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Last Updated : Aug 20, 2019 02:32 PM IST | Source: Moneycontrol.com

AGC Networks surges 73% in 3 straight sessions, hits 20-month high after turning profitable in Q1

At operating level, its earnings before interest, tax, depreciation and amortisation grew sharply to Rs 72.95 crore in Q1, compared to Rs 8.60 crore in same period last year.

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Shares of technology solutions provider AGC Networks rallied another 20 percent intraday to hit 20-month high on August 20. The stock rallied for three consecutive sessions after strong numbers in June ended quarter.

It gained 72.7 percent in three straight sessions and hit an intraday high of Rs 131.45, the highest level since December 2017.

AGC reported a healthy 134.6 percent year-on-year growth in Q1 profit at Rs 13.56 crore on the back of strong revenue growth and operating income.

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In the March quarter (Q4FY19) company had reported a loss of Rs 98.02 crore.

Revenue from operations during the quarter grew by 552 percent to Rs 1,227.8 crore YoY, but the same degrew 0.4 percent QoQ.

Its Q1FY19 earnings did not include results of Black Box Corporation & its subsidiaries and COPC Holdings Inc. and subsidiaries that were acquired in January 2019.

"The consolidation of Black Box Corporation is gaining momentum and the Black Box engine is beginning to show results. The combined entity is aggregating its global presence in 30+ countries and serving customers across North America, Latin America, Europe, India & SAARC, APAC and MEA," Sanjeev Verma, Whole Time Director, AGC Networks and President & CEO of Black Box Corporation said.

At the operating level, its earnings before interest, tax, depreciation and amortisation grew sharply to Rs 72.95 crore in Q1, compared to Rs 8.60 crore in the same period last year.

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First Published on Aug 20, 2019 02:32 pm
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