REG - Subex Limited - Outcome of Board Meeting held on Jan 31, 2022
01/02/2022 11:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220201:nRSA3325Aa&default-theme=true
RNS Number : 3325A Subex Limited 01 February 2022
February 01, 2022
To
The London Stock Exchange
10 Paternoster Square
London
EC4M 7LS
Dear Sir/Madam,
Sub: Subex Limited "The Company"- Outcome of the Board Meeting held on January
31, 2022
Please be informed that the agenda items summarized hereunder were discussed
and approved at the Board Meeting held yesterday at Bengaluru:
1. Approval of the Unaudited Standalone and Consolidated Financial Results
of the Company for the quarter ended December 31, 2021.
2. Appointment of Mr. Sumit Agarwal as the Chief Financial Officer (CFO)
of the Company, designated as the Key Managerial Personnel (KMP), with effect
from January 31, 2022.
Please find enclosed:
· The Unaudited Consolidated Financial Results of the Company for
the quarter ended December 31, 2021.
We request you to take on record the aforesaid information.
Thanking you
For Subex Limited
Sd/-
Vinod Kumar Padmanabhan
Managing Director & CEO
DIN:06563872
SUBEX LIMITED
Registered office: Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Survey No.
51-64/4, Outer ring road, Bellandur Village,Varthur Hobli, Bangalore -560 103
Statement of Unaudited Consolidated Financial Results for quarter and nine
months ended December 31, 2021
( ₹ in Lakhs)
Quarter ended Year to date figures for the nine months ended Year ended
Particulars December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020 March 31, 2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Revenue from operations 8,774 8,630 9,388 25,464 27,587 37,203
2 Other income 69 97 106 837 302 474
3 Total income (1+2) 8,843 8,727 9,494 26,301 27,889 37,677
Expenses
Employee benefits expense (Refer note 4) 5,488 5,442 5,256 16,037 14,703 19,720
Finance costs 88 33 38 162 251 296
Depreciation and amortization expense 252 246 424 740 1,155 1,378
Other expenses 2,483 2,198 2,097 6,014 5,349 7,633
4 Total expenses 8,311 7,919 7,815 22,953 21,458 29,027
5 Profit before exceptional items and tax (3-4) 532 808 1,679 3,348 6,431 8,650
Exceptional items
Provision for service tax receivable - - - - (267) (267)
Gain on termination of lease agreement
- - - - 554 554
6 Total exceptional items - - - - 287 287
7 Net profit before tax (5+6) 532 808 1,679 3,348 6,718 8,937
8 Tax expense, net
Current tax charge
Provision - foreign withholding taxes (Refer note 5)
Deferred tax (credit)/ charge (including MAT credit entitlement) (Refer note
6)
160 164 49 416 57 696
281 162 208 508 940 399
(117) - 551 386 2,109 2,670
Total tax expense 324 326 808 1,310 3,106 3,765
9 Net profit for the period/ year (7-8) 208 482 871 2,038 3,612 5,172
10 Other comprehensive income/ (loss) net of tax expense
Items that will be reclassified subsequently to profit or loss:
Net exchange differences (loss)/ gain on translation of foreign operations
Items that will not be reclassified subsequently to profit or loss:
Re-measurement loss on defined benefit plan
455 63 575 636
(54) (33)
(35) (67) (14) (105) (38) (12)
Total other comprehensive (loss)/ income (89) (100) 441 (42) 537 624
11 Total comprehensive income for the period/ year (9+10) 119 382 1,312 1,996 4,149 5,796
12 Paid up equity share capital 28,100 28,100 28,100 28,100 28,100 28,100
[face value of ₹ 5 (March 31, 2021: ₹ 5)]
13 Other equity - - - - - 26,755
14 Earnings per share (of ₹ 5/- each) (not annualised in case of the interim
periods)
- Basic 0.04 0.09 0.16 0.37 0.67 0.96
- Diluted 0.04 0.09 0.16 0.37 0.66 0.94
Notes:
1 The above results have been reviewed by the Audit Committee and approved by
the Board of Directors in their meeting held on January 31, 2022.
The financial results have been prepared in accordance with the recognition
and measurement principles laid down in the applicable Indian Accounting
Standards ("Ind AS") prescribed under section 133 of the Companies Act, 2013,
read with relevant rules thereunder and in terms of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.
