Mumbai, June 1 (IANS): Black Box (BSE: 500463) (NSE: BBOX), a leading IT solutions provider, announced its results for the quarter and year ended 31st March 2024.

The company's emphasis on margin improvement and enhanced productivity has begun to yield positive outcomes, resulting in an increase in EBITDA margins and strong financial performance.

Profit after tax for FY24 increased by 5.8x to Rs. 138 Crs. compared to FY23. For Q4FY24 profit after tax increased by 77 per cent YoY to Rs. 41 Crs, highlighting Black Box's robust business model and effective financial management.

Black Box reported a notable increase in EBITDA, with a 59 per cent Y-o-Y rise to Rs. 428 crores for FY24, while maintaining EBITDA margins at 6.8 per cent, showing a growth of 250 basis points as compared to the previous year.

In Q4FY24, EBITDA surged by 28 per cent year-over-year to Rs. 122 crores, with EBITDA margins expanding by 260 basis points to 8.2 per cent.

Revenue for FY24 stood Rs 6,282 crore, compared to Rs 6,288 crore in FY23, while revenue for Q4 FY24 amounted to Rs 1,480 crore, compared to Rs 1,682 crore in Q4FY23.

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

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented: “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 per cent 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.”