AGC Networks records profit of Rs 31 crore in Q1

Digital technology major AGC Networks on Wednesday reported a profit after tax of Rs 31 crore in Q1 FY22 as compared to Rs 5 crore in the same quarter last year.

The company's revenue rose to Rs 1,195 crore as against Rs 994 crore in Q1 FY21. Revenue growth was attributed to new customer signings each quarter which strengthened order book.

The earnings before interest, tax, depreciation and amortisation fell slightly from Rs 58 crore to Rs 57 crore, largely on account of inflationary pressures brought about by the second wave of Covid-19 and by a global shortage of semiconductor chips that pushed up procurement cost.

The company said it managed to achieve significant reduction in finance cost and other cost synergies.

"Our belief of becoming a truly 'glocal' company has started showing results and going ahead we expect to further synergise in shaping the relationship and relevance with our customers and become their trusted partner in the ever-evolving digital technology landscape," said Director Sanjeev Verma.

AGC Networks including Black Box is a leading digital technology solutions provider, having expertise in architecting, deploying, managing and securing customer IT and communications infrastructure.

( With inputs from ANI )