The financial results of Subex Limited (Standalone information):
( in Lakhs)
2
3
Quarter ended Year to date figures for the nine months ended Year ended
Particulars December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020 March 31, 2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total income 2,080 1,559 510 5,210 2,937 5,510
Net (loss)/ profit before tax (91) 49 125 227 1,465 2,651
Net (loss)/ profit for the period/ year (91) 49 129 227 1,465 2,622
Total comprehensive (loss)/ income for the period/ year (99) 32 127 202 1,460 2,622
4 Employee benefits expenses for the quarter ended December 31, 2021, September
30, 2021 and December 31, 2020 are net of reversal of provision no longer
required, in respect of employee incentives, amounting to ₹ 184 Lakhs,
₹ 327 Lakhs and ₹ 43 Lakhs, respectively, and for the nine months ended
December 31, 2021 and December 31, 2020 amounting to ₹ 786 Lakhs and ₹ 333
Lakhs, respectively and for the year ended March 31, 2021 amounting to ₹ 333
lakhs.
5 Represents reversal/provision in respect of foreign withholding taxes
deducted/ deductible by the overseas customers of the Group. Considering the
expected utilisation of foreign withholding taxes, provision of ₹ 723 Lakhs
made during the earlier quarters, has been reversed during the year ended
March 31, 2021.
6 Deferred tax charge/(credit), comprises of liability arising on account of tax
benefits from amortisation of intangible assets of Subex Assurance LLP, net of
deferred tax assets arising on account of carry forward losses and other
taxable temporary differences, which arose mainly on account of business
restructuring effected from November 1, 2017, wherein, the Company's RMS
business and the Digital business was transferred on going concern basis to
Subex Assurance LLP and Subex Digital LLP respectively. Effective April 1,
2021 considering the favourable order received, no additional liability is
created in respect of aforesaid tax benefits.
7 The Group is engaged in the business of software products and related
services, which are monitored as a single segment by the Chief Operating
Decision Maker, accordingly, these, in the context of Ind AS 108 on Operating
Segments Reporting are considered to constitute one segment and hence the
Group has not made any additional segment disclosures.
8 The full impact of COVID - 19 still remains uncertain and could be different
from the estimates considered while preparing these consolidated financial
results. The Group shall continue to closely monitor any material changes to
future economic conditions.
9 The US Federal government in the wake of COVID 19 pandemic provided support to
business through Paycheck Protection Program (PPP). Subex Inc. obtained a
benefit under this scheme for ₹600 Lakhs during May 2020. During the nine
months period ended December 31, 2021, Subex Inc. obtained complete waiver of
the loan amount from Small Business Administration, United States government
agency and accordingly the loan and interest accrued thereon was recognised as
other income.
10 The Board of Directors of the Company in its meeting held on October 28, 2021
has approved the restructuring of the business, subject to all requisite
approvals, wherein the business carried out by Subex Assurance LLP will be
transferred to Subex Limited on a 'going concern' basis excluding Developed
Technology and Investment in subsidiaries. The aforesaid restructuring is
being carried out to achieve higher operational efficiencies upon integration
and consolidation of business in the listed entity. The Company has sought
approval of shareholders through postal ballot notice dated January 17, 2022
and the result of e-voting will be announced on or before Friday, February 25,
2022.
11 On December 6, 2021, the Group experienced a cybersecurity incident related to
ransomware. The Group could contain the incident in a timely basis and has
also ensured that all traces of the infection are completely cleared from the
network. All affected systems were restored and brought back to normalcy in
the order of priority. The management has assessed the impact of the incident
on the control environment and the financial statement process and conclude
there was no material impact on the financial results. Since then, the Group
has also been focused on implementing significant improvements to its cyber
and data security systems to safeguard from such risks in the future.
Place: Bengaluru
Date: January 31, 2022 Vinod Kumar Padmanabhan Managing Director & CEO
For further details on the results, please visit our website: www.subex.com
(http://www.subex.com/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ROMEAFAFEEXAEFARecent news on Subex
See all newsREG - Official List Subex Limited - Removal - Subex Limited
AnnouncementREG - Stock Exch Notice Subex Limited - Cancellation - Subex Limited
AnnouncementREG - Subex Limited - Outcome of the Board Meeting held on August 8,2022
AnnouncementREG - Subex Limited - Proposed termination of GDRs & De-listing
AnnouncementREG - Subex Limited - Outcome of Board Meeting dated May 30, 2022
Announcement