India's Subex eyes worst day in over 1-1/2 years as quarterly profit slumps

Subex

29/10/2021 08:41

** Enterprise software firm's shares  SUBX.NS  fall as much
as 19.5% to 41 rupees - set for worst day in more than 1-1/2
years 
    ** Subex reported a 60.7% drop in consolidated net profit to
48.2 mln rupees ($644,298.89) for the September quarter
 urn:newsml:reuters.com:*:nFWN2RO1IV
    ** "We have ended the second quarter of the year with
results that are below our expectations, primarily due to delays
in initiation of some large projects" - Vinod Kumar, MD & CEO
    ** Co's board also approved a restructuring plan wherein the
business carried out by Subex Assurance LLP will be transferred
to Subex Ltd on a 'going concern' basis
    ** Subex shares hit lowest levels in more than six months
    ** Despite session's fall, stock still up over 53% for the
year

($1 = 74.8100 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))