20 Oct 2009 07:00
| SUBEX LTD | |||||
| Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli, Bangalore - 560 037 | |||||
| Unaudited Financial Results for the quarter ended September 30, 2009 - CONSOLIDATED | |||||
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| (Rs. In Millions) |
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| CONSOLIDATED | ||||
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| Quarter Ended | Half Year Ended | For the year Ended | ||
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| 30th September | 30th September | 31st March | ||
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| 2009 | 2008 | 2009 | 2008 | 2009 |
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| Unaudited | Unaudited | Unaudited | Unaudited | Audited |
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| Sales - Product & Product related | 897.12 | 1,127.05 | 1,840.65 | 2,180.66 | 4,384.81 |
| - Services | 199.97 | 293.83 | 432.53 | 599.56 | 1,200.08 |
| Net Sales | 1,097.09 | 1,420.88 | 2,273.18 | 2,780.22 | 5,584.89 |
| Other Income | 71.05 | 46.62 | 122.50 | 52.20 | 140.66 |
| Income from Operations | 1,168.14 | 1,467.50 | 2,395.68 | 2,832.42 | 5,725.55 |
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| Expenditure |
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| - Cost of Hardware, Software & Services | 29.24 | 28.26 | 60.66 | 31.88 | 123.90 |
| - Personnel Cost | 804.36 | 974.67 | 1,621.10 | 2,036.62 | 3,866.80 |
| - Other Expenditure | 154.02 | 288.99 | 332.63 | 525.79 | 876.97 |
| - Provision for Bad & Doubtful Debts | - | - | - | - | 195.82 |
| - Total | 987.62 | 1,291.92 | 2,014.39 | 2,594.29 | 5,063.49 |
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| Profit / (Loss) before Interest, Taxes, Depreciation & amortisation and Exceptional items | 180.52 | 175.58 | 381.29 | 238.13 | 662.06 |
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| - Depreciation and amortisation | 51.18 | 63.53 | 97.94 | 118.19 | 228.83 |
| Profit / (Loss) before Interest, Taxes and Exceptional items | 129.34 | 112.05 | 283.35 | 119.94 | 433.23 |
| - Interest (Net) | 123.29 | 104.13 | 247.06 | 205.92 | 434.81 |
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| Profit / (Loss) Before Exceptional items & Tax | 6.05 | 7.92 | 36.29 | (85.98) | (1.58) |
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| Exceptional Items - Net Gain/(Loss) | (21.90) | (706.95) | 308.54 | (1,260.00) | (1,717.59) |
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| Profit / (Loss) Before Tax | (15.85) | (699.03) | 344.83 | (1,345.98) | (1,719.17) |
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| Taxes | 16.15 | 17.87 | 25.55 | 27.31 | 164.46 |
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| Net Profit / (Loss) for the period | (32.00) | (716.90) | 319.28 | (1,373.29) | (1,883.63) |
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| Paid up Share Capital | 348.47 | 348.47 | 348.47 | 348.47 | 348.47 |
| - Equity (Face value of Rs.10/-) |
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| Reserves excluding revaluation reserves |
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| 3,464.34 |
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| Earnings/(Loss) per share - Basic - Not Annualised (Rs. Per share) | (0.92) | (20.57) | 9.16 | (39.41) | (54.05) |
| Earnings/(Loss) per share - Diluted - Not Annualised (Rs. Per share) | (0.92) | (20.57) | (1.14) | (39.41) | (54.05) |
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| Aggregate of Public shareholding:* |
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| Number of shares | 21,527,157 | 22,149,010 | 21,527,157 | 22,149,010 | 21,600,258 |
| Percentage of holding (to total shareholding) | 61.78% | 63.56% | 61.78% | 63.56% | 61.99% |
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| Promoters and promoter group |
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| Shareholding |
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| a) Pledged/Encumbered | 2,508,361 | 2,508,361 | 2,508,361 | 2,508,361 | 2,508,361 |
| - Number of shares | 61.15% | 76.37% | 61.15% | 76.37% | 62.26% |
| - Percentage of shares (as a % of the total shareholding of |
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| promoter and promoter group) | 7.20% | 7.20% | 7.20% | 7.20% | 7.20% |
| - Percentage of shares (as a% of the total share capital of the |
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| company) |
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| b) Non-encumbered | 1,593,440 | 776,176 | 1,593,440 | 776,176 | 1,520,339 |
| - Number of Shares | 38.85% | 23.63% | 38.85% | 23.63% | 37.74% |
| - Percentage of shares (as a% of the total shareholding of |
