For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220809:nRSI4239Va&default-theme=true
RNS Number : 4239V Subex Limited 09 August 2022
August 09, 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 August
08, 2022
Please be informed that the agenda items summarized hereunder were discussed
and approved at the Board Meeting held on August 08, 2022 at Bengaluru:
1. Approval of the Unaudited Consolidated Financial Results of the
Company for the quarter ended June 30, 2022.
2. The 28(th) Annual General Meeting (AGM) of the members of the
Company is scheduled to be held on Monday, September 19, 2022, through Video
Conference/ Other Audio Visual Means (VC/OAVM). The Register of Members and
Share Transfer Books will remain closed from September 13, 2022 to September
19, 2022 (inclusive of both days), for administrative reasons pertaining to
the AGM.
Please find enclosed:
· The Un-audited Consolidated Financial Results of the Company for
the quarter ended June 30, 2022.
We request you to take on record the aforesaid information.
Thanking you
Yours truly,
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 Consolidated Financial Results for quarter ended June 30, 2022
( ₹ in Lakhs)
Quarter ended Year ended
Particulars June 30, 2022 March 31, 2022 June 30, 2021 March 31, 2022
Unaudited Audited Unaudited Audited
(Refer note 10)
1 Revenue from operations 8,326 7,880 8,060 33,344
2 Other income 265 200 671 1,037
3 Total income (1+2) 8,591 8,080 8,731 34,381
Expenses
Employee benefits expense (Refer note 4) 5,156 5,412 5,107 21,449
Finance costs 28 32 41 194
Depreciation and amortization expense 261 248 242 988
Other expenses (Refer note 6) 3,099 2,367 1,333 8,381
4 Total expenses 8,544 8,059 6,723 31,012
5 Net profit before tax (3-4) 47 21 2,008 3,369
6 Tax expense, net
Current tax charge/ (reversal) MAT credit entitlement
Provision - foreign withholding taxes (Refer note 5) Deferred tax (credit)/
charge (Refer note 9)
121 (165) 92 251
(109) (25) (23) (141)
135 85 65 593
(654) 65 526 567
Total tax expense (507) (40) 660 1,270
7 Net profit for the period/ year (5-6) 554 61 1,348 2,099
8 Other comprehensive income/ (loss) net of tax expense
Items that will be reclassified subsequently to profit or loss:
Net exchange differences gain on translation of foreign operations
Items that will not be reclassified subsequently to profit or loss:
Re-measurement (loss)/ gain on defined benefit plan
300 204 150 267
(16) 41 (3) (64)
Total other comprehensive income/ (loss) 284 245 147 203
9 Total comprehensive income for the period/ year (7+8) 838 306 1,495 2,302
10 Paid up equity share capital 28,100 28,100 28,100 28,100
[face value of ₹ 5 (March 31, 2022: ₹ 5)]
11 Other equity - - - 28,267
12 Earnings per share (of ₹ 5/- each) (not annualised in case of the interim
periods)
- Basic 0.10 0.01 0.25 0.38
- Diluted 0.10 0.01 0.24 0.38
Notes:
1 The above results have been reviewed by the Audit Committee and approved by
the Board of Directors in their meeting held on August 8, 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 ended
June 30, 2022 March 31, 2022 June 30, 2021 March 31, 2022
Particulars
Unaudited Audited (Refer note 10) Unaudited Audited
Total income 7,984 1,632 1,700 6,842
Net (loss)/ profit before tax (1,107) (674) 269 (447)
Net profit/ (loss) for the period/ year 46 (674) 269 (447)
Total comprehensive income/ (loss) for the period/ year 45 (652) 269 (450)
4 Employee benefits expenses for the quarter ended June 30, 2022, March 31,
2022, June 30, 2021 and for the year ended March 31, 2022 are net of reversal
of provision no longer required in respect of employee incentives amounting to
₹ 185 Lakhs, ₹ 161 Lakhs, ₹ 786 Lakhs and ₹ 786 Lakhs respectively.
5 Represents reversal/provision in respect of foreign withholding taxes
deducted/ deductible by the overseas customers of the Group.
6 During the quarter ended June 30, 2022, an amount of ₹ 866 Lakhs was
provided on a conservative basis as doubtful debts towards receivable from one
of the customer. Notwithstanding the provision, the management is confident to
recover the aforesaid amount.
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 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 quarter ended June 30, 2021 and
previous year ended March 31, 2022, 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.
9 Pursuant to approval of the Board of Directors and Shareholders of the Company
for restructuring of the business, effective April 1, 2022, business carried
out by Subex Assurance LLP, wholly owned subsidiary, is transferred to the
Company on a 'going concern' basis excluding Developed Technology &
related research and development unit and Investment in subsidiaries for an
aggregate consideration of ₹ 9,229 Lakhs. The aforesaid restructuring is
being carried out to achieve higher operational efficiencies upon integration
and consolidation of business in the listed entity. Consequent to the
aforesaid restructuring, management has recognised deferred tax assets of ₹
702 Lakhs, being reasonably certain that sufficient future taxable profits
would be available to utilise these deferred tax assets. In respect of
remaining unused tax losses, management would reassess and recognise when its
probable that taxable profits would be available against which such tax losses
can be recognised.
10 The figures of last quarter of previous year are the balancing figures between
the audited figures in respect of the full financial year ended March 31, 2022
and the published unaudited year to date figures for the nine months ended
December 31, 2021.
Place: Bengaluru Vinod Kumar Padmanabhan Managing Director & CEO
Date: August 8, 2022
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 MSCSSSSUUEESEDA