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    Subex Limited - Outcome of Board Meeting held on October 28, 2021

    Picture of Subex logoSubex
    29/10/2021 08:37
    RNS Number : 7106Q

Subex Limited

29 October 2021

 

 

October 29, 2021

 

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 October 28, 2021

 

Please be informed that the agenda items summarized hereunder were discussed and approved at the Board Meeting held on October 28, 2021 at Bengaluru:

 

1.   Approval of the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021.

 

2.   Approval of transfer of Revenue Maximization Solution business from Subex Assurance LLP, material wholly owned subsidiary of the Company, to the Company.

 

3.   Change in the Key Managerial Personnel

Mr. Venkatraman G S, Chief Financial Officer and Key Managerial Personnel of the Company, has tendered his resignation and the Board approved his resignation with effect from December 10, 2021.

 

Please find enclosed:

 

·      The Unaudited Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021.

 

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

 

 

 

 


    SUBEXLIMITED
    Registeredoffice:PritechPark-SEZ,Block-09,4thFloor,BWing,SurveyNo.51-64/4,Outerringroad,BellandurVillage,VarthurHobli,Bangalore-560103
    StatementofUnauditedConsolidatedFinancialResultsforthequarterandsixmonthsendedSeptember30,2021
    (₹inLakhs)
    QuarterendedYeartodatefiguresfor thesixmonthsendedYear ended
    ParticularsSeptember 30, 2021June30, 2021September 30, 2020September 30, 2021September 30,2020March 31,2021
    UnauditedUnauditedUnauditedUnauditedUnauditedAudited
    1Revenuefromoperations8,6308,0609,32916,69018,19937,203
    2Otherincome97671100768196474
    3Totalincome(1+2)8,7278,7319,42917,45818,39537,677
    Expenses
    Employeebenefitsexpense(Refernote4)5,4425,1074,89010,5499,44719,720
    Financecosts334110374213296
    Depreciationandamortizationexpense2462423654887311,378
    Otherexpenses2,1981,3331,8993,5313,2527,633
    4Totalexpenses7,9196,7237,25714,64213,64329,027
    5Profitbeforeexceptional items andtax(3-4)8082,0082,1722,8164,7528,650
    Exceptionalitems
    Provisionforservicetaxreceivable(Refernote6)
    Gainonterminationofleaseagreement(Refernote7)    		--(267)-(267)(267)
    --554-554554
    6Totalexceptional items--287-287287
    7Netprofitbeforetax(5+6)8082,0082,4592,8165,0398,937
    8Taxexpense,net
    Currenttaxcharge
    Provision-foreignwithholdingtaxes(Refernote8)
    Deferredtaxcharge(includingMATcreditentitlement)(Refernote9)
    1649272568696
    16265386227732399
    -5038415031,5582,670
    Totaltaxexpense3266601,2349862,2983,765
    9Net profitfortheperiod/year(7-8)4821,3481,2251,8302,7415,172
    10Othercomprehensiveincome/(loss)netoftaxexpense
    Itemsthatwillbereclassifiedsubsequentlytoprofitorloss:
    Netexchangedifferences(loss)/gainontranslationofforeignoperations
    Itemsthatwillnotbereclassifiedsubsequentlytoprofitorloss:
    Re-measurementlossondefinedbenefitplan
    (33)150158117120636
    (67)(3)(20)(70)(24)(12)
    Totalothercomprehensive(loss)/income(100)1471384796624
    11Totalcomprehensiveincomefortheperiod/year(9+10)3821,4951,3631,8772,8375,796
    12Paidupequitysharecapital28,10028,10028,10028,10028,10028,100
    [facevalueof₹5(March31,2021:₹5)]
    13Otherequity-----26,755
    14Earningspershare(of₹5/-each)(notannualisedincaseoftheinterim periods)
    -Basic0.090.250.230.340.510.96
    -Diluted0.090.240.230.330.510.94
    

 

 

 


    SUBEXLIMITED
    Registeredoffice:PritechPark-SEZ,Block-09,4thFloor,BWing,SurveyNo.51-64/4,Outerringroad,BellandurVillage,VarthurHobli,Bangalore-560103
    StatementofConsolidatedAssetsandLiabilities
    (₹inLakhs)
    A
    B    		Asat
    ParticularsSeptember 30,2021March 31,2021
    UnauditedAudited
    ASSETS
    Non-current assets
    Property,plantandequipment1,2161,177
    Right-of-useassets1,6081,962
    Goodwillonconsolidation34,40934,409
    Financialassets
    Otherbalanceswithbanks10439
    Otherfinancialassets305300
    Incometaxasset(net)4,0483,479
    Deferredtaxasset(IncludingMATcreditentitlement)51125
    41,74141,491
    Currentassets
    Financialassets
    Loans165220
    Investment754-
    Tradereceivables7,3129,215
    Cashandcashequivalents12,86414,294
    Otherbalanceswithbanks336379
    Otherfinancialassets7,5356,428
    Othercurrentassets875639
    29,84131,175
    TotalAssets71,58272,666
    EQUITYANDLIABILITIES
    Equity
    Equitysharecapital28,10028,100
    Otherequity27,58326,755
    Totalequity55,68354,855
    Liabilities
    Non-currentliabilities
    Financialliabilities
    LeaseLiabilities1,1671,575
    Provisions364275
    Deferredtaxliabilities(net)6,7186,289
    8,2498,139
    Currentliabilities
    Financialliabilities
    Borrowings-584
    LeaseLiabilities494420
    Tradepayable
    - totaloutstandingduesofmicroenterprisesandsmallenterprises8966
    -totaloutstandingduesofcreditorsotherthanmicroenterprisesandsmallenterprises1,2661,245
    Otherfinancialliabilities1,5203,045
    Othercurrentliabilities2,7602,935
    Provisions906791
    Incometaxliabilities(net)615586
    7,6509,672
    Totalliabilities15,89917,811
    Totalequityandliabilities71,58272,666
    

 

 

 


    SUBEXLIMITED
    ConsolidatedStatementofcashflowsforthesixmonthsendedSeptember30,2021    		(₹inLakhs)
    Sixmonthsended
    ParticularsSeptember 30,2021September30, 2020
    UnauditedUnaudited
    (A)Operatingactivities
    Profitbeforetax2,8165,039
    Adjustmentstoreconcileprofitbeforetaxtonetcash flows:
    Depreciationofproperty,plantandequipmentandright-of-useassets488729
    Amortizationofintangibleassets-2
    Interestincome(includingfairvaluechanges)(154)(189)
    Profitonsaleofinvestments(4)-
    Fairvaluegainonfinancialinstrumentsatfairvaluethroughprofitorloss(2)-
    Financecosts(includingfairvaluechanges)74213
    Allowance/(reversal)forexpectedcreditlosses336(171)
    Sharebasedpaymentexpenses6074
    Gainontermination/modificationoflease(12)(554)
    Provisionforservicetaxreceivable-267
    Waiverofborrowings(584)-
    Netforeignexchange(gain)/loss(50)314
    Operatingprofitbeforeworkingcapital changes2,9685,724
    Workingcapitaladjustments:
    (Increase)/decreaseinloans67(731)
    (Increase)/decreaseintradereceivables1,721355
    (Increase)/decreaseinotherfinancialassets(999)430
    (Increase)/decreaseinotherassets(238)(151)
    Increase/(decrease)intradepayables32(697)
    Increase/(decrease)inotherfinancialliabilities(1,501)(347)
    Increase/(decrease)inothercurrentliabilities(227)874
    Increase/(decrease)inprovisions11689
    1,9395,546
    Incometaxpaid(includingTDS,netofrefund)(1,025)(608)
    Netcashflowsfromoperatingactivities9144,938
    (B)Investingactivities
    Purchaseofproperty,plantandequipment(351)(210)
    InvestmentsinMutual Funds(net)(748)-
    Movementinmarginmoneydeposit(net)(19)(69)
    PurchaseoftreasurysharesbyESOPtrust-(22)
    Interestreceived143121
    Netcashflowsused ininvestingactivities(975)(180)
    (C)Financingactivities
    Proceedsfrom exerciseof ESOP25731
    Proceedsfromborrowings-600
    Interestpaid(66)(201)
    Repaymentofleaseliability(191)(508)
    Paymentof dividends(1,346)-
    Netcashflowsusedinfinancingactivities(1,346)(78)
    (D)Net(decrease)/increasein cashand cashequivalents(A+B+C)(1,407)4,680
    Netforeignexchangedifferenceoncashandcashequivalents(23)42
    Cashandcashequivalentsatthebeginningof theperiod14,2949,043
    (E)Cashandcashequivalents at the endoftheperiod12,86413,765
    

 

 

 


    1Notes:
    Theaboveresultshavebeenreviewedby theAuditCommitteeandapprovedby theBoardof DirectorsintheirmeetingheldonOctober28,2021.
    ThefinancialresultshavebeenpreparedinaccordancewiththerecognitionandmeasurementprincipleslaiddownintheapplicableIndianAccountingStandards("IndAS")prescribedundersection133oftheCompaniesAct,2013,read withrelevant rules thereunderand in termsofRegulation 33oftheSEBI (ListingObligationsandDisclosureRequirements)Regulations,2015,asamended.
    ThefinancialresultsofSubexLimited(Standaloneinformation):
    ( inLakhs)
    2
    3
    QuarterendedYeartodate figuresfor thesixmonthsendedYear ended
    ParticularsSeptember30, 2021June30, 2021September 30, 2020September 30, 2021September 30, 2020March31,2021
    UnauditedUnauditedUnauditedUnauditedUnauditedAudited
    Totalincome1,5591,7001,0953,1462,4275,510
    Netprofitbeforetax492694403181,3402,651
    Netprofitfortheperiod/year492694363181,3362,622
    Totalcomprehensiveincomefortheperiod/year322694343011,3332,622
    4EmployeebenefitsexpensesforthequartersendedSeptember30,2021,June30,2021,andSeptember30,2020arenetofreversalofprovisionnolongerrequired,inrespectofemployeeincentivesrelatingtosalesanddelivery
    commissions,amountingto₹327Lakhs,₹786Lakhsand₹62Lakhs,respectively,andforthesixmonthsendedSeptember30,2021andSeptember30,2020amountingto₹786Lakhsand ₹333Lakhs,respectivelyandfor
    theyearendedMarch31,2021amountingto₹333lakhs.
    5AsatMarch31,2021,theCompanyassessedandconcludedthecarryingvalueofit'sgoodwillalongwithcarryingvalueofrelatedCashGeneratingUnits('CGUs')isappropriate.Thereisnochangeinthemanagement's
    assessmentasregardstheaforementionedcarryingvalueofit'sgoodwill along withcarryingvalueofrelatedCGUasatSeptember30,2021.
    6DuringthepreviousyearendedMarch31,2021,servicetaxreceivableof₹267lakhshadbeenprovidedforconsideringtheuncertainty asregardstoitsrealisation.
    7RepresentsgainarisingonterminationoftheleaseagreementofexistingofficepremisesinIndia,accountedinaccordancewithIndAS116-Leases.
    8Representsreversal/provisioninrespectofforeignwithholdingtaxesdeducted/deductiblebytheoverseascustomersoftheGroup.Consideringtheexpectedutilisationofforeignwithholdingtaxes,provisionof₹723Lakhs
    (including provisionof 279LakhsasatApril01,2020)madeduringtheearlierquarters,hasbeenreversedduringthequarterendedMarch31,2021.
    9Deferredtaxcharge/(credit),comprisesofliabilityarisingonaccountoftaxbenefitsfromamortisationofintangibleassetsofSubexAssuranceLLP,netofdeferredtaxassetsarisingonaccountofcarryforwardlossesandother
    taxabletemporary differences,whicharosemainly onaccountof businessrestructuringeffectedfromNovember1,2017,wherein,theCompany'sRMSbusinessandtheDigitalbusinesswastransferredongoingconcernbasisto
    SubexAssuranceLLPandSubexDigital LLPrespectively.
    10TheGroupisengagedinthebusinessofsoftwareproductsandrelatedservices,whicharemonitoredasasinglesegmentbytheChiefOperatingDecisionMaker,accordingly,these,inthecontextofIndAS108onOperating
    SegmentsReportingareconsideredtoconstituteonesegmentandhencetheGrouphasnotmadeany additionalsegmentdisclosures.
    11ThefullimpactofCOVID-19stillremainsuncertainandcouldbedifferentfromtheestimatesconsideredwhilepreparingtheseconsolidatedfinancialresults.TheGroupshallcontinuetocloselymonitoranymaterialchanges
    tofutureeconomicconditions.
    12TheCodeonSocialSecurity,2020('Code')relatingtoemployeebenefitsduringemploymentandpost-employmentbenefitsreceivedPresidentialassentinSeptember2020.TheCodehasbeenpublishedintheGazetteofIndia.
    However,thedateonwhichtheCodewillcomeintoeffecthasnotbeennotifiedandthefinalrules/interpretationhavenotyetbeenissued.TheGroupwillassesstheimpactoftheCodewhenitcomesintoeffectandwill record
    anyrelatedimpactintheperiodtheCodebecomeseffective.
    13TheBoardof Directorshadrecommendedafinaldividendof₹0.25/-(5%)perequityshareonfacevalueof₹5/-eachforthefinancialyear2020-2021.Thesamewasapprovedby theshareholdersintheAnnualGeneralMeeting
    oftheCompanyheldonJuly9,2021andwaspaidonJuly20,2021.
    14TheUSFederalgovernmentinthewakeofCOVID19pandemicprovidedsupporttobusinessthroughPaycheckProtectionProgram(PPP).SubexInc.obtainedabenefitunderthisschemefor₹600LakhsduringMay2020.
    DuringthepreviousquarterendedJune30,2021,SubexInc.obtainedcompletewaiveroftheloanamountfromSmallBusinessAdministration,UnitedStatesgovernmentagencyandaccordinglytheloanandinterestaccrued
    thereonwasrecognisedasotherincome.
    15TheBoardofDirectorsoftheCompanyinitsmeetingheldonOctober28,2021hasapprovedtherestructuringofthebusiness,subjecttoallrequisiteapprovals,whereinthebusinesscarriedoutbySubexAssuranceLLPwillbe
    transferredtoSubexLimitedona'goingconcern'basisexcludingDevelopedTechnologyandInvestmentinsubsidiaries.Theaforesaidrestructuringisbeingcarriedouttoachievehigheroperationalefficienciesupon
    integrationandconsolidationofbusinessinthelistedentity.
    16Thecomparativefigureshavebeenregrouped/reclassified,wherevernecessary,tomakethem comparablewiththecurrentperiod.
    Place:Bengaluru
    Date:October28,2021    		Forfurtherdetails ontheresults,pleasevisitourwebsite:www.subex.comVinodKumarPadmanabhanManagingDirector& CEO
    

 

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