29 Jul 2008 16:59
SUBEX LTD | |||||||
Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli | |||||||
Bangalore - 560 037 | |||||||
Unaudited Financial Results for the quarter ended June 30, 2008 | |||||||
|
|
|
|
|
| (Rs. In Millions) | |
|
| ||||||
| Quarter | For the year |
| Quarter | For the year | ||
| Ended | Ended |
| Ended | Ended | ||
| 30th June | 31st March |
| 30th June | 31st March | ||
| 2008 | 2007 | 2008 |
| 2008 | 2007 | 2008 |
| Unaudited | Unaudited | Audited |
| Unaudited | Unaudited | Audited |
Sales - Product & Product related | 378.82 | 120.78 | 914.73 |
| 1,053.61 | 1,004.20 | 3,618.48 |
- Services (refer Note 3) | - | 306.84 | 523.96 |
| 305.73 | 312.39 | 1,237.43 |
Net Sales / Income from Operations | 378.82 | 427.62 | 1,438.69 |
| 1,359.34 | 1,316.59 | 4,855.91 |
Other Income | 39.72 | 11.05 | 18.90 |
| 61.75 | 12.05 | 24.33 |
Total Income | 418.54 | 438.67 | 1,457.59 |
| 1,421.09 | 1,328.64 | 4,880.24 |
Expenditure |
|
|
|
|
|
|
|
- Cost of Hardware, Software & Services | 9.71 | 22.46 | 90.69 |
| 3.62 | 14.39 | 84.47 |
- Personnel Cost | 167.46 | 413.91 | 944.48 |
| 1,061.95 | 1,011.56 | 4,022.37 |
- Other Expenditure | 82.60 | 152.05 | 366.65 |
| 236.80 | 359.25 | 1,192.59 |
- Provision for Bad & Doubtful Debts | - | 50.00 | 288.69 |
| - | 50.00 | 290.35 |
- Total | 259.76 | 638.42 | 1,690.51 |
| 1,302.36 | 1,435.20 | 5,589.78 |
Profit / (Loss) before Interest, Taxes, Depreciation & amortisation and Exceptional items | 158.78 | (199.75) | (232.92) |
| 118.73 | (106.56) | (709.54) |
- Interest | 91.79 | 65.04 | 296.10 |
| 101.79 | 69.42 | 325.47 |
- Depreciation and amortisation | 39.94 | 28.93 | 123.10 |
| 54.66 | 41.13 | 184.04 |
Profit / (Loss) Before Exceptional items & Tax | 27.05 | (293.72) | (652.12) |
| (37.71) | (217.11) | (1,219.05) |
Exceptional Items |
|
|
|
|
|
|
|
- Exchange Gain/(Loss) on restatement of FCCBs | (553.05) | 442.80 | 607.50 |
| (553.05) | 442.80 | 607.50 |
- Exchange Gain/(Loss) - Mark to Market Losses on Option contracts | (56.17) | - | (5.50) |
| (56.17) | - | (5.50) |
Profit / (Loss) Before Tax | (582.18) | 149.08 | (50.12) |
| (646.94) | 225.69 | (617.05) |
Taxes |
|
|
|
|
|
|
|
Income Tax | - | 21.38 | 17.13 |
| 8.21 | 22.48 | 24.44 |
MAT Credit Carried forward | - | (16.44) | (10.04) |
| - | (16.44) | (10.04) |
Fringe Benefit Tax | 1.23 | 1.83 | 11.93 |
| 1.23 | 1.83 | 11.93 |
Deferred Tax | - | 2.27 | (7.26) |
| - | 2.22 | 37.33 |
Net Profit / (Loss) for the period | (583.40) | 140.04 | (61.88) |
| (656.38) | 215.60 | (680.71) |
Paid up Share Capital | 348.47 | 348.16 | 348.47 |
| 348.47 | 348.16 | 348.47 |
- Equity (Face value of Rs.10/-) |
|
|
|
|
|
|
|
Reserves excluding revaluation reserves |
|
| 7,241.00 |
|
|
| 7,050.66 |
Earnings per share - Basic - Not Annualised (Rs. Per share) | (16.74) | 4.02 | (1.77) |
| (18.84) | 6.19 | (19.49) |
Earnings per share - Diluted - Not Annualised (Rs. Per share) | (16.74) | 3.85 | (1.77) |
| (18.84) | 5.46 | (19.49) |
Aggregate of Public shareholding:* |
|
|
|
|
|
|
|
Number of shares | 22,299,010 | 21,091,314 | 22,162,022 |
| 22,299,010 | 21,091,314 | 22,162,022 |
Percentage of holding (to total shareholding) | 63.99% | 60.58% | 63.60% |
| 63.99% | 60.58% | 63.60% |
* Total public shareholding as defined under clause 40A of the listing agreement (excludes shares held by founders and GDR holders) | |||||||
SEGMENTAL REPORTING: |
|
|
|
|
|
|
|
|
|
|
|
|
| (Rs. In Millions) | |
|
| Consolidated | |||||
|
| Quarter | For the year | ||||
|
| ended | Ended | ||||
|
| 30th June | 31st March | ||||
|
| 2008 | 2007 | 2008 | |||
|
| Unaudited | Unaudited | Audited | |||
1. Segmental Revenue: |
|
|
|
| |||
a. Products & Product related |
| 1,053.61 | 1,004.20 | 3,618.48 | |||
b. Services (refer Note 3 & 4) |
| 305.73 | 312.39 | 1,237.43 | |||
|
| 1,359.34 | 1,316.59 | 4,855.91 | |||
2. Segmental Profit/(Loss) before tax and Interest |
|
|
|
| |||
a. Products & Product related |
| 81.77 | (127.53) | (781.99) | |||
b. Services (refer Note 3 & 4) |
| 36.96 | 20.97 | 72.45 | |||
| 118.73 | (106.56) | (709.54) | ||||
Less: Interest |
| 101.79 | 69.42 | 325.47 | |||
Add / (Less) Un-allocable Income / (Expenditure) - net |
| (663.88) | 401.67 | 417.96 | |||
Profit Before Taxation |
|
|
|
| (646.94) | 225.69 | (617.05) |
Notes to consolidated & standalone results: | |||||||
1. The above results were taken on record and approved by the Board of Directors in their meeting held on 29th July 2008. | |||||||
2. The previous year / period figures have been re-grouped and/or re-arranged to conform with the current period. | |||||||
3. In terms of a Scheme of Arrangement, the Services business of the Company was hived off to its subsidiary with effect from September 1, 2007. The standalone results for the period ended June 30, 2007 and year ended March 31, 2008 include Net Sales / In | |||||||
4. In the current period, Segment results have not been disclosed in the Standalone results since the Company operates in only one Segment viz Products and Products related business. | |||||||
5. Since fixed assets are used in the Company's business interchangeably, segment wise disclosure on capital employed has not been furnished. | |||||||
6.FCCBs, if not converted, are due for redemption in March 2012. |
| ||||||
7. Exchange Fluctuations on both restatement of FