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 Digitally signed by
ADITYA ADITYA GOSWAMI

 GOSWAMI Date: 2024.11.11

07:57:44 +05'30'
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BLACK BOX 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
PROPELLING

DIGITAL
INFRASTRUCTURE D ATA C E N T E R

Black Box Limited

Results Presentation

November 2024
SAFE HARBOUR
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Black Box 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 forward-looking statements become
materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the
Company.
2
 Q2 & H1 FY25
FINANCIAL
HIGHLIGHTS

3
 Financial Highlights – Q2 and H1 FY25
In INR Crore
Revenue:
▪ Strategic focus on high-value customers
1,574 1,423 1,497 3,146 2,921 ▪ Pipeline continues to remain strong; order book at
US$ 455 million
REVENUE ▪ Rearchitecting the Go-To-Market (GTM) strategy into
Industry Verticals and Horizontal Solutions to drive deeper
engagement with the customers
Q2 FY24 Q1 FY25 Q2 FY25 H1 FY24 H1 FY25
▪ Hold up in decision making, leading to delayed project
execution, thereby impacting revenue
Margin 6.4% 8.1% 9.0% 6.1% 8.6%

EBITDA & EBITDA Margin:

135
115 250 ▪ Operating margins continue to improve on account of our
101 190 consistent efforts on cost optimization, enhanced
EBITDA
productivity and better price realisation
▪ Q2 FY25 EBITDA at INR 135 crore; up 34% YoY &
18% QoQ
Q2 FY24 Q1 FY25 Q2 FY25 H1 FY24 H1 FY25 ▪ H1 FY25 EBITDA at INR 250 crore; up 31% YoY
▪ Q2 FY25 EBITDA margin at 9.0% vs 6.4% in Q2 FY24
Margin 2.0% 2.6% 3.4% 1.8% 3.0%

51 88
Profit After Tax (PAT) and PAT Margin:
PAT 37
32 56 ▪ Q2FY25 PAT at INR 51 crore; up 60% YoY and 38% QoQ
▪ H1FY25 PAT at INR 88 crore; up 58% YoY
▪ Company remains committed towards growing
H1 FY24 H1 FY25 profitability and margins through growth and sustained
Q2FY23 Q1FY24 Q2FY24 operational efficiency for generating higher shareholder
value
4
 Consistent Growth in EBITDA & PAT
Margins At Record High

CQGR ~11% 9.0%

160 10. 0%

140
8.2% 8.1% 9.0 %

7.0% 135
8.0 %

6.4%
120

5.6% 5.7% 122 7.0 %

100 116 115 6.0 %

4.3% 101
80

3.9% 95 5.0 %

3.2%
72
4.0 %

60

89
54 3.0 %

40

50 2.0 %

20

1.0 %

0 0.0 %

Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
EBITDA EBITDA Margin(%)

60

CQGR ~15% 3.4%

4.0 %

2.8% 2.6%
50

2.5% 3.0 %

40
2.0% 51
1.4% 1.5% 41 41 2.0 %

30
1.1% 37
32
20
0.3% 1.0 %

23
10
15
8 24 0.0 %

-1.4% -1.0%

-10

-20
-23 -2.0%

-30
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 -3.0%

PAT PAT Margin(%)

5
Healthy Total Order Book

Total Order Book (US$ million)

470 475 455
17 15 Order Book and Pipeline Future Outlook
18

175
167
147 ▪ Large deal pipeline continues to grow

▪ Higher capex investment and a favorable interest rate environment

135 130 will drive investments in the digital infrastructure space
134

▪ Significant investments in sales team is expected to drive momentum

and conversion rate of deal pipeline into increase in order book
158 160
144 starting early FY26

Mar-24 Jun-24 Sep-24

▪ Focus on continuous improvement in deal wins ratio
Products Maintenance Contract
Projects Manage Services + T&M

Hold up in decision making and delay of capex at customers’ end has

led to lower additions to the order book.

6
Management Commentary

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

“Our strategic focus on reorganising the business into industry verticals and a horizontal business layer will help
us to transition into the next phase of growth. A focused approach to targeting premium customers will lead to
deeper engagement with our clients making us among the preferred digital infrastructure solutions provider
globally. We expect economic growth to be fueled by a combination of high levels of capital expenditure (capex)
and a favorable interest rate environment in North America. These two factors will play a crucial role in shaping
the current and future trajectory of growth across sectors, particularly in technology, infrastructure, and
manufacturing.”

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

“Our commitment towards better performance achieved through operating leveraging is starting to yield results
as our operating and profitability margins continue to rise quarter on quarter. As we re-architecture our GTM, we
will see further improvement in our operating performance, higher profitability and improved cash flows. We have
secured funding of INR 386 crore, which will strengthen our balance sheet and help us make accelerated
investments to propel growth across key focus areas.”

