Aankondiging • May 22
Black Box Limited to Report Q4, 2026 Results on May 26, 2026 Black Box Limited announced that they will report Q4, 2026 results on May 26, 2026 Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹829, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 16x in the IT industry in India. Total returns to shareholders of 478% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹640, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the IT industry in India. Total returns to shareholders of 374% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹289 per share. Reported Earnings • Feb 12
Third quarter 2026 earnings released: EPS: ₹2.92 (vs ₹3.33 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.92 (down from ₹3.33 in 3Q 2025). Revenue: ₹16.6b (up 11% from 3Q 2025). Net income: ₹496.8m (down 11% from 3Q 2025). Profit margin: 3.0% (down from 3.7% in 3Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 12
Black Box Limited Announces Revision of Management The board of directors of Black Box Limited at its meeting held on February 11, 2026, approved the following officials as Senior Management Personnel (SMPs) based on roles, responsibilities and functional leadership: Kannan Ramaiah: Chief Human Resources Officer; Bikram Sahoo: Chief Technology Officer; Mike Carney: Chief of Strategies & Transformation; Rick Gannon: Chief Operating Officer; Jai Venkat: Head of Sales - GSI Americas; Sean Maguire: Head of Sales - Data Center Business; Suman Roy: Head of Business - GSI Europe; Sameer Batra: Head of Business - GSI India, APAC, ANZ and Middle East. Aankondiging • Feb 06
Black Box Limited to Report Q3, 2026 Results on Feb 11, 2026 Black Box Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Aankondiging • Jan 13
Black Box Ltd. Appoints Sameer Batra as Chief Business Officer Black Box Ltd. announced the appointment of Sameer Batra as Chief Business Officer for the Global Systems Integration (GSI) business covering India and International Markets. This strategic appointment underscores Black Box's continued commitment to growth in India, ANZ, Asia-Pacific, Japan, and the Middle East & Africa by enabling large enterprises modernize and scale their digital infrastructure. Sameer will lead Black Box's GSI international markets business, strengthening focus on priority industry verticals, and deepening customer and partner relationships. This includes helping customers redefine what it means to be infrastructure-ready, enabling them to modernize, scale, and secure their digital environments while advancing Black Box's ambition of building a $2 billion run-rate business. Sameer brings more than three decades of experience in the global IT services industry. Most recently, he served as Senior Vice President, Global Growth Office at Tech Mahindra, where he led strategic growth initiatives across multiple geographies. Prior to that, he held several senior leadership roles at IBM, driving growth and customer success across India and Asia-Pacific. Price Target Changed • Nov 17
Price target increased by 8.0% to ₹650 Up from ₹602, the current price target is an average from 2 analysts. New target price is 18% above last closing price of ₹552. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of ₹16.80 for next year compared to ₹12.16 last year. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹3.28 (vs ₹3.04 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.28 (up from ₹3.04 in 2Q 2025). Revenue: ₹15.9b (up 5.9% from 2Q 2025). Net income: ₹556.5m (up 8.8% from 2Q 2025). Profit margin: 3.5% (up from 3.4% in 2Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 05
Black Box Limited to Report Q2, 2026 Results on Nov 12, 2025 Black Box Limited announced that they will report Q2, 2026 results at 3:30 PM, Indian Standard Time on Nov 12, 2025 Aankondiging • Oct 30
Black Box Limited Appoints Suman Roy as Senior Vice President for Europe Black Box Limited announced the appointment of Suman Roy as Senior Vice President for Europe. This appointment underscores the company's strong commitment to accelerate its growth in Europe by enabling enterprises and hyperscalers to build resilient, next-generation digital infrastructure. Suman will spearhead the European business with a focus on scaling go-to-market strategies, deepening strategic partnerships, and driving customer engagement to deliver sustainable growth. Suman brings over 27 years of global leadership experience across HCL Technologies, IBM, Wipro, and NIIT. At HCL, he led regional expansion in France, Italy, and Iberia, while also building the company's presence across Africa, the Middle East, and Turkey. His track record of driving growth in diverse markets positions him strongly to lead Black Box's next phase of expansion in Europe. Price Target Changed • Oct 03
Price target decreased by 9.3% to ₹602 Down from ₹664, the current price target is an average from 2 analysts. New target price is 7.7% above last closing price of ₹559. Stock is up 14% over the past year. The company is forecast to post earnings per share of ₹16.60 for next year compared to ₹12.16 last year. Aankondiging • Sep 16
Black Box Limited Approves Final Dividend for the Financial Year 2024-25 Black Box Limited at its 39th Annual General Meeting of the Company held on September 16, 2025 approved to declare final dividend on equity shares of face value of INR 2/- per share each of the company, for the financial year 2024-2025. Upcoming Dividend • Aug 22
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 29 August 2025. Payment date: 16 October 2025. Payout ratio is a comfortable 8.2% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (3.1%). Aankondiging • Aug 14
