy pipeline to mature and yield in the coming quarters
Exiting low value and long tail customers

EBITDA & EBITDA Margins:

Achieved EBITDA guidance range for FY24
EBITDA increased by a robust 59% YoY to Rs. 428 Crs. with EBITDA margins at 6.8%, a growth of 250 bps YoY. For Q4FY24 EBITDA increased by 28% YoY to Rs. 122 Crs. with EBITDA margins growth of 260 bps YoY to 8.2%
Emphasis on margin and enhanced productivity has begun to generate positive outcomes, leading to an increase in our EBITDA margins

Profit After Tax:

PAT guidance for FY24 missed by smaller margin owing to higher than anticipated finance costs
Profit after tax for FY24 increased by 5.8x to Rs. 138 Crs. compared to FY23. For Q4FY24 profit after tax increased by 77% YoY to Rs. 41 Crs.
Operating performance has resulted in better profitability despite higher interest costs

MANAGEMENT COMMENTARY

==> picture [55 x 39] intentionally omitted <==

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

==> picture [107 x 120] intentionally omitted <==

==> picture [110 x 122] intentionally omitted <==

==> picture [108 x 89] intentionally omitted <==

“For FY24, we have been exiting low value and long tail customers which led to a miss on our revenue guidance, however, we were able to achieve our EBITDA guidance and PAT was very close to lower end of the guided range. Our core operations have shown remarkable strength, with significant growth in key areas that underscore the robustness of our business model. The slight deviation from our forecast does not detract from the progress we have made and the solid foundation we have built. With robust pipeline and a strong order book, we are confident in the resilience of our business model. As each of our business segments gains momentum, our belief in delivering improved performance in the upcoming years is further reinforced.”

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

“The growth in topline was affected due to delays in decision-making, resulting in a hold-up of new orders in the second half of FY24. However, our strong focus on EBITDA and profitability over the last few quarters has begun to show positive outcomes, as evidenced by a 59% YoY growth in EBITDA and 5.8 times YoY increase in our profit after tax for FY24. We are optimistic that this trend will continue, enhancing both margins and overall profitability, and we are confident in achieving strong performance in fiscal year 2025 and beyond.”

LARGE DEAL WINS IN FY24 - FOCUS CONTINUES TO BE ON LARGE DEALS

==> picture [55 x 39] intentionally omitted <==

Transaction Value	Clients
$105.4 Mn	Data Center and In-Building 5G/OnGo solutionsfor an American online social media and social networking service
$21.1 Mn	On Demand and Connected Building solutionsfor an American multinational corporation and technology company
$7.3 Mn	Digital Workplace, Audio Video, and On Demand solutionsfor a major American automobile enterprise
$6.6 Mn	Data Center solutionsfor ashort-form video hosting service provider
$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

	Total Order Book (US $ mn)
	140 144 130 134 210 175 10 Dec-23 17 Mar-24 490 470
	Products Projects Manage Services + T&M Maintenance Contract

Q4 & FY24 – CONSOLIDATED P&L

==> picture [55 x 39] intentionally omitted <==

Particulars(Rs in Cr)	Q4FY24	Q4FY23	YoY	Q3FY24	QoQ	FY24	FY23	YoY
Revenue from Operations	1,480	1,682	-12%	1,655	-11%	6,282	6,288	0%
Gross Profit	434	467		426	2%	1,714	1,640	5%
Gross Profit Margin	29.3%	27.8%		25.7%		27.3%	26.1%
Gain on foreign currencytransaction(net)	-4	-2		1		2	-4
Total Other Expenses	309	370		311		1,288	1,367
EBITDA	122	95	28%	116	5%	428	269	59%
EBITDA Margin	8.2%	5.6%		7.0%		6.8%	4.3%
Other Income	1	0		11		19	22
Gain/(Loss)on cashflow hedges	3	20		-2		3	20
Depreciation(asper IND AS 116)	29	31		28		114	107
Depreciation(asper business)^	16	7		13		56	44
EBIT	96	84		97		336	204
EBIT Margin	6.5%	5.0%		5.8%		5.3%	3.2%
Finance Cost(asper IND AS 116)	41	34		36		141	111
Finance Cost(asper business)^	34	29		30		119	90
Loss on fair valuation of deferredpurchase consideration	0	-8		0		0	-11
Share of net profit / (loss) of associate accounted for using the equity method	0	0		0		2	0
Exceptional Item Gain/(Loss)	-9	-22		-9		-40	-52
Profit before Tax	47	19	2.5x	52	-9%	156	29	5.3x
PBT Margin	3.2%	1.2%		3.1%		2.5%	0.5%
Tax	6	-4		11		19	6
PAT	41	23	77%	41	0%	138	24	5.8x
PAT Margin %	2.8%	1.4%		2.5%		2.2%	0.4%
Basic EPS	2.44*	1.38*		2.43*		8.20	1.42

