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Subex Limited Results for quarter & half year ended Sep 30, 2019

11/11/2019 10:17am

UK Regulatory (RNS & others)


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RNS Number : 9624S

Subex Limited

11 November 2019

November 11, 2019

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LS

Dear Sir/Madam,

Sub: Outcome of the Board Meeting of Subex Limited "The Company" held on November 08, 2019

Please be informed that the agenda item summarized hereunder was discussed and approved at the Board Meeting of the Company held on November 08, 2019 at Bengaluru:

-- Unaudited consolidated financial results of the Company for the quarter and half-year ended September 30, 2019.

Please find enclosed:

-- The unaudited consolidated financial results of the Company for the quarter and half-year ended September 30, 2019.

We request you to take the aforesaid notification on record.

Thanking you

Yours truly,

For Subex Limited

Anil Singhvi

Chairman & Independent Director

DIN:00239589

SUBEX LIMITED

Registered office: RMZ Ecoworld, Outer Ring Road, Devarabisanahalli, Bangalore - 560 103

Statement of Unaudited Consolidated Financial Results for the quarter and six months ended September 30, 2019

 
                                                                                                    ( ` in Lakhs) 
 
 
     Particulars                                                                    Year to date figures 
                                                                                     for the six months 
                                                            Quarter ended            ended                  Year ended 
                                                   September  June 30,   September  September    September  March 31, 
                                                    30, 2019     2019     30, 2018   30, 2019     30, 2018     2019 
                                                   Unaudited  Unaudited  Unaudited  Unaudited   Unaudited    Audited 
     Income 
1    Revenue from operations                           8,567      7,895      8,806     16,462       16,397      34,812 
2    Other income                                        140         36         17        176           34         101 
3    Total income (1+2)                                8,707      7,931      8,823     16,638       16,431      34,913 
4    Expenses 
     Employee benefits expense (Refer 
(a)   note 4)                                          4,437      4,309      4,853      8,746        9,358      19,105 
(b)  Finance costs                                       142        150         46        292          108         216 
(c)  Depreciation and amortisation expense               378        371        122        749          229         483 
     Exchange fluctuation (gain)/ loss, 
(d)   net                                              (292)      (259)      (283)      (551)        (811)       (171) 
(e)  Other expenses                                    2,331      2,068      2,717      4,399        5,355      10,572 
     Total expenses                                    6,996      6,639      7,455     13,635       14,239      30,205 
 
5    Net profit before tax expense (3-4)               1,711      1,292      1,368      3,003        2,192       4,708 
6    Tax expense, net 
           Current tax charge                              1          1         38          2          108         274 
           Provision - foreign withholding 
            taxes (Refer note 6)                         263        223        208        486          418         885 
           Deferred tax charge (Refer note 
            7)                                           817        540        491      1,357          640       1,027 
     Total tax expense                                 1,081        764        737      1,845        1,166       2,186 
 
     Net profit for the period/ year 
7     (5-6)                                              630        528        631      1,158        1,026       2,522 
     Other comprehensive income, net 
8     of tax expense 
     Items that will be reclassified 
      subsequently to profit or loss: 
        Net exchange differences (loss)/ 
        gain on translation of foreign operations      (124)      (266)        295      (390)        (210)       (390) 
     Items that will not be reclassified 
      subsequently to profit or loss: 
        Re-measurement loss on defined benefits 
         plan                                           (25)       (10)       (14)       (35)         (29)        (38) 
     Total other comprehensive income                  (149)      (276)        281      (425)        (239)       (428) 
 
     Total comprehensive income for the 
9     period/ year (7+8)                                 481        252        912        733          787       2,094 
10   Paid up equity share capital                     56,200     56,200     56,200     56,200       56,200      56,200 
     [face value of `10 (March 31, 2019: 
      `10)] 
11   Other equity                                          -          -          -          -            -      23,210 
     Earnings per share (of ` 10/- each) 
      (not annualised in case of the interim 
12    periods) 
(a)  - Basic                                            0.12       0.10       0.11       0.21         0.18        0.45 
(b)  - Diluted                                          0.12       0.10       0.11       0.21         0.18        0.45 
---  --------------------------------------------  ---------  ---------  ---------  ---------  ----------- 
 
 
 
 
 
