Black Box Limited — Important, 11-02-2025: General Updates

**Financial Highlights:** Black Box Ltd reported its highest quarterly Profit After Tax (PAT) of INR 56 crore in Q3 FY25, indicating a 37% increase YoY. Revenue for the quarter was INR 1,502 crore, down 9% from the previous year due to a subdued order book, but the year-to-date revenue for the first nine months stood at INR 4,422 crore. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 15% YoY in Q3 FY25 to INR 134 crore.

**Strategic Initiatives and Growth Drivers:** The company is focusing on high-value customers with a robust pipeline of US$ 465 million as of Q3 FY25. The revised Go-To-Market (GTM) strategy emphasizes industry-specific solutions and engagement with the top 300 largest customers, aimed to improve sales and win rates.

**Business Developments:** Recent orders include significant contracts in data infrastructure and cybersecurity, with Q4 FY25 already logged with US$ 80 million in new opportunities.

**Market Position and Competitive Advantage:** Black Box is positioned to benefit from increased investments in digital infrastructure and AI by hyperscalers, fostering sustained demand across various verticals.

**Investor Implications:** With a strong pipeline and strategic focus, potential growth looks promising, with the company aiming for double-digit margins by FY27. Investors should keep a close watch on revenue improvements starting Q2 FY26.