*Not annualised

^Not part of the calculation as it already forms part of the Depreciation and Finance Cost (as per IND AS 116) line

CONSOLIDATED BALANCE SHEET

Particulars (Rs in Cr)	Mar-24	Mar-23
Non-Current Assets
Property, Plant And Equipment	120	161
Right Of Use Asset	291	259
Goodwill	334	316
Other Intangible Assets	63	61
Investment accounted for using the equity method	32	30
Financial Assets	35	18
Deferred tax Assets	40	60
Other Non-Current Assets	48	14
Total Non-Current Assets	964	918
Current Assets
Inventories	246	362
Trade Receivables	386	417
Cash And Cash Equivalents	223	210
Financial Assets	508	683
Contract assets	246	114
Other Current Assets	204	299
Sub-Total - Current Assets	1,813	2,084
Total - Assets	2,777	3,002

==> picture [55 x 39] intentionally omitted <==

Particulars (Rs in Cr)	Mar-24	Mar-23
EQUITY AND LIABILITIES
Equity
Equity Share Capital	34	34
Other Equity	447	262
Total Equity	481	296
Non-Current Liabilities
Borrowing	362	305
Lease Liabilities	267	222
Other Financial Liabilities	7	7
Contract liabilities	54	55
Other Non-Current Liabilities	0	0
Provisions	54	74
Sub-Total - Non-Current Liabilities	743	663
Current Liabilities
Borrowing	35	47
Trade Payables	699	1,158
Lease Liabilities	48	54
Other Financial Liabilities	162	90
Contract liabilities	501	505
Other Current Liabilities	32	121
Provisions	75	69
Sub-Total - Current Liabilities	1,553	2,044
Total - Equity And Liabilities	2,777	3,002

SUMMARY OF CONSOLIDATED CASH FLOWS

==> picture [55 x 39] intentionally omitted <==

Particulars (Rs in Cr)	FY24	FY23
Operating profit before working capital changes	424	296
Changes in working capital	(313)	(278)
Cash generated from operations	111	18
Direct taxes paid (net of refund)	24	(0)
Net Cash from Operating Activities (A)	134	18

Net Cash from Investing Activities (B)	(1)	19

Net Cash from Financing Activities (C)	(155)	(63)

Net Change in cash and cash equivalents (A+B+C)	(21)	(26)

Cash and cash equivalents at the beginning of the year*	200	302
Unrealised loss on foreign currency cash and cash equivalents	30	(76)
Cash and cash equivalents transferred pursuant to acquisition of subsidiary	6	-
Cash and cash equivalents at the end of the period*	214	200

*Excludes restricted cash

WELL DIVERSIFIED GLOBAL BUSINESS MODEL – FY24

==> picture [55 x 39] intentionally omitted <==

Revenue by Geography

Revenue by Industry

==> picture [290 x 188] intentionally omitted <==

----- Start of picture text -----

India, 6%
Europe, 8%
MEA, 3%
APAC, 5%
Latin America,
1%
North America, 77%
----- End of picture text -----

Client Concentration - Revenue

==> picture [461 x 211] intentionally omitted <==

----- Start of picture text -----

Financial Services
[1%][ 1%]
3% [2%]
4% Technology
3% [3%] 22% Healthcare
Business Services
4% Distributors
Manufacturing
7% Retail
Government
8% 21% Transport
Construction
10% Education
11%
Utilities
Hospitality
Others
----- End of picture text -----

Client-wise Contracts – FY24 Revenue

==> picture [254 x 181] intentionally omitted <==

----- Start of picture text -----

80%
72%
65%
59%
54%
47%
----- End of picture text -----

==> picture [408 x 180] intentionally omitted <==

----- Start of picture text -----

Rs. 50 14 Clients
Crores+
18 Clients
Rs. 25 – 50 Crores
114 Clients
Rs. 5 – 25 Crores
1,500+ Clients
Up to Rs. 5 Crores
----- End of picture text -----

