Company Announcements
Outcome of the Board Meeting held on August 8,2022
By LSE RNS
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 28th 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
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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) |
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Quarter ended |
Year ended |
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Particulars |
June 30, 2022 |
March 31, 2022 |
June 30, 2021 |
March 31, 2022 |
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Unaudited |
Audited |
Unaudited |
Audited |
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(Refer note 10) |
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1 |
Revenue from operations |
8,326 |
7,880 |
8,060 |
33,344 |
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2 |
Other income |
265 |
200 |
671 |
1,037 |
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3 |
Total income (1+2) |
8,591 |
8,080 |
8,731 |
34,381 |
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Expenses |
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Employee benefits expense (Refer note 4) |
5,156 |
5,412 |
5,107 |
21,449 |
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Finance costs |
28 |
32 |
41 |
194 |
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Depreciation and amortization expense |
261 |
248 |
242 |
988 |
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Other expenses (Refer note 6) |
3,099 |
2,367 |
1,333 |
8,381 |
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4 |
Total expenses |
8,544 |
8,059 |
6,723 |
31,012 |
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5 |
Net profit before tax (3-4) |
47 |
21 |
2,008 |
3,369 |
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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) |
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121 |
(165) |
92 |
251 |
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(109) |
(25) |
(23) |
(141) |
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|
135 |
85 |
65 |
593 |
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(654) |
65 |
526 |
567 |
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Total tax expense |
(507) |
(40) |
660 |
1,270 |
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7 |
Net profit for the period/ year (5-6) |
554 |
61 |
1,348 |
2,099 |
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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 |
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300 |
204 |
150 |
267 |
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(16) |
41 |
(3) |
(64) |
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Total other comprehensive income/ (loss) |
284 |
245 |
147 |
203 |
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9 |
Total comprehensive income for the period/ year (7+8) |
838 |
306 |
1,495 |
2,302 |
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10 |
Paid up equity share capital |
28,100 |
28,100 |
28,100 |
28,100 |
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[face value of ₹ 5 (March 31, 2022: ₹ 5)] |
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11 |
Other equity |
- |
- |
- |
28,267 |
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12 |
Earnings per share (of ₹ 5/- each) (not annualised in case of the interim periods) |
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- Basic |
0.10 |
0.01 |
0.25 |
0.38 |
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- Diluted |
0.10 |
0.01 |
0.24 |
0.38 |
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1 |
Notes: 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) |
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2 |
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3 |
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Quarter ended |
Year ended |
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Particulars |
June 30, 2022 |
March 31, 2022 |
June 30, 2021 |
March 31, 2022 |
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Unaudited |
Audited (Refer note 10) |
Unaudited |
Audited |
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Total income Net (loss)/ profit before tax Net profit/ (loss) for the period/ year Total comprehensive income/ (loss) for the period/ year |
7,984 (1,107) 46 45 |
1,632 (674) (674) (652) |
1,700 269 269 269 |
6,842 (447) (447) (450) |
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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. |
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5 |
Represents reversal/provision in respect of foreign withholding taxes deducted/ deductible by the overseas customers of the Group. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Place: Bengaluru Date: August 8, 2022 |
For further details on the results, please visit our website: www.subex.com |
Vinod Kumar Padmanabhan Managing Director & CEO |
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