                                                                                                SUBEX 
                                                                                                LIMITED 
                                                         Registered office: RMZ Ecoworld, Outer Ring Road, 
                                                         Devarabisanahalli, 
                                                         Bangalore - 560 103 
                                                                                Statement of Consolidated 
                                                                                Assets and Liabilities                   ( ` in Lakhs) 
                                                                                                                       As at 
                                                                                                              September    March 31, 
    Particulars                                                                                                30, 2019       2019 
                                                                                                              Unaudited     Audited 
A   ASSETS 
    Non-current assets 
    Property, plant and equipment                                                                                   543            540 
    Right-of-use assets                                                                                           4,489              - 
    Goodwill on consolidation                                                                                    65,882         65,882 
    Other intangible assets 
     Financial assets                                                                                                 4              7 
         Loans                                                                                                      530            503 
         Other balances with banks                                                                                  419            420 
         Other financial assets                                                                                     234            234 
    Income tax asset (net)                                                                                        3,081          3,039 
    Deferred tax asset (including MAT credit entitlement)                                                           642            624 
    Other non-current assets                                                                                        267            478 
                                                                                                                 76,091         71,727 
    Current assets 
       Financial assets 
         Loans                                                                                                      133            121 
         Trade receivables                                                                                        8,668          8,539 
         Cash and cash equivalents                                                                                6,106          3,947 
         Other balances with banks                                                                                  125            252 
         Other financial assets                                                                                   3,790          4,537 
    Other current assets                                                                                            680            526 
                                                                                                                 19,502         17,922 
 
 Total Assets                                                                                                    95,593         89,649 
B   EQUITY AND LIABILITIES 
     Equity 
    Equity share capital                                                                                         56,200         56,200 
    Other equity                                                                                                 23,170         23,210 
 Total equity                                                                                                    79,370         79,410 
    Liabilities 
     Non-current liabilities 
       Financial liabilities 
       Lease Liability                                                                                            3,531              - 
    Provisions                                                                                                      337            305 
    Deferred tax liabilities(net)                                                                                 3,244          1,928 
                                                                                                                  7,112          2,233 
    Current liabilities 
       Financial liabilities 
            Lease Liabilities                                                                                     1,299            (-) 
             Trade payable 
         - total outstanding dues of micro enterprises and small enterprises                                         28              7 
         - total outstanding dues of creditors other than micro enterprises 
          and small enterprises                                                                                     796            827 
         Other financial liabilities                                                                              2,174          2,961 
    Other current liabilities                                                                                     3,168          2,452 
    Provisions                                                                                                      804            729 
    Income tax liabilities (net)                                                                                    842          1,030 
                                                                                                                  9,111          8,006 
 
 Total liabilities                                                                                               16,223         10,239 
 
 Total equity and liabilities                                                                                    95,593         89,649 
 ----------------------------------------------------------------------------------------------------------- 
 
 
 
 
 
 
                                                                   SUBEX LIMITED 
                                                                   Statement of 
                                                                   cash flows for 
                                                                   the six months 
                                                                   ended September 
                                                                   30, 2019                              ( ` in Lakhs) 
                                                                                             Six months ended 
                                                                                      September              September 
      Particulars                                                                      30, 2019               30, 2018 
                                                                                     Unaudited         Unaudited 
      Operating activities 
       Profit before tax expense 
(A)    Adjustments to reconcile profit before tax expense to net cash flows:              3,003                  2,192 
    Depreciation of property, plant and equipment and right-of-use assets                   746                   151 
    Amortization of intangible assets                                                         3                     78 
    Interest income (including fair value changes)                                         (64)                   (28) 
    Finance costs (including fair value changes)                                            243                   108 
    Provision for doubtful debts and advances (net of reversal)                              16                   338 
    Expense on share based payment 
     Amortized cost of deposits                                                              48                     29 
    Net foreign exchange differences                                                      (520)                  (445) 
 Operating profit before working capital changes                                          3,475                  2,423 
      Working capital adjustments: 
    (Increase)/ decrease in loans                                                           (7)                   (37) 
    (Increase)/ decrease in trade receivables                                                89                (1,484) 
    (Increase)/ decrease in other financial assets                                          586                   (84) 
    (Increase)/ decrease in other assets                                                  (219)                   (88) 
    Increase/ (decrease) in trade payables                                                  (1)                   432 
    Increase/ (decrease) in other financial liabilities                                   (697)                  (383) 
    Increase/ (decrease) in other current liabilities                                       645                   598 
    Increase/ (decrease) in provisions                                                       62                   151 
                                                                                          3,933                  1,528 
 Income tax paid (including TDS, net of refund)                                           (710)                  (425) 
 Net cash flows from operating activities                                                 3,223                  1,103 
      Investing activities 
(B)    Purchase of property, plant and equipment                                          (288)                  (194) 
 Movement in margin money deposit (net)                                                     131                   (18) 
 Purchase of treasury shares by ESOP trust                                                (378)                   (32) 
 Interest received                                                                           25                      5 
 Net cash flows used in investing activities                                              (510)                  (239) 
      Financing activities 
(C)    Repayment in working capital loans (net)                                                                (1,027) 
 Interest paid                                                                            (230)                   (95) 
      Repayment of lease liability                                                        (425)                   - 
 Net cash flows used in financing activities                                              (655)                (1,122) 
 
