Black Box Limited (BSE: 500463) (NSE: BBOX), announced its unaudited financial results for the quarter ended 30th June 2022.
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Dear Shareholders,
At the outset, I would like to thank the medical fraternity and government bodies across nations for their resilience and contribution during the COVID-19 pandemic. With some strict efforts to restrict the virus spread, excellent medical services and timely inoculations have all helped in reinstating normalcy globally.
Let me also thank and applaud our staff, partners, and vendors for their continuous support throughout this critical period which has helped your Company manage to tide over the COVID-19 crisis across the globe.
COVID-19 not only exposed businesses and economies to unprecedented challenges but accelerated digital transformation and technology adoption at the global level.
I am happy to inform you that the integration with Black Box Corporation is now complete in all respects. We are now bigger and better with a combined workforce of 3800+ skilled and talented individuals worldwide and a growing client portfolio that we are proud to serve.
In a year when most firms faced pandemic-related issues, we managed to deliver a growth of 15% on the top-line while delivering revenue of ₹ 5,370 Crores. For FY2022, our USD revenue stood at USD 715 Million. We have thrived through times of rapid change and uncertainty, reporting our highest ever single deal wins.
Over the last year, Black Box has built a solid foundation of excellent customer connections. We will continue to strengthen these relationships and build strong partnerships.
Our global investments in partnerships, white-space opportunities, forward-thinking working, delivery, go-to-talent strategies, and mergers - acquisitions, among other areas, continue to position us well for profitable growth and long-term value creation in the next growth phase.
While the growth potential in our areas of business is immense, the lasting effects of the disruption caused by COVID-19 especially in the areas of supply chain and talent acquisition and retention are headwinds that will have to be battled. Local, regional, national, and international economic and political conditions may deteriorate risking recession in one or more of our key markets. These challenges are what the management will try to navigate through in the year ahead. Your Company will continue to make all efforts to convey meaningful information and regularly monitor the broad frameworks in line with our operations.
In the coming year, we will continue to keep refining and adding to our strategy, which is the basis for accelerated, profitable growth. The future is bright and full of possibilities for us as well as our customers, and the journey to stay ahead is going to be exciting and rewarding.
I thank you for your continued support!
Best Wishes,
Sujay R. Sheth
Dear Shareholders,
Despite being a tough year for most individuals and firms affected globally by COVID-19, there appears to be confidence in the marketplace for a resurgence and our collective ability to bounce back. Thanks to the efforts by our team members whose sharp focus on customer priorities and ability to adapt and overcome the situation, has helped us increase our top line – a firm step in the right direction!
Your company has been able to successfully navigate numerous headwinds critical to our business success viz. semiconductor shortages, overall supply chain disruptions, and significant increase in logistic freight costs. These headwinds contributed to price increases, but we continue to manage and overcome these obstacles. Although some of these challenges will continue in the short-term including higher cost of manpower, we remain cautiously optimistic to be able to drive future growth.
The acquisition of Black Box Corporation has helped us extend ourselves and serve our global customer base in more ways than one. Our extended capabilities and skillsets, enhanced products, solutions, and services portfolio, and presence across 35+ countries have strengthened our ability and commitment to partner with our customers to design, deliver and manage their growing digital infrastructure needs.
Given the current economic environment, enterprises are making significant investments in technology infrastructure to stay ahead of the curve, and we remain optimistic about our Cyber Security, Cloud and Data Center business.
This year we completed the acquisition of Dragonfly Technologies Pty Ltd – a provider of solutions/services across Security, Enterprise Networking, Automation, and Consulting Services. The intention is to strengthen our presence in Australia and add to our Cyber Security capabilities and portfolio to provide customers with a wide range of services. It will also provide us an opportunity for cross- selling to our existing global customers.
We will continue to focus on economics-driven inorganic strategies. Organic growth would focus primarily on talent acquisitions, addressing more cross-selling opportunities, and growing Cyber Security, and Cloud business by investing in both technical skills and sales. Further, we plan to expand into some of the markets with high potential, such as Brazil in Latin America, APAC, and others.
“Think Global, Act Local” is the mantra that creates a differentiator for us. We will continue to remain closer to our customers where the relationship exists. At the same time, use the global talent framework to implement the best practices, best processes, and best cost models.
We are eager to take forward the re-imagined brand promise across each market with the same zeal and dedication. The impact of the COVID-19 pandemic and other related factors on our suppliers, including disruptions and inefficiencies in the supply chain may impact the Company in short term but our foundations are strong to capitalize on the opportunities ahead of us.
This is the right time for our company to move forward with the mantra, ‘One Name, One Brand, One Language’!
Thank you for your support and guidance.
Warm Regards,
Sanjeev Verma