Top 10 Top20 Top 30 Top 50 Top 100 Top 200

MEDIUM TERM TARGETS

==> picture [123 x 42] intentionally omitted <==

----- Start of picture text -----

NAME
BRAND
ONE
LANGUAGE
----- End of picture text -----

MEDIUM-TERM TARGETS

==> picture [55 x 39] intentionally omitted <==

Guidance Achievement Remarks All figures in In Rs. FY24E FY24A FY25E Crores Hold up in decision 7,000 to 6,600 to 6,900 REVENUE 6,282 making, exiting low value 7,500 (up by 5 to 10%) long tail customers Focus on resulting Normalised 525 to 560 400 to 450 428 productivity in achieving

Growth Drivers

✓ Focus on top 250 customers and share of wallet expansion

✓ Addition of large new clients Focus on resulting ✓ Inorganic growth 525 to 560 productivity in achieving opportunities (up by 23 to 31%) EBITDA guidance ✓ Focus operational efficiencies Higher than anticipated finance costs resulting in 220 to 250 missing PAT guidance by (up by 59 to 81%) ✓ Optimizing operating small margin costs

Normalised 400 to 450 428 EBITDA PAT 140 to 175 138

ROADWAY TO MARGIN EXPANSION

Customer operations and shared services utilising our centre of excellence in Bangalore

==> picture [69 x 39] intentionally omitted <==

==> picture [55 x 39] intentionally omitted <==

Better Rookie mix Better procurement and sub-contractor management Our Margin Expansion Strategy Right shore to ensure cost optimization Facility Optimization and ERP Consolidation Repricing contracts to get better yields

HISTORICAL FINANCIAL HIGHLIGHTS

==> picture [123 x 42] intentionally omitted <==

----- Start of picture text -----

NAME
BRAND
ONE
LANGUAGE
----- End of picture text -----

CONSOLIDATED PROFIT AND LOSS STATEMENT

==> picture [55 x 39] intentionally omitted <==

Particulars(Rs in Cr)	FY19	FY20*	FY21	FY22	FY23	FY24
Revenue from Operations	1,853	4,994	4,674	5,370	6,288	6,282
Gross Profit	496	1,521	1,497	1,549	1,640	1,714
Gross Profit Margin	26.8%	30.4%	32.0%	28.9%	26.1%	27.3%
Gain on foreign currencytransaction(net)	0	0	0	3	-4	2
Total Other Expenses	450	1,192	1,145	1,292	1,367	1,288
EBITDA	47	328	352	260	269	428
EBITDA Margin	2.5%	6.6%	7.5%	4.8%	4.3%	6.8%
Other Income	6	7	11	6	22	19
Gain/(Loss)on cashflow hedges	0	0	0	0	20	3
Depreciation(asper IND AS 116)	15	92	96	99	107	114
Depreciation(asper business)^	15	41	33	49	44	56
EBIT	38	244	267	168	204	336
EBIT Margin	2.1%	4.9%	5.7%	3.1%	3.2%	5.3%
Finance Cost (as per IND AS 116)	45	132	98	74	111	141
Finance Cost (as per business)^	45	123	86	56	90	119
Loss / (gain) on fair value of financial liabiltiy	0	-37	-42	0	0	0
Gain on settlement of financial liability	0	-23	0	14	0	0
Loss on fair valuation of deferred purchase consideration	0	0	0	0	-11	0
Share of net profit / (loss) of associate accounted for using the equity method	0	0	0	0	0	2
Exceptional Item Gain/(Loss)	-73	-125	-32	-22	-52	-40
Profit before Tax	-79	-73	96	86	29	156
PBT Margin	-4.3%	-1.5%	2.1%	1.6%	0.5%	2.5%
Tax	-1	7	18	13	6	19
PAT	-79	-80	78	73	24	138
PAT Margin %	-4.3%	-1.6%	1.7%	1.4%	0.4%	2.2%
Basic EPS	-5.39	-5.38	5.21	4.45	1.42	8.20

^Not part of the calculation as it already forms part of the Depreciation and Finance Cost (as per IND AS 116) line