(D)   Net increase/ (decrease) in cash and cash equivalents (A+B+C)                       2,058                  (258) 
 Net foreign exchange difference on cash and cash equivalents                               101                  (103) 
 Cash and cash equivalents at the beginning of the period                                 3,947                  3,007 
(E)   Cash and cash equivalents at the end of the period                                  6,106                  2,646 
----  ---------------------------------------------------------------------------- 
 
 
 
 

Notes:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 8, 2019.

2 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.

3 The financial results of Subex Limited (Standalone information):

 
Particulars                                                           Year to date figures 
                                                                       for the six months 
                                              Quarter ended            ended                  Year ended 
                                     September  June 30,   September  September    September  March 31, 
                                      30, 2019     2019     30, 2018   30, 2019     30, 2018     2019 
                                     Unaudited  Unaudited  Unaudited  Unaudited   Unaudited    Audited 
Total income                               331        229        481        442        1,128       1,926 
Net loss before tax expense              (262)      (512)      (533)      (774)      (1,506)     (2,455) 
Net loss for the period/ year            (262)      (512)      (534)      (774)      (1,507)     (2,453) 
Total comprehensive income for the 
 period/ year                            (263)      (513)      (538)      (776)       (1512)     (2,456) 
-----------------------------------  ---------  ---------  ---------  ---------  ----------- 
 
 
 ( `in Lakhs) 
 

4 Employee benefits expenses for the quarters ended September 30, 2019, June 30, 2019, and September 30, 2018 are net of reversal of provision no longer required, in respect of employee incentives relating to sales and delivery commissions, amounting to ` 438 Lakhs, ` 450 Lakhs and ` 35 Lakhs, respectively, that for the six months ended September 30, 2019 and September 30, 2018 amounting to ` 888 Lakhs and ` 35 Lakhs and that for the year ended March 31, 2019 amounting to ` 40 Lakhs.

5 As at March 31, 2019, the Group assessed and concluded the carrying value of it's goodwill along with carrying value of related Cash Generating Units ('CGUs') to be appropriate, basis the valuation carried out by an external valuer. There is no change in the management's assessment as regards the aforementioned carrying value of it's goodwill along with carrying value of related CGU as at September 30, 2019.

6 Represents provision in respect of withholding taxes deducted/ deductible by the overseas customers of the Group.

7 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 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.

8 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.

9 Subex Employee Welfare and ESOP Benefit Trust (hereinafter referred to as the "ESOP Trust"), registered and authorised to acquire shares of the Company through secondary market for providing share-based payments to its employees, is consolidated in the standalone financial results of the Company and the shares reacquired and held by ESOP Trust are treated as treasury shares and recognised at cost and deducted from other equity. The shares held by the Trust were reduced on a weighted average basis from outstanding number of shares for computation of basic and diluted EPS of the Company.

Effective April 1, 2019, the Group adopted Ind AS 116 "Leases", applied to all lease contracts existing on April 1, 2019 using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted. On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of `4,816 Lakhs and a lease liability of `5,052 Lakhs. The cumulative effect of applying the standard resulted in `442 Lakhs being debited to retained earnings, net of taxes.

Place: Bengaluru

Date: November 8, 2019

Vinod Kumar Padmanabhan Managing Director & CEO

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 or visit www.rns.com.

END

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November 11, 2019 05:17 ET (10:17 GMT)

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