7
 Secured INR 386 Crore In Funding To Drive Growth
And Expansion In Digital Infrastructure Sector (in INR crore)

Promoters 200
The company had offered 92,65,215 fully convertible warrants each convertible into
1 Equity Share of face value of INR 2/- (Rupees two only) each to the ‘Promoter FII & HNI 176

Group and Non-Promoter group, on preferential basis, in one or more tranches, at

10
an issue price of INR 417/- (Rupees four hundred and seventeen only) each, for an Key Management Personnel

aggregate amount of up to INR 386.36 crore. Total Fund Raise 386

Company received subscription money of INR 97 Crore in September 2024.

The balance amount expected in the within 18 months from the date of allotment of the warrants.

The fund raise is a growth capital and will be invested across several key areas:
Expansion of Data Center Build Capabilities Advancement in Network Infrastructure
• Data center capacity is expected to grow exponentially over the next 3-5 • Black Box will deploy capital to expand its Solutions portfolio for its
years fuelled by adoption of Cloud and AI enterprise customers and Data center operators including
• Black Box is well-established in this segment and plans to invest further Hyperscalers in the areas of Connectivity Infrastructure and
to become a leading provider of services to Hyperscalers, Multi-Tenant Networking that will be critical to support increasing data traffic and
Data center operators, and Large Enterprise Data Centers demands of better user experience at the edge

Innovation and Delivery Go To Market Expansion

• The investment will support the company’s strategic expansion and
• A portion of the funds will be allocated to innovation and growth initiatives into key Industry Verticals with relevant technology
development efforts aimed at pioneering new digital solutions with key leadership hiring and expanding its sales and
infrastructure solutions, including advancements in cloud computing business development efforts significantly both in north America and
infrastructure, cybersecurity, artificial intelligence and IoT emerging markets

8
Renewed Go-To-Market Operating Model
Consumer & Commercial &
Vertical Financial Services Technology Healthcare
Public Services Industrial
Horizontal Existing Accounts New Accounts Existing Accounts New Accounts Existing Accounts New Accounts Existing Accounts New Accounts Existing Accounts New Accounts

Connectivity
Infrastructure
Revenue Streams Business Enablers Service Delivery

Data Center
Projects Marketing Project Management

India Center of
Modern Workplace Managed Services Sales Operations
Excellence

Regional / Horizontal
Maintenance Contracts Procurement
Enterprise Delivery
Networking
Remote Services
Products Order Management
Delivery
Cybersecurity

Existing Top Long Tail New

20 Accounts Accounts Accounts Note : Currently Implemented in North America 9
Well Diversified Global Business Model – H1 FY25
Revenue by Geography Revenue by Industry

India, 6%
Europe, 8%
12%
MEA, 2% Technology

APAC, 5% 32% Financial Services

12%
Healthcare
Latin America,
2% Consumer and Public Services
12%
North America, 77% Commercial and Industrial

11% 20% TPS

Client Concentration % - Revenue Client-wise Contracts – FY24 Revenue

INR 50 14 Clients
Crore+

18 Clients
INR 25 – 50 Crores

83%
75% 114 Clients
67% INR 5 – 25 Crores
58% 62%
51%

1,500+ Clients
Up to INR 5 Crores

Top 10 Top20 Top 30 Top 50 Top 100 Top 200 10

 Q2 & H1FY25 – Consolidated P&L
Particulars (in INR Crore) Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ H1 FY25 H1 FY24 YoY
Revenue from Operations 1,497 1,574 -5% 1,423 5% 2,921 3,146 -7%
Gross Profit 452 437 3% 439 3% 890 854 4%
Gross Profit Margin 30.2% 27.7% 30.8% 30.5% 27.1%
Gain on foreign currency transaction (net) 3 2 -4 -1 5
Total Other Expenses 319 338 320 639 668
EBITDA 135 101 34% 115 18% 250 190 31%
EBITDA Margin 9.0% 6.4% 8.1% 8.6% 6.1%
Other Income 1 6 1 2 7
Gain/(Loss) on cashflow hedges -0 -1 -0 -1 2
Depreciation (as per IND AS 116) 28 29 26 55 57
Depreciation (as per business)^ 17 16 15 31 27
EBIT 108 78 38% 89 21% 197 143 38%
EBIT Margin 7.2% 5.0% 6.3% 6.7% 4.5%
Finance Cost (as per IND AS 116) 32 32 34 66 65
Finance Cost (as per business)^ 27 27 28 55 55
Loss / (gain) on fair value of financial liability 0 0 0 0 0
Gain on settlement of financial liability 0 0 0 0 0
Loss on fair valuation of deferred purchase consideration 0 0 0 0 0
Share of net profit / (loss) of associate accounted for using the equity
-0 1 0 0 1
method
Exceptional Item Gain/(Loss) -21 -14 -15 -36 -21
Profit before Tax 55 33 63% 40 36% 95 58 64%
PBT Margin 3.6% 2.1% 2.8% 3.2% 1.8%
Tax 3 1 3 7 2
PAT 51 32 60% 37 38% 88 56 58%
PAT Margin 3.4% 2.0% 2.6% 3.0% 1.8%
Basic EPS 3.04* 1.90* 2.21* 5.25* 3.33*
*Not annualised ^Not part of the calculation as it already forms part of the Depreciation and Finance Cost (as per IND AS 116) line 11
Consolidated Balance Sheet