Black Box Limited, Annual General Meeting, Sep 16, 2025 Black Box Limited, Annual General Meeting, Sep 16, 2025, at 11:00 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹2.80 (vs ₹2.21 in 1Q 2025) First quarter 2026 results: EPS: ₹2.80 (up from ₹2.21 in 1Q 2025). Revenue: ₹13.9b (down 2.5% from 1Q 2025). Net income: ₹474.3m (up 28% from 1Q 2025). Profit margin: 3.4% (up from 2.6% in 1Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 09
Black Box Limited to Report Q1, 2026 Results on Aug 13, 2025 Black Box Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹571, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 25x in the IT industry in India. Total returns to shareholders of 261% over the past three years. Reported Earnings • May 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹12.16 (up from ₹8.20 in FY 2024). Revenue: ₹59.7b (down 4.9% from FY 2024). Net income: ₹2.05b (up 49% from FY 2024). Profit margin: 3.4% (up from 2.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the IT industry in India. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Aankondiging • May 27
Black Box Limited Recommends Final Dividend for the Financial Year 2024-25 The board of directors of Black Box Limited at its meeting held on May 27, 2025, recommended final dividend of INR 1/per Equity Share of face value of INR 2/each (50% of face value of INR 2/each), for the financial year 2024-25, subject To Approve the members of the Company, which shall be paid within 30 days from the conclusion of the ensuing Annual General Meeting, if approved. Aankondiging • May 22
Black Box Limited to Report Q4, 2025 Results on May 27, 2025 Black Box Limited announced that they will report Q4, 2025 results on May 27, 2025 New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • May 12
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to ₹423. The fair value is estimated to be ₹346, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 127% in the next 2 years. Buy Or Sell Opportunity • Apr 24
Now 24% overvalued Over the last 90 days, the stock has fallen 35% to ₹423. The fair value is estimated to be ₹342, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 127% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹327, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the IT industry in India. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹354, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the IT industry in India. Total returns to shareholders of 124% over the past three years. New Risk • Feb 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 68% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Large one-off items impacting financial results. Aankondiging • Feb 05
Black Box Limited to Report Q3, 2025 Results on Feb 11, 2025 Black Box Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹528, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 34x in the IT industry in India. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹660, the stock trades at a trailing P/E ratio of 65.5x. Average trailing P/E is 38x in the IT industry in India. Total returns to shareholders of 254% over the past three years. Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: ₹3.04 (vs ₹1.90 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.04 (up from ₹1.90 in 2Q 2024). Revenue: ₹15.0b (down 4.8% from 2Q 2024). Net income: ₹511.4m (up 60% from 2Q 2024). Profit margin: 3.4% (up from 2.0% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 40% per year. Aankondiging • Nov 09
Black Box Limited Appoints Dilip Thakkar as Chairman of the Board of Directors Black Box Limited at its board meeting held on November 9, 2024 approved Appointment of Mr. Dilip Thakkar, Independent Director of the Company, as Chairman of the Board of Directors. Aankondiging • Nov 06
Black Box Limited to Report Q2, 2025 Results on Nov 09, 2024 Black Box Limited announced that they will report Q2, 2025 results at 3:30 PM, Indian Standard Time on Nov 09, 2024 Aankondiging • Sep 26
Tritax Big Box REIT plc Announces Board Changes Tritax Big Box REIT plc announced that Mr. Sujay Sheth, Independent Director & Chairman of the Company, has completed his second and final term as an Independent Director and consequently ceased to be a Director of the Company w.e.f. the close of business hours on September 25, 2024. The company at its AGM held on September 25, 2024 approved appointment of Mr. Munesh Khanna as an Independent Director of the Company for a period of 5 Years effective from his original date of appointment i.e. August 13, 2024. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ₹2.21 (vs ₹1.43 in 1Q 2024) First quarter 2025 results: EPS: ₹2.21 (up from ₹1.43 in 1Q 2024). Revenue: ₹14.2b (down 9.4% from 1Q 2024). Net income: ₹370.9m (up 55% from 1Q 2024). Profit margin: 2.6% (up from 1.5% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 14
Black Box Limited, Annual General Meeting, Sep 25, 2024 Black Box Limited, Annual General Meeting, Sep 25, 2024, at 11:00 Indian Standard Time. Aankondiging • Aug 08