*Restated

CONSOLIDATED BALANCE SHEET

Particulars (Rs in Cr)	Mar-19	Mar-20*	Mar-21	Mar-22	Mar-23	Mar-24
Non-Current Assets
Property, Plant And Equipment	156	164	164	190	161	120
Right Of Use Asset	-	116	146	194	259	291
Goodwill	205	234	269	300	316	334
Other Intangible Assets	38	43	43	47	61	63
Investment accounted for using the equity method	-	-	-	-	30	32
Financial Assets	11	25	28	24	18	35
Deferred tax Assets	95	93	67	63	60	40
Other Non-Current Assets	29	84	31	26	14	48
Total Non-Current Assets	535	759	749	845	918	964
Current Assets
Inventories	151	137	149	226	362	246
Trade Receivables	862	361	240	374	417	386
Cash And Cash Equivalents	263	369	410	311	210	223
Financial Assets	99	405	533	560	683	508
Contract assets	-	-	-	44	114	246
Other Current Assets	522	275	223	291	299	204
Sub-Total - Current Assets	1,897	1,547	1,554	1,807	2,084	1,813
Total - Assets	2,432	2,306	2,303	2,652	3,002	2,777

==> picture [55 x 39] intentionally omitted <==

Particulars (Rs in Cr)	Mar-19	Mar-20*	Mar-21	Mar-22	Mar-23	Mar-24
EQUITY AND LIABILITIES
Equity
Equity Share Capital	30	30	33	33	34	34
Other Equity	(11)	(206)	174	228	262	447
Total Equity	19	(176)	207	260	296	481
Non-Current Liabilities
Borrowing	587	15	119	229	305	362
Lease Liabilities	2	65	94	116	222	267
Other Financial Liabilities	2	157	87	10	7	7
Contract liabilities	-	-	-	51	55	54
Other Non Current Liabilities	47	63	25	0	0	0
Provisions	117	197	78	70	74	54
Sub-Total - Non-Current Liabilities	755	499	403	477	663	743
Current Liabilities
Borrowing	207	242	57	45	47	35
Trade Payables	551	548	516	1,009	1,158	699
Lease Liabilities	2	68	58	90	54	48
Other Financial Liabilities	275	569	373	176	90	162
Contract liabilities	-	-	-	472	505	501
Other Current Liabilities	490	472	564	50	121	32
Provisions	133	85	127	72	69	75
Sub-Total - Current Liabilities	1,658	1,983	1,694	1,915	2,044	1,553
Total - Equity And Liabilities	2,432	2,306	2,303	2,652	3,002	2,777

*Restated

SUMMARY OF CONSOLIDATED CASH FLOWS

==> picture [55 x 39] intentionally omitted <==

Particulars (Rs in Cr)	FY19	FY20*	FY21	FY22	FY23	FY24
Operating profit before working capital changes	(33)	346	407	224	296	424
Changes in working capital	(13)	817	(156)	(108)	(278)	(313)
Cash generated from operations	(46)	1,163	251	117	18	111
Direct taxes paid (net of refund)	(26)	(26)	52	(21)	(0)	24
Net Cash from Operating Activities (A)	(72)	1,137	303	95	18	134

Net Cash from Investing Activities (B)	(357)	(328)	(32)	(71)	19	(1)

Net Cash from Financing Activities (C)	629	(645)	(277)	(43)	(63)	(155)

Net Change in cash and cash equivalents (A+B+C)	201	164	(6)	(18)	(26)	(21)

Cash and cash equivalents at the beginning of the year**	9	206	316	357	302	200
Unrealised loss on foreign currency cash and cash equivalents	(4)	(54)	48	(37)	(76)	30
Cash and cash equivalents transferred pursuant to acquisition of subsidiary	-	-	-	-	-	6
Cash and cash equivalents at the end of the period**	206	316	357	302	200	214

**Excludes restricted cash

*Restated

CONTACT US

Company :

==> picture [231 x 30] intentionally omitted <==

Black Box Limited

CIN: L32200MH1986PLC040652 Deepak Bansal [email protected] www.blackbox.com

Investor Relations Advisors :

==> picture [302 x 37] intentionally omitted <==

Strategic Growth Advisors Private Limited CIN: U74140MH2010PTC204285 Rahul Agarwal / Karan Thakker [email protected] / [email protected] +91 982143 8864 / +91 81699 62562 www.sgapl.net

==> picture [55 x 39] intentionally omitted <==

AI assistant

BLACK BOX LIMITED Interim / Quarterly Report 2024

61965_rns_2024-05-31_54ad8289-aff1-4059-ae16-75d7f5b306e4.pdf

��

��

��

��

��

��

��

��

��