Particulars (in INR Crore) Sep-24 Mar-24 Particulars (in INR Crore) Sep-24 Mar-24
ASSETS EQUITY AND LIABILITIES
Non-Current Assets Equity
Equity Share Capital 34 34
Property, Plant And Equipment 119 120
Other Equity 603 447
Right Of Use Asset 275 291
Total Equity 636 481
Goodwill 340 334
Non-Current Liabilities
Other Intangible Assets 76 63 Borrowing 386 362
Investment accounted for using the equity method 32 32 Lease Liabilities 252 267
Financial Assets 17 35 Other Financial Liabilities 0 7
Tax Assets (net) 41 40 Contract liabilities 45 54
Other Non-Current Liabilities 14 0
Other Non-Current Assets 87 48
Provisions 36 54
Total Non-Current Assets 988 964
Sub-Total - Non-Current Liabilities 734 743
Current Assets
Current Liabilities
Inventories 221 246 Borrowing 29 35
Trade Receivables 451 386 Trade Payables 746 699
Cash And Cash Equivalents 291 223 Lease Liabilities 54 48
Financial Assets 517 508 Other Financial Liabilities 215 162
Contract liabilities 451 501
Contract assets 215 246
Other Current Liabilities 43 32
Other Current Assets 298 204
Provisions 73 75
Sub-Total - Current Assets 1,993 1,813
Sub-Total - Current Liabilities 1,610 1,553
Total - Assets 2,981 2,777 Total - Equity And Liabilities 2,981 2,777
12
 Summary Of Consolidated Cash Flows
Particulars (in INR Crore) H1 FY25 H1 FY24

Operating profit before working capital changes 220 172

Changes in working capital -85 -123

Cash generated from operations 135 50

Direct taxes paid (net of refund) -18 -3

Net Cash from Operating Activities (A) 117 47

Net Cash from Investing Activities (B) -35 8

Net Cash from Financing Activities (C) 43 -71

Net Change in cash and cash equivalents 124 -17

Cash and cash equivalents at the beginning of the year* 214 200

Unrealised loss on foreign currency cash and cash equivalents -57 -1

Cash and cash equivalents transferred pursuant to acquisition of subsidiary 0 9

Cash and cash equivalents at the end of the year* 282 191

*Excludes restricted cash 13

 MEDIUM
TERM
TARGETS

14
 Medium-Term Targets

All figures FY24A YoY Growth

FY25E Focus on top 300 customers and
in INR crore 01 share of wallet expansion

REVENUE 6,282 6,600 to 6,900 5% to 10%

02 Addition of large new clients

Normalised
Focus areas
428 525 to 560 for growth
EBITDA
23% to 31%
&
6.8% 8.0% - 8.1%
Margins
03 Inorganic growth opportunities

PAT 138 220 to 250

& 59% to 81%
Margins 2.2% 3.3% - 3.6%
Optimizing operations for operating
04 profit growth and margin expansion

15
Strategic Initiatives & Focus Towards Revenue Growth

Reorganising the Go-To-Market (GTM) structure

Focus on industry verticals and horizontal solution as GTM strategy

Significant strengthening of leadership & sales teams

Deeper engagement with top 300 largest customers

Focus on increasing the number of large value contracts

16
Roadway To Margin Expansion

Customer operations and shared services utilising our center of

excellence in Bangalore

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

17
ESG Roadmap: 2024 To 2029 And Beyond

Responsibility as a Global Corporate Citizen Aligning to Regulatory and Customer Framework

DATA BUILDING THE DISCLOSURES &

IMPLEMENTATION
AGGREGATION FOUNDATION RATINGS

• Data Review and Stake • ESG Awareness Policy • Execute ESG Roadmap • BRSR Reporting
Holders Consultations • Materiality Assessment • GHG Inventory • GRI Targets
• Assess current • Team Formation & KPIs (Scope 1, 2 & 3) • SBTi Targets
initiatives • Data & Internal • Set Decarbonisation target • CDP Ratings
• Expand ESG Committee & processes • Prepare BRSR Reporting • EcoVadis Ratings
Scope

2024 2026 2028

Preparation & Planning Implementations & Sustainability Reporting, Long-term

Building the Foundation Continuous Improvement
Audits & Submission Sustainability
• ESG Awareness, Materiality
Assessment • ESG Awareness, Make • Execute ESG Roadmap, • GHG emission and • Continuously monitor • Assessment of long-
• Data Review, Stakeholder amendments achieve Decarbonization management reporting and improve ESG term ESG goals
Consultations • Team Formation, KPI Targets SBTi performance
• Creating a strong ESG
• Expand ESG Committee, Setting, Data & • Position the company
• Conduct GHG Inventory • Supply Chain Integration ecosystem within the
Develop Policy & Roadmap Process Setup as an industry leader in
(Scope 1, 2 & 3) Audits organization
ESG practices
• Disclosures and Ratings -
GRI, BRSR, SBTi, CDP,
2025 2027 2029
EcoVadis

18
 HISTORICAL
FINANCIAL
HIGHLIGHTS

19
 Consolidated P&L Statement
Particulars (in INR Crore) 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 currency transaction (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 (as per IND AS 116) 15 92 96 99 107 114
Depreciation (as per 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 liability 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

*Restated ^Not part of the calculation as it already forms part of the Depreciation and Finance Cost (as per IND AS 116) line 20
 Consolidated Balance Sheet
Particulars (in INR Crore) Mar-19 Mar-20* Mar-21 Mar-22 Mar-23 Mar-24 Particulars (in INR Crore) Mar-19 Mar-20* Mar-21 Mar-22 Mar-23 Mar-24
EQUITY AND LIABILITIES
Non-Current Assets
Equity
Property, Plant And Equipment 156 164 164 190 161 120 Equity Share Capital 30 30 33 33 34 34
Right Of Use Asset 0 116 146 194 259 291 Other Equity -11 -206 174 228 262 447
Goodwill 205 234 269 300 316 334 Total Equity 19 -176 207 260 296 481

Other Intangible Assets Non-Current Liabilities

38 43 43 47 61 63
Investment accounted for using Borrowing 587 15 119 229 305 362
0 0 0 0 30 32
the equity method Lease Liabilities 2 65 94 116 222 267
Financial Assets 11 25 28 24 18 35 Other Financial Liabilities 2 157 87 10 7 7
Tax Assets (net) 95 93 67 63 60 40 Contract liabilities 0 0 0 51 55 54

Other Non-Current Assets 29 84 31 26 71 48 Other Non-Current Liabilities 47 63 25 0 0 0

Provisions 117 197 78 70 74 54
Total Non-Current Assets 535 759 749 845 976 964
Sub-Total - Non-Current Liabilities 755 499 403 477 663 743
Current Assets
Current Liabilities
Inventories 151 137 149 226 362 246 Borrowing 207 242 57 45 47 35
Trade Receivables 862 361 240 374 421 386 Trade Payables 551 548 516 1,009 1,158 699
Cash And Cash Equivalents 263 369 410 311 210 223 Lease Liabilities 2 68 58 90 54 48

Financial Assets 99 405 533 560 678 508 Other Financial Liabilities 275 569 373 176 90 162
Contract liabilities 0 0 0 472 505 501
Contract assets 0 0 0 44 114 246
Other Current Liabilities 490 472 564 50 121 32
Other Current Assets 522 275 223 291 242 204
Provisions 133 85 127 72 69 75
Sub-Total - Current Assets 1,897 1,547 1,554 1,807 2,026 1,813 Sub-Total - Current Liabilities 1,658 1,983 1,694 1,915 2,044 1,553
Total - Assets 2,432 2,306 2,303 2,652 3,002 2,777 Total - Equity And Liabilities 2,432 2,306 2,303 2,652 3,002 2,777
*Restated 21
 Summary Of Consolidated Cash Flows
Particulars (in INR Crore) 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 -282 -313

Cash generated from operations -46 1,163 251 117 13 111

Direct taxes paid (net of refund) -26 -26 52 -21 -0 24

Net Cash from Operating Activities (A) -72 1,137 303 95 13 134

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

Net Cash from Financing Activities (C) 629 -645 -277 -43 -58 -155

Net Change in cash and cash equivalents 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
6
subsidiary
Cash and cash equivalents at the end of the year** 206 316 357 302 200 214

**Excludes restricted cash

*Restated 22
Contact Us

Company : Investor Relations Advisors :

Black Box Limited Strategic Growth Advisors Private Limited

CIN: L32200MH1986PLC040652 CIN: U74140MH2010PTC204285

Purvesh Parekh Rahul Agarwal / Karan Thakker

purvesh.parekh@blackbox.com rahul.agarwal@sgapl.net / karan.Thakker@sgapl.net
+91 982143 8864 / +91 81699 62562
www.blackbox.com www.sgapl.net