7th February 2020, BENGALURU, INDIA – Subex, a leading telecom analytics solution provider, today announced its consolidated financial results for the year ended December 31, 2019.
Performance Highlights for the quarter ended December 31, 2019:
- Revenue for the quarter at INR 961 million as against INR 857 million in FY20 Q2
- EBITDA* for the quarter at INR 230 million as against INR180 million in FY20 Q2
- Profit before Tax* (PBT) for the quarter at INR 134 million as against INR 171 million in FY20 Q2
Highlights of the Quarter
- Subex and RAG announce first of its kind alliance to leverage Blockchain for combatting fraud
- Subex secures 5-year deal from Jawwal for ROC Fraud Management and ROC Revenue Assurance
Highlights of the Restructuring
The Board of Directors in its meeting held on February 07, 2020, has approved a scheme of Capital reduction, in accordance with Section 52 of the Companies Act, 2013 and Section 66 of the Companies Act, 2013 read with National Company Law Tribunal (‘NCLT’) (Procedure for reduction of share capital of Company) Rules, 2016 and other applicable provisions of the Companies Act, 2013. Subject to the consent of the shareholders and the approval from NCLT and other statutory authorities as and where applicable, the accumulated losses shall be written off against the paid-up share capital of the company. The aforesaid write off against the paid-up share capital would be achieved by reducing the face value of the equity shares from Rs 10/- to Rs 5/- each.
- Appointment of Mr. Shiva Shankar Naga Roddam as a Whole-time Director & Chief Operating Officer of the Company with effect from February 7th, 2020 for a period of three years.
Vinod Kumar, Managing Director & CEO, Subex said, “Digital Trust is quickly becoming top priority among global leaders and is attracting more investments from businesses and governments towards securing their digital future.
We continue to execute our focused strategy towards Digital Trust and this has enabled us to compete well and win large deals. On the financial front, the revenues and EBITDA for the quarter are in line with our expectations, despite the macroeconomic slowdown.
The restructuring of our financials approved by the board today will enable us to have a rational structure that is commensurate with our current business, allowing us to better service the equity. “
Elaborating on the restructuring, Venkataraman GS, CFO, Subex said, “As part of the exercise, the proposed capital reduction will be achieved by writing off the accumulated losses against the share capital and share premium of the company. This would help us position ourselves better in the market and undertake business activities efficiently. The restructuring, after full implementation, will result in making our balance sheet leaner and downsized”
Subex is a pioneer in enabling Digital Trust for businesses across the globe.
Founded in 1992, Subex has spent over 25 years in helping global Communications Service Providers maximize their revenues and profitability.
With a legacy of having served the market through its world-class solutions for business optimization and analytics, Subex is now leading the way by enabling all-round Digital Trust in the business ecosystems of its customers. Focusing on privacy, security, risk mitigation, predictability and confidence in data, Subex helps businesses embrace the disruptive changes in the business landscape and succeed with Digital Trust.
Subex leverages its award-winning product portfolio in areas such as Revenue Assurance, Fraud Management, Network Analytics, and Partner Management, and complements them through its digital solutions such as IoT Security and Insights. Subex also offers scalable Managed Services and Business Consulting services.
Subex has more than 300 installations across 90+ countries.
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*EBITDA excludes forex