Essar Group's Black Box posts Rs 32 crore profit in Q2 FY24

Black Box, Essar Group's IT company, reported a significant turnaround, posting a consolidated profit of approximately Rs 32 crore in Q2 2023.

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This marks a notable improvement from the Rs 22.6 crore loss reported in the same period a year ago.

Source: Black Box

The positive performance is attributed to a cost rationalisation program and enhanced productivity yields, resulting in a 320 basis points increase in EBITDA margins on a year-over-year basis.

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Consolidated revenue from operations remained nearly flat at Rs 1,574.35 crore in the reported quarter, compared to Rs 1,562.24 crore in the September 2022 quarter.

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The executive director and global CFO, Deepak Kumar Bansal, emphasized a strategic focus on profitability, and expressed confidence in continued improvement in future performance.

Source: Essar Group

Black Box highlighted a robust project order book in North America, with order wins exceeding USD 80 million during the quarter, instilling confidence in the business model's resilience.

Source: Unsplash