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| promoter and promoter group) | 4.57% | 2.23% | 4.57% | 2.23% | 4.36% |
| - Percentage of shares (as a % of the total share capital of the |
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| * Total public shareholding as defined under clause 40A of the listing agreement (excludes shares held by founders and GDR holders) | |||||
| SEGMENTAL REPORTING: |
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| Consolidated | ||||
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| Quarter Ended | Half Year Ended | For the year Ended | ||
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| 30th September | 30th September | 31st March | ||
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| 2009 | 2008 | 2009 | 2008 | 2009 |
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| Unaudited | Unaudited | Unaudited | Unaudited | Audited |
| 1. Segmental Revenue: |
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| a. Products & Product related | 897.12 | 1,127.05 | 1,840.65 | 2,180.66 | 4,384.81 |
| b. Services | 199.97 | 293.83 | 432.53 | 599.56 | 1,200.08 |
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| 1,097.09 | 1,420.88 | 2,273.19 | 2,780.22 | 5,584.89 |
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| 2. Segmental Profit/(Loss) before tax, interest & exceptional Items |
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| a. Products & Product related | 120.78 | 84.56 | 258.93 | 55.70 | 311.25 |
| b. Services | 8.56 | 27.49 | 24.42 | 64.24 | 121.98 |
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| 129.34 | 112.05 | 283.35 | 119.94 | 433.23 |
| Less: Interest (Net) | 123.29 | 104.13 | 247.06 | 205.92 | 434.81 |
| Add / (Less) : Other Unallocable Income/(Expenditure)&Exceptional items [Net] | (21.90) | (706.95) | 308.54 | (1,260.00) | (1,717.59) |
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| Profit Before Taxation | (15.85) | (699.03) | 344.83 | (1,345.98) | (1,719.17) |
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| Notes : | |||||
| 1. The above results were taken on record and approved by the Board of Directors in their meeting held on 20th October 2009. These results have been subjected to limited review by the statutory auditors. | |||||
| 2. The previous year / period figures have been re-grouped and/or re-arranged to conform with the current period. |
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| 3.Exceptional items include exchange differences arising on restatement of Foreign Currency Convertible Bonds and intra group foreign currency loans and advances. | |||||
| 4. During the current period, the company has granted 42,200 options under its ESOP 2005 and NIL options under its ESOP 2000 schemes. | |||||
| 5. Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended September 30, 2009 : | |||||
| Opening Balance - Nil, Received - Nil, Attended - Nil, Closing Balance - Nil |
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| 6.Details of Capital employed as at 30th September 2009 - (a) Segment Assets - Product & Product related - Rs.17,016.59 Mn; Service - Rs.384.59 Mn (b) Segment Liabilities - Product & Product related - Rs.13,429.46 Mn; Service - Rs.43.97 Mn. Information for the corresponding previous quarter, have not been provided, since some of the assets were used interchangeably between the segments. | |||||
| 7. Pursuant to clause 41 of the Listing Agreement, 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.subexworld.com. | |||||
| 8. During the quarter ended September 30, 2009, the Company announced that it is inviting holders of its outstanding US 180 million 2% Coupon Convertible Unsecured bonds to offer to exchange any of all of such bonds for new US$ denominated convertible bonds at terms and conditions as set out in an exchange offering memorandum dated September 25, 2009 subject to receipt of necessary approvals. | |||||
| Certain statements in this release concerning our performance may be forward looking statements which involve risks and uncertainties that could cause actual |
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| results to vary materially from those in such statements. These risks and uncertainties include, and are not limited to, fluctuations in earnings, intense competition and |
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| success of investments. |
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| By Order of the Board | ||
| Bangalore |
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| 20th October, 2009 |
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| Subash Menon | ||
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| Founder Chairman, Managing Director & CEO | ||
| For further details on the results, please visit our website: www.subexworld.com | |||||
SUBX.L (SUBX)