Mumbai, 21 August 2020: AGC Networks Limited, (BSE: 500463 and NSE: AGCNET), a Global Solutions Integrator today announced financial results for the first quarter ended 30 June, 2020.
Consolidated Financial Highlights for the Quarter ended 30th June 2020
INR Crores
| Particulars | Q1 (FY 20-21) |
Q1 (FY 19-20) |
Q4 |
| Revenue |
994 |
1,228 |
1,250 |
| EBIDTA (Before Exceptional items & before impact of Ind AS 116) |
37 |
52 |
83 |
| EBIDTA (Before Exceptional items & after impact of Ind AS 116) |
58 |
73 |
100 |
| PBT |
7 |
16 |
39 |
| PAT |
4 |
14 |
41 |
| Adjusted PAT (Before Exceptional items ) |
10 |
18 |
54 |
Financial Highlights
- Revenues are lower in Q1 FY21 at Rs 994 crores as compared with previous and corresponding quarter primarily due to impact of COVID-19 with customer sites under shutdown delaying project completion, supply chain and demand disruption.
- EBITDA Before exceptional items & before impact of Ind AS 116 (accounting for leases) stands at Rs 37 crores for Q1 FY21 despite of lower revenues on the back of swift response to reduce costs maintaining ratio centricity and increase operational efficiencies.
Strategic Highlights
- In line with Company’s strategy to grow and build highly skilled teams across the globe, during the quarter Company has successfully completed the acquisition of tuck-in business in Australia and New Zealand.
- The Company has responded to the on-going unprecedented COVID-19 situation swiftly and has been able to maintain business operations with the support of customers, vendors and employees apart from other stakeholders. The Company has activated business continuity plans focusing primarily on employee safety, continuing services to customers, mitigation of operational and financial impact and sustain normal operations. The Company continues to monitor opening of various countries as per local guidelines and relevant changes in evolving economic situation across the geographies it operates.
Speaking on the announcement of the financial results, Sanjeev Verma, Whole-time Director, AGC Networks said “We have been able to manage and support our customer’s business during these unprecedented times. We continue to sustain, transform and invest in growth. We have started seeing uptick in demand and revenues with economies opening up.”
Deepak Kumar Bansal, Executive Director and CFO of AGC Networks, commented: “Current environment has allowed us to focus on sustainable improvement in operational efficiencies, investment in high quality talent and new offerings for future growth. We continue to maintain sufficient liquidity to support businesses.”
***
About AGC Networks:
AGC Networks (AGC) is a Global Solution Integrator representing the world’s best brands in Unified Communications, Data Center & Edge IT, Cyber Security (CYBER-i), Digital Transformation & Applications including SimpleEdge and Technology Product Solutions (TPS) to evolve the customer’s digital landscape. AGC’s ability to tailor solutions across quadrants is strengthened through delivery of seamless Customer Support Services. By providing best in class customized solutions across the globe, AGC is the customer’s trusted go-to technology solution integrator to architect, deploy, manage and secure their IT environment to accelerate their business. With dominance in India in the Enterprise Communication space, the combined entity is a strong player in the U.S and Europe markets and has a 4,000 strong team base serving clients worldwide through an expanded offerings portfolio and an extended geographical reach across 30+ countries including North America, Latin America, Europe, Asia Pacific & SAARC countries.
AGC and Black Box’s uniqueness in being an orchestrator of technology solutions for customers across verticals is further augmented through a pool of certified and highly skilled engineers – both offsite & remotely and a team of project architects who understand and recommend technology solutions tailored to the customer organization. In collaboration with global technology leaders like Avaya, Commscope, McAfee, Palo Alto, Cisco, HPE, Prysm, Trend Micro, Juniper, Fortinet, Nutanix, Verint, UiPath, Poly, Genesys and Mitel among others, AGC delivers domain-focused, flexible and customized technology solutions and seamless services that accelerate customers’ business and ensures Return on Technology Investments (ROTI). AGC Networks is an Essar Enterprise. For more information log on to www.agcnetworks.com
Media Contacts: Neelam Kapoor Tel: +91 98197 30611 E-mail: neelam.kapoor@agcnetworks.com
Mike Carney Tel: +1 214 258 1612 Email : legal.us@agcnetworks.com