Black Box Limited to Report Q1, 2025 Results on Aug 13, 2024 Black Box Limited announced that they will report Q1, 2025 results at 9:15 AM, Indian Standard Time on Aug 13, 2024 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹451, the stock trades at a trailing P/E ratio of 55x. Average trailing P/E is 39x in the IT industry in India. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹324, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 36x in the IT industry in India. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹271, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 33x in the IT industry in India. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹8.20 (vs ₹1.42 in FY 2023) Full year 2024 results: EPS: ₹8.20 (up from ₹1.42 in FY 2023). Revenue: ₹63.0b (flat on FY 2023). Net income: ₹1.38b (up 481% from FY 2023). Profit margin: 2.2% (up from 0.4% in FY 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • May 29
Black Box Limited to Report Q4, 2024 Results on May 30, 2024 Black Box Limited announced that they will report Q4, 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹267, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 35x in the IT industry in India. Total loss to shareholders of 18% over the past three years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹2.43 (vs ₹0.47 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.43 (up from ₹0.47 in 3Q 2023). Revenue: ₹16.7b (flat on 3Q 2023). Net income: ₹408.7m (up 425% from 3Q 2023). Profit margin: 2.5% (up from 0.5% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹277, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 42x in the IT industry in India. Total returns to shareholders of 91% over the past three years. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹1.90 (vs ₹1.36 loss in 2Q 2023) Second quarter 2024 results: EPS: ₹1.90 (up from ₹1.36 loss in 2Q 2023). Revenue: ₹15.7b (flat on 2Q 2023). Net income: ₹319.6m (up ₹545.6m from 2Q 2023). Profit margin: 2.0% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Aankondiging • Nov 04
Black Box Limited to Report Q2, 2024 Results on Nov 09, 2023 Black Box Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: ₹1.43 (vs ₹0.93 in 1Q 2023) First quarter 2024 results: EPS: ₹1.43 (up from ₹0.93 in 1Q 2023). Revenue: ₹15.7b (up 15% from 1Q 2023). Net income: ₹239.4m (up 55% from 1Q 2023). Profit margin: 1.5% (up from 1.1% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Aankondiging • Aug 13
Black Box Limited, Annual General Meeting, Sep 26, 2023 Black Box Limited, Annual General Meeting, Sep 26, 2023, at 10:30 Indian Standard Time. Aankondiging • Aug 07
Black Box Limited to Report Q1, 2024 Results on Aug 12, 2023 Black Box Limited announced that they will report Q1, 2024 results at 3:30 PM, Indian Standard Time on Aug 12, 2023 Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹1.42 (vs ₹4.45 in FY 2022) Full year 2023 results: EPS: ₹1.42 (down from ₹4.45 in FY 2022). Revenue: ₹63.1b (up 18% from FY 2022). Net income: ₹237.0m (down 67% from FY 2022). Profit margin: 0.4% (down from 1.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 19
Black Box Limited to Report Q4, 2023 Results on May 25, 2023 Black Box Limited announced that they will report Q4, 2023 results on May 25, 2023 Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹0.47 (vs ₹0.94 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.47 (down from ₹0.94 in 3Q 2022). Revenue: ₹16.7b (up 21% from 3Q 2022). Net income: ₹77.9m (down 49% from 3Q 2022). Profit margin: 0.5% (down from 1.1% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 07
Black Box Limited to Report Q3, 2023 Results on Feb 13, 2023 Black Box Limited announced that they will report Q3, 2023 results at 9:15 AM, Indian Standard Time on Feb 13, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Neha Nagpal was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 20% share price gain to ₹167, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 24x in the IT industry in India. Total returns to shareholders of 666% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹137, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 26x in the IT industry in India. Total returns to shareholders of 523% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 19% share price gain to ₹171, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 29x in the IT industry in India. Total returns to shareholders of 745% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Neha Nagpal was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ₹4.71 (down from ₹15.52 in 3Q 2021). Revenue: ₹13.9b (up 12% from 3Q 2021). Net income: ₹153.8m (down 67% from 3Q 2021). Profit margin: 1.1% (down from 3.7% in 3Q 2021). Revenue missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ₹4.71 (down from ₹15.52 in 3Q 2021). Revenue: ₹13.9b (up 12% from 3Q 2021). Net income: ₹153.8m (down 67% from 3Q 2021). Profit margin: 1.1% (down from 3.7% in 3Q 2021). Revenue missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₹970, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 32x in the IT industry in India. Total returns to shareholders of 705% over the past three years. Recent Insider Transactions • Dec 08
VP & Head of Service Delivery recently sold ₹1.1m worth of stock On the 2nd of December, Jagdish Mhalgi sold around 1k shares on-market at roughly ₹893 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹8.0m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₹952, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 28x in the IT industry in India. Total returns to shareholders of 1,385% over the past three years. Reported Earnings • Nov 16
Second quarter 2022 earnings released: EPS ₹3.23 (vs ₹13.92 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹13.5b (up 11% from 2Q 2021). Net income: ₹105.0m (down 75% from 2Q 2021). Profit margin: 0.8% (down from 3.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 140% per year, which means it is tracking significantly ahead of earnings growth.