Black Box Ltd

₹ 137 -0.94%

26 May - close price

About

AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It is currently held by Essar Telecom Ltd. Over the years, AGC evolved into an information and communication (ICT) solutions provider and integrator with a differentiated vertical approach in business communication systems, applications and services mainly within India.The company is present at multiple geographies such as Middle East, Africa, North America, Australia, New Zealand, Singapore, Philippines and UK servicing over 8000+ customers. ^[1] ^[2]

Key Points

Business Segments
System Integration: Offerings under this segment include Unified Communication, Data Center & Edge IT, Cyber Security, Digital Solutions & Applications and Seamless Customer Support and managed services.
Technology Product Solution: Offerings under this segment include IT infrastructure, specialty networking, multimedia and keyboard/video/mouse (“KVM”) switching.
Consulting Business: This business is related to providing consulting services for performance improvement and customer experience. ^[1]

Website BSE NSE

Market Cap ₹ 2,308 Cr.
Current Price ₹ 137
High / Low ₹ 175 / 84.4
Stock P/E 50.8
Book Value ₹ 15.3
Dividend Yield 0.00 %
ROCE 26.4 %
ROE 35.1 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 89.6% CAGR over last 5 years

Cons

Stock is trading at 8.97 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: IT - Software Industry: Computers - Software - Medium / Small

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
	1,257.69	1,249.37	993.86	1,217.89	1,241.07	1,221.20	1,195.22	1,345.29	1,387.41	1,442.25	1,371.69	1,562.24	1,671.71
	1,150.77	1,179.25	935.89	1,121.52	1,155.15	1,151.66	1,141.81	1,290.10	1,319.05	1,364.24	1,319.47	1,514.66	1,595.30
Operating Profit	106.92	70.12	57.97	96.37	85.92	69.54	53.41	55.19	68.36	78.01	52.22	47.58	76.41
OPM %	8.50%	5.61%	5.83%	7.91%	6.92%	5.69%	4.47%	4.10%	4.93%	5.41%	3.81%	3.05%	4.57%
	-93.35	-10.52	-4.66	-5.76	-2.44	-7.47	18.85	-2.67	-7.13	-5.84	16.17	-14.68	-13.81
Interest	32.98	31.02	22.01	30.20	22.02	23.69	15.15	16.46	17.55	24.44	24.70	24.81	27.49
Depreciation	24.51	20.45	22.83	24.48	19.37	28.88	24.33	24.67	25.04	24.56	25.79	31.19	19.91
Profit before tax	-43.92	8.13	8.47	35.93	42.09	9.50	32.78	11.39	18.64	23.17	17.90	-23.10	15.20
Tax %	-11.93%	-31.61%	35.89%	4.17%	12.57%	84.95%	5.06%	7.81%	17.49%	32.15%	13.91%	2.16%	48.75%
Net Profit	-49.16	10.70	5.43	34.43	36.80	1.43	31.12	10.50	15.38	15.72	15.41	-22.60	7.79
EPS in Rs	-3.31	0.72	0.36	2.31	2.47	0.09	1.91	0.64	0.94	0.96	0.92	-1.35	0.46
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
	323	995	1,050	775	891	881	780	733	1,853	4,994	4,674	5,370	6,048
	303	894	1,051	966	867	876	747	700	1,806	4,666	4,310	5,112	5,794
Operating Profit	20	100	-1	-191	24	6	32	33	47	328	364	258	254
OPM %	6%	10%	-0%	-25%	3%	1%	4%	5%	3%	7%	8%	5%	4%
	3	11	43	-18	38	7	13	19	-67	-178	-75	0	-18
Interest	1	8	36	35	26	27	26	25	45	132	98	74	101
Depreciation	4	16	16	40	18	8	7	8	15	92	96	99	101
Profit before tax	19	86	-10	-285	18	-22	13	19	-79	-73	96	86	33
Tax %	31%	26%	-121%	1%	16%	-55%	18%	22%	1%	-10%	19%	15%
Net Profit	13	64	-22	-282	15	-35	10	15	-79	-80	78	73	16
EPS in Rs			-1.54	-19.83	1.04	-2.43	0.73	1.05	-5.30	-5.38	4.80	4.43	0.99
Dividend Payout %	24%	34%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	18%
5 Years:	47%
3 Years:	43%
TTM:	17%

Compounded Profit Growth
10 Years:	2%
5 Years:	90%
3 Years:	108%
TTM:	-38%

Stock Price CAGR
10 Years:	26%
5 Years:	41%
3 Years:	40%
1 Year:	-16%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	35%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Sep 2022
	14	14	28	28	43	43	28	43	30	30	33	33	34
Reserves	248	308	277	46	58	25	41	47	-11	-206	162	215	224
	0	129	319	238	146	162	173	144	808	596	328	481	632
	208	468	579	521	400	408	346	360	1,605	1,886	1,781	1,922	2,059
Total Liabilities	470	919	1,203	833	633	623	589	580	2,432	2,306	2,303	2,650	2,948
	19	44	129	117	90	109	111	114	399	557	622	732	732
CWIP	3	0	0	3	0	0	0	0	0	0	0	0	0
Investments	80	80	0	0	0	0	0	0	0	0	0	0	0
	368	794	1,074	713	543	514	478	467	2,032	1,749	1,681	1,918	2,216
Total Assets	470	919	1,203	833	633	623	589	580	2,432	2,306	2,303	2,650	2,948

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
	-22	-46	-61	106	28	29	4	52	-72	1,137	303	60
	-103	-59	-65	-3	77	-21	-4	-5	-360	-382	15	-73
	-8	117	128	-115	-100	-10	-11	-54	629	-645	-277	-43
Net Cash Flow	-133	11	2	-12	5	-2	-10	-7	197	110	41	-56

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Debtor Days	233	190	199	138	101	90	97	104	170	26	19	25
Inventory Days	83	44	89	94	25	23	24	47	88	33	35	47
Days Payable	281	183	224	262	187	184	187	209	324	133	122	187
Cash Conversion Cycle	35	51	64	-30	-60	-71	-66	-59	-65	-73	-68	-114
Working Capital Days	145	80	110	1	19	6	19	29	36	-36	-34	-19
ROCE %		27%	5%	-45%	4%	1%	12%	13%	7%	39%	58%	26%

Shareholding Pattern

Numbers in percentages

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
69.02	68.94	68.93	71.18	71.18	70.57	70.56	70.56	71.21	71.14	71.14	71.14
6.05	6.07	6.27	5.96	5.92	5.81	5.73	5.69	5.60	5.50	5.58	5.58
0.01	0.01	0.01	0.02	0.07	0.02	0.01	0.01	0.01	0.01	0.01	0.01
1.12	0.63	0.63	0.58	0.58	0.13	0.13	0.13	0.13	0.13	0.13	0.13
23.79	24.34	24.15	22.26	22.26	23.47	23.56	23.60	23.05	23.21	23.15	23.15

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
75.00	74.90	64.28	69.10	71.18	70.56	71.14
7.14	7.54	5.71	6.05	5.96	5.69	5.58
0.04	0.04	6.62	0.02	0.02	0.01	0.01
1.15	1.15	1.46	1.12	0.58	0.13	0.13
16.67	16.37	21.93	23.71	22.26	23.60	23.15

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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