Black Box Limited
4,061words
5turns
0analyst exchanges
0executives
Key numbers — 40 extracted
9mt
7.0%
9.0%
8.9%
6.4%
8.7%
3.4%
3.7%
2.5%
3.3%
2.0%
465 million
Guidance — 5 items
Revenue
opening
“in INR crore 1.4% 23 1.5% 24 2.0% 32 0.5% 8 2.5% 2.8% 41 41 2.6% 37 3.4% 51 3.7% 56 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 PAT PAT Margin(%) 10.”
Revenue
opening
“the United States for building in Q1 FY25 Q2 FY25 Q3 FY25 Managed Services + T&M Maintenance Contract Projects Products • Won a cybersecurity order of around INR 100 crore from a large municipal corporation, a large network integration project from a global telecom operator and an airport order amounting to around INR 45 crore.”
Revenue
opening
“Consequently, the hyperscalers have committed large capex towards AI infrastructure and data center which reconfirms our confidence in our growth aspirations of reaching US$2 billion in revenue by FY29.” Mr.”
Revenue
opening
“▪ ▪ Revenue is impacted in FY25 predominantly due to subdued order book as a result of delayed decision making with some of our large customers coupled with company’s strategy to exit the tail customers Improved order bookings in Q4 FY25 along with robust order pipeline in large digital infrastructure projects such as data centers, airports, and healthcare customers.”
EBITDA
opening
“▪ ▪ Expect to achieve the EBITDA guidance in FY25 despite lower revenue EBITDA Margins revised upwards having surpassed company’s estimates due to better efficiencies, improved productivity and quality of revenue”
Speaking time
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Opening remarks
Revenue
e u n e v e R n i g r a M & A D T I B E n i g r a M & T A P 1,655 1,497 1,502 4,801 4,422 Q3 FY24 Q2 FY25 Q3 FY25 9m FY24 9m FY25 7.0% 116 9.0% 8.9% 135 134 6.4% 306 8.7% 384 Q3 FY24 Q2 FY25 Q3 FY25 9m FY24 9m FY25 3.4% 3.7% 51 56 2.5% 41 3.3% 144 2.0% 97 Q3 FY24 Q2 FY25 Q3 FY25 9m FY24 9m FY25 Amt in INR crore; FYTD – Financial Year To Date (Apr’24 to Dec ‘24) ▪ ▪ ▪ ▪ ▪ Revenue lower in Q3FY25 compared to same period last year due to subdued order book Continued focus on strategic high-value customers Pipeline continues to remain strong; order book US$ 465 million Increase in opportunities with large enterprises as a result of renewed GTM enhancing consideration and win-rate. Positive impact already seen in Q4 FY25 and expected to strengthen from Q1FY26 Pipeline conversion and improved win-rate expected to positively impact the revenues beginning Q2FY26 onwards EBITDA & EBITDA Margin: ▪ Operating margins increased during the 9m FY25 to 8.7% compared to 6.4% in 9mFY24 ▪ 9m margin up by
Revenue
▪ ▪ Revenue is impacted in FY25 predominantly due to subdued order book as a result of delayed decision making with some of our large customers coupled with company’s strategy to exit the tail customers Improved order bookings in Q4 FY25 along with robust order pipeline in large digital infrastructure projects such as data centers, airports, and healthcare customers. ▪ Win-rate on the large enterprise opportunities and high- value opportunities expected to strengthen from Q1FY26. Pipeline conversion and improved win-rate to positively impact the revenues beginning Q2FY26 onwards
EBITDA
▪ ▪ Expect to achieve the EBITDA guidance in FY25 despite lower revenue EBITDA Margins revised upwards having surpassed company’s estimates due to better efficiencies, improved productivity and quality of revenue
PAT
▪ PAT guidance for FY25 revised due to higher exceptional items than anticipated at the beginning of the year 12 Industry Size Targeting up to 2.0% market share of the industry US$5.7 Tn US$600-750 Bn US$120-150 Bn US$1.5- 3.0 Bn US$ 5.7 Tn (9.3% YoY growth) Gartner worldwide IT spending forecast 2025* ~12%-15% IT infrastructure spend within total IT spend ~20% Total Addressable Market (TAM) Black Box’s right-to-win based on its products & services portfolio 1.5%-2.0% Black Box’ targeted market share of TAM over medium to long term * Source: Gartner 13 Strategic Initiatives & Focus Towards Revenue Growth Renewed the Go-To-Market (GTM) structure Focus on industry verticals and horizontal solution as GTM strategy Revenue Growth Focus Areas Significant strengthening of leadership & sales teams Deeper engagement with top 300 largest customers Focus on increasing the number of large value contracts 14 Renewed Go-To-Market Operating Model (Q1 FY25 onwards) Focused on ‘industry verticals’ for
Investor Relations Advisors
Black Box Limited Strategic Growth Advisors Private Limited CIN: L32200MH1986PLC040652 CIN: U74140MH2010PTC204285 Purvesh Parekh purvesh.parekh@blackbox.com www.blackbox.com Rahul Agarwal / Karan Thakker rahul.agarwal@sgapl.net / karan.Thakker@sgapl.net +91 982143 8864 / +91 81699 62562 www.sgapl.net 30