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Subex Limited - Final Results

Subex

04/05/2018 15:00

2018-05-04T14:00:52.552Zreuters.comtag:reuters.com,2018-05-04:newsml_RSD2200Na:13TXT
This file is provided for EAP sample purposes only; it's structure and detail are subject to change, and should not be used as a definitive reference for actual development and processing.2018-05-04T14:00:52.552Z2018-05-04T14:00:52.552Z____UCDP:parsn_lse_10.54.4.69_1.2.37235:REG - Subex Limited  - Final Results2019-06-04T14:00:52.552Z3RSD2200NaREG - Subex Limited  - Final ResultsLEGACY: Technology (TRBC)LEGACY: Technology Equipment (TRBC)LEGACY: Communications Equipment (TRBC)Phones & Smart Phones (TRBC level 5)Technology (TRBC level 1)Technology Equipment (TRBC level 2)Communications & Networking (TRBC level 4)Computers, Phones & Household Electronics (TRBC level 3)Phones & Handheld Devices (TRBC level 4)Emerging Market CountriesWestern EuropeIndiaUnited KingdomEuropeSouth AsiaAsia / PacificAsiaTechnology / Media / TelecomsSuggested SourcesNews AnnouncementsRegulatory Corporate News AnnouncementsCompany NewsEurope daily earnings hits & missesSubex Ltd

RNS Number : 2200N

Subex Limited

04 May 2018

 

 

 

 

 

May 4, 2018

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LS

Dear Sirs,

Sub: Subex Limited 'The Company'- Outcome of the Board Meeting held on May 4, 2018

 

Please be informed that the agenda items stated hereunder were discussed and approved at the Board Meeting held today at Bengaluru:

·     Approval of the audited standalone and consolidated Financial Results of the Company for the quarter and year ended March 31, 2018.

·     Approval of the audited standalone and consolidated Financial Statements of the Company for the year ended March 31, 2018.

·     Resignation of Mr. Ashwin Chalapathy, Non-Independent, Non-Executive Director of the Company with effect from May 4, 2018.

 

Please find enclosed:

·     The consolidated Financial Results of the Company for the year ended March 31, 2018.

 

We request you to take the aforesaid notification on record.

Yours faithfully

For and on behalf of Subex Limited

 

 

Arjun Makhecha

Acting Company Secretary

 

 

 

 

 

 

 

 

 

SUBEX LIMITED
Registered office: RMZ Ecoworld, Outer Ring Road, Devarabisanahalli, Bangalore - 560 103
Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2018
( in Lakhs)
Particulars Quarter ended Year ended
March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 March 31, 2017
Audited Unaudited Audited Audited Audited
1
2
3
4
(a)
(b)
(c)
(d) (e)
5
6
7
8
9
10
11
12
13
14
(a)
(b) Income
Revenue from operations
Other income (Refer note 5) (Refer note 12) (Refer note 12) 
8,065
37 8,643
28 9,485
263 32,432
140 35,733
1,154
Total income (1+2) 8,102 8,671 9,748 32,572 36,887
Expenses
Employee benefits expense (Refer note 6)
Finance costs
Depreciation and amortisation expense
Exchange fluctuation loss/ (gain), net
Other expenses 4,219 58 103 447
2,580 4,444 282 155
324 2,454 3,582
508 139 647
3,115 17,471
775 517
1,650 9,884 15,871
2,040
495
(698)
11,651
Total expenses 7,407 7,659 7,991 30,297 29,359
Profit before exceptional items and tax (3-4) 695 1,012 1,757 2,275 7,528
Exceptional items, net (Refer note 7) 1,166 - (10,890) 1,166 (10,890)
Net profit/ (loss) before tax (5+6) 1,861 1,012 (9,133) 3,441 (3,362)
Tax expense, net
Current tax charge/(credit)
Provision/(reversal) - foreign withholding taxes (Refer note MAT charge / (credit)
Deferred tax charge/ (credit) (Refer note 10) (127)
244
-
240 11 148 18 474 17 314
(94)
- (171)
789 53
702 243
812
(94)
-
Total tax expense 357 651 237 1,373 961
Net profit/ (loss) for the period / year (7-8) 1,504 361 (9,370) 2,068 (4,323)
Other comprehensive income, net of tax
Items that will be reclassified subsequently to profit or loss:
Net exchange differences on translation of foreign operations
Items that will not be reclassified subsequently to profit or loss:
Re-measurement (loss)/ gain on defined benefit plans (786)
(25) 1
(4) 212
63 (210)
(30) (1,344)
(32)
Total other comprehensive income (811) (3) 275 (240) (1,376)
Total comprehensive income for the period/ year (9+10) 693 358 (9,095) 1,828 (5,699)
Paid up equity share capital
[face value of 10 (March 31, 2017: 10)]
Other equity
Earnings/(loss) per share (of 10/- each) (not annualised in case of the interim periods) - Basic
- Diluted 56,200
-
0.27
0.27 56,200
-
0.06
0.06 50,691
-
(1.85)
(1.85) 56,200
21,745
0.37
0.37 50,691
17,718
(0.85)
(0.85)

 

SUBEX LIMITED
Registered office: RMZ Ecoworld, Outer Ring Road, Devarabisanahalli, Bangalore - 560 103
Statement of Consolidated Assets and Liabilities
( in Lakhs)
A Particulars As at
March 31, 2018 March 31, 2017
Audited Audited
ASSETS
Non-current assets
Property, plant and equipment 656 785
Goodwill on consolidation 65,882 65,882
Other intangible assets 63 138
Financial assets
Loans 439 399
Other balances with banks 75 258
Other financial assets 234 234
Income tax asset (net) 2,810 1,977
Deferred tax asset (including MAT credit entitlement) 552 478
Other non-current assets
Current assets
Financial assets
Loans 537 564
71,248 70,715
134 196
Trade receivables 9,290 11,851
Cash and cash equivalents 3,007 7,386
Other balances with banks 295 -
Other financial assets 5,250 4,508
B Other current assets
Total Assets
EQUITY AND LIABILITIES
Equity
Equity share capital
Other equity 544 1,013
18,520 24,954
89,768 95,669
56,200 50,691
Total equity
Liabilities
Non-current liabilities Provisions 21,745 17,718
77,945 68,409
280 297
Deferred tax liabilities(net)
Current liabilities
Financial liabilities
Borrowings 826 -
1,106 297
3,215 8,590
Trade payable 1,331 1,805
Other financial liabilities 1,511 11,922
Other current liabilities 3,230 3,085
Provisions 712 677
Income tax liabilities (net)
Total liabilities
Total equity and liabilities 718 884
10,717 26,963
11,823 27,260
89,768 95,669

 

Notes:
1
2
3
4
5
6
8
9
10
11
12
13
14 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 4, 2018.
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 and SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
The financial results of Subex Limited (Standalone information):
( in Lakhs)
Particulars Quarter ended Year ended
March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 March 31, 2017
Audited Unaudited Audited Audited Audited
Total income
Net profit/(loss) before tax
Net profit/(loss) for the period/ year
Total comprehensive income for the period/ year (Refer note 12) (Refer note 12) 
286
(189)
(182)
(178) 2,884
(445)
(420)
(424) 8,958
(3,239)
(3,353)
(3,299) 18,096 189 32
24 33,694
(429)
(683)
(716)
The Board of Directors of the Company in its meeting held on August 21, 2017 approved the restructuring of the Company's business by way of transfer of its Revenue Maximization Solutions and related businesses ("RMS business") and the Subex Secure and Analytics solutions and related businesses ("Digital business") to its subsidiaries, Subex Assurance LLP and Subex Digital LLP (together referred to as "LLPs"), respectively, hereinafter referred to as the "Restructuring", subject to shareholders and other requisite approvals, to achieve amongst other aspects, segregation of the Company's business into separate verticals to facilitate greater focus on each business vertical, higher operational efficiencies, and to enhance the Company's ability to enter into business specific partnerships and attract strategic investors at respective business levels, with an overall objective of enhancing shareholder value.
The shareholders of the Company approved the Restructuring by way of special resolution passed through postal ballot on September 23, 2017 and subsequently, the Board of Directors of the Company in its meeting held on October 4, 2017 approved November 1, 2017 to be the effective date of Restructuring.
Accordingly, effective November 1, 2017, the Company's RMS business and the Digital business have been transferred on a going concern basis for a consideration of ₹ 61,564 Lakhs and ₹ 1,869 Lakhs, respectively, in the form of Company's capital contribution in the aforesaid LLPs. Post such Restructuring, the Company continues to directly hold 99.99% share in the capital of, and in the profits and losses of, each of these LLPs and the entire economic interest as well as control and ownership of the RMS Business and Digital Business remains with the Company post such Restructuring.
Other income for the quarters ended March 31, 2018, December 31, 2017, and March 31, 2017, includes write back of withholding taxes paid earlier in respect of interest on FCCBs, which is no longer payable on account of conversion of FCCBs into equity shares of the Company, amounting to ₹ Nil, ₹ Nil and ₹ 205 Lakhs, respectively, that for the year ended March 31, 2018 and March 31, 2017 amounting to ₹ 30 Lakhs and ₹ 1,037 Lakhs, respectively. Such, write back of withholding taxes has been adjusted with other withholding taxes liabilities of the Company.
Employee benefits expenses for the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017 are net of reversal of provision no longer required, in respect of employee incentives relating to sales and delivery commissions, amounting to ₹ 342 Lakhs, ₹ 81 lakhs and ₹ 700 Lakhs, respectively, that for the year ended March 31, 2018 and March 31, 2017 amounting to ₹ 725 Lakhs and 700 Lakhs. respectively.
Exceptional items:
( in Lakhs)
Particulars Quarter ended Year ended
March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 March 31, 2017
Audited Unaudited Audited Audited Audited
Loss on impairment of goodwill
Foreign currency translation reserve gain on liquidation of subsidiary (Refer note 12) (Refer note 12) 
-
1,166 -
- (10,890)
- -
1,166 (10,890)
Total 1,166 - (10,890) 1,166 (10,890)
As at March 31, 2018, the Group assessed the carrying value of it's goodwill along with carrying value of related Cash Generating Units ('CGUs'), basis the valuation carried out by an external valuer. Basis the aforesaid valuation, the management is of the view that, the carrying value of its goodwill as at March 31, 2018 is appropriate.
Represents provision in respect of withholding taxes deducted/ deductible by the overseas customers of the Group.
Deferred tax charge / (credit), comprises of deferred tax 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 as detailed in note 4 above.
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.
The figures of last quarter of current year and previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months of the respective year.
Previous period figures have been regrouped/ reclassified, wherever necessary to confirm to current period's classification.
Pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Company has opted to publish the consolidated financial results. The standalone financial results, however, are being made available to the Stock Exchanges where the securities of the Company are listed and are also being posted on the Company's website www.subex.com.
Bengaluru Vinod Kumar Padmanabhan
Date: May 04, 2018 Managing Director & CEO
For further details on the results, please visit our website: www.subex.com

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

 

 

FR BXGDURUGBGIS

SUBEXLTD — Subex News Story

Subex Limited - Final Results

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SUBEX LIMITED Registered office: RMZ Ecoworld, Outer Ring Road, Devarabisanahalli, Bangalore - 560 103 Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2018 ( in Lakhs)
	Particulars	Quarter ended			Year ended
		March 31, 2018	December 31, 2017	March 31, 2017	March 31, 2018	March 31, 2017
		Audited	Unaudited	Audited	Audited	Audited
1 2 3 4 (a) (b) (c) (d) (e) 5 6 7 8 9 10 11 12 13 14 (a) (b)	Income Revenue from operations Other income (Refer note 5)	(Refer note 12)		(Refer note 12)
	Income Revenue from operations Other income (Refer note 5)	8,065 37	8,643 28	9,485 263	32,432 140	35,733 1,154
	Total income (1+2)	8,102	8,671	9,748	32,572	36,887
	Expenses Employee benefits expense (Refer note 6) Finance costs Depreciation and amortisation expense Exchange fluctuation loss/ (gain), net Other expenses	4,219 58 103 447 2,580	4,444 282 155 324 2,454	3,582 508 139 647 3,115	17,471 775 517 1,650 9,884	15,871 2,040 495 (698) 11,651
	Total expenses	7,407	7,659	7,991	30,297	29,359

	Profit before exceptional items and tax (3-4)	695	1,012	1,757	2,275	7,528
	Exceptional items, net (Refer note 7)	1,166	-	(10,890)	1,166	(10,890)
	Net profit/ (loss) before tax (5+6)	1,861	1,012	(9,133)	3,441	(3,362)
	Tax expense, net Current tax charge/(credit) Provision/(reversal) - foreign withholding taxes (Refer note MAT charge / (credit) Deferred tax charge/ (credit) (Refer note 10)	(127) 244 - 240	11 148 18 474	17 314 (94) -	(171) 789 53 702	243 812 (94) -
	Total tax expense	357	651	237	1,373	961

	Net profit/ (loss) for the period / year (7-8)	1,504	361	(9,370)	2,068	(4,323)
	Other comprehensive income, net of tax Items that will be reclassified subsequently to profit or loss: Net exchange differences on translation of foreign operations Items that will not be reclassified subsequently to profit or loss: Re-measurement (loss)/ gain on defined benefit plans	(786) (25)	1 (4)	212 63	(210) (30)	(1,344) (32)
	Total other comprehensive income	(811)	(3)	275	(240)	(1,376)

	Total comprehensive income for the period/ year (9+10)	693	358	(9,095)	1,828	(5,699)
	Paid up equity share capital [face value of 10 (March 31, 2017: 10)] Other equity Earnings/(loss) per share (of 10/- each) (not annualised in case of the interim periods) - Basic - Diluted	56,200 - 0.27 0.27	56,200 - 0.06 0.06	50,691 - (1.85) (1.85)	56,200 21,745 0.37 0.37	50,691 17,718 (0.85) (0.85)

SUBEX LIMITED Registered office: RMZ Ecoworld, Outer Ring Road, Devarabisanahalli, Bangalore - 560 103 Statement of Consolidated Assets and Liabilities ( in Lakhs)
A	Particulars	As at
		March 31, 2018	March 31, 2017
		Audited	Audited
	ASSETS Non-current assets Property, plant and equipment	656	785
	Goodwill on consolidation	65,882	65,882
	Other intangible assets	63	138
	Financial assets Loans	439	399
	Other balances with banks	75	258
	Other financial assets	234	234
	Income tax asset (net)	2,810	1,977
	Deferred tax asset (including MAT credit entitlement)	552	478
	Other non-current assets Current assets Financial assets Loans	537	564
		71,248	70,715
		134	196
	Trade receivables	9,290	11,851
	Cash and cash equivalents	3,007	7,386
	Other balances with banks	295	-
	Other financial assets	5,250	4,508
B	Other current assets Total Assets EQUITY AND LIABILITIES Equity Equity share capital Other equity	544	1,013
		18,520	24,954

		89,768	95,669
		56,200	50,691
	Total equity Liabilities Non-current liabilities Provisions	21,745	17,718
		77,945	68,409
		280	297
	Deferred tax liabilities(net) Current liabilities Financial liabilities Borrowings	826	-
		1,106	297
		3,215	8,590
	Trade payable	1,331	1,805
	Other financial liabilities	1,511	11,922
	Other current liabilities	3,230	3,085
	Provisions	712	677
	Income tax liabilities (net) Total liabilities Total equity and liabilities	718	884
		10,717	26,963

		11,823	27,260

		89,768	95,669

	Notes:
1 2 3 4 5 6 8 9 10 11 12 13 14	The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 4, 2018. 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 and SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. The financial results of Subex Limited (Standalone information): ( in Lakhs)
	Particulars	Quarter ended			Year ended
		March 31, 2018	December 31, 2017	March 31, 2017	March 31, 2018	March 31, 2017
		Audited	Unaudited	Audited	Audited	Audited
	Total income Net profit/(loss) before tax Net profit/(loss) for the period/ year Total comprehensive income for the period/ year	(Refer note 12)		(Refer note 12)
		286 (189) (182) (178)	2,884 (445) (420) (424)	8,958 (3,239) (3,353) (3,299)	18,096 189 32 24	33,694 (429) (683) (716)
	The Board of Directors of the Company in its meeting held on August 21, 2017 approved the restructuring of the Company's business by way of transfer of its Revenue Maximization Solutions and related businesses ("RMS business") and the Subex Secure and Analytics solutions and related businesses ("Digital business") to its subsidiaries, Subex Assurance LLP and Subex Digital LLP (together referred to as "LLPs"), respectively, hereinafter referred to as the "Restructuring", subject to shareholders and other requisite approvals, to achieve amongst other aspects, segregation of the Company's business into separate verticals to facilitate greater focus on each business vertical, higher operational efficiencies, and to enhance the Company's ability to enter into business specific partnerships and attract strategic investors at respective business levels, with an overall objective of enhancing shareholder value. The shareholders of the Company approved the Restructuring by way of special resolution passed through postal ballot on September 23, 2017 and subsequently, the Board of Directors of the Company in its meeting held on October 4, 2017 approved November 1, 2017 to be the effective date of Restructuring. Accordingly, effective November 1, 2017, the Company's RMS business and the Digital business have been transferred on a going concern basis for a consideration of ₹ 61,564 Lakhs and ₹ 1,869 Lakhs, respectively, in the form of Company's capital contribution in the aforesaid LLPs. Post such Restructuring, the Company continues to directly hold 99.99% share in the capital of, and in the profits and losses of, each of these LLPs and the entire economic interest as well as control and ownership of the RMS Business and Digital Business remains with the Company post such Restructuring. Other income for the quarters ended March 31, 2018, December 31, 2017, and March 31, 2017, includes write back of withholding taxes paid earlier in respect of interest on FCCBs, which is no longer payable on account of conversion of FCCBs into equity shares of the Company, amounting to ₹ Nil, ₹ Nil and ₹ 205 Lakhs, respectively, that for the year ended March 31, 2018 and March 31, 2017 amounting to ₹ 30 Lakhs and ₹ 1,037 Lakhs, respectively. Such, write back of withholding taxes has been adjusted with other withholding taxes liabilities of the Company. Employee benefits expenses for the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017 are net of reversal of provision no longer required, in respect of employee incentives relating to sales and delivery commissions, amounting to ₹ 342 Lakhs, ₹ 81 lakhs and ₹ 700 Lakhs, respectively, that for the year ended March 31, 2018 and March 31, 2017 amounting to ₹ 725 Lakhs and 700 Lakhs. respectively. Exceptional items: ( in Lakhs)
	Particulars	Quarter ended			Year ended
		March 31, 2018	December 31, 2017	March 31, 2017	March 31, 2018	March 31, 2017
		Audited	Unaudited	Audited	Audited	Audited
	Loss on impairment of goodwill Foreign currency translation reserve gain on liquidation of subsidiary	(Refer note 12)		(Refer note 12)
		- 1,166	- -	(10,890) -	- 1,166	(10,890)
	Total	1,166	-	(10,890)	1,166	(10,890)
	As at March 31, 2018, the Group assessed the carrying value of it's goodwill along with carrying value of related Cash Generating Units ('CGUs'), basis the valuation carried out by an external valuer. Basis the aforesaid valuation, the management is of the view that, the carrying value of its goodwill as at March 31, 2018 is appropriate. Represents provision in respect of withholding taxes deducted/ deductible by the overseas customers of the Group. Deferred tax charge / (credit), comprises of deferred tax 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 as detailed in note 4 above. 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. The figures of last quarter of current year and previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months of the respective year. Previous period figures have been regrouped/ reclassified, wherever necessary to confirm to current period's classification. Pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Company has opted to publish the consolidated financial results. The standalone financial results, however, are being made available to the Stock Exchanges where the securities of the Company are listed and are also being posted on the Company's website www.subex.com.
Bengaluru Vinod Kumar Padmanabhan Date: May 04, 2018 Managing Director & CEO For further details on the results, please visit our website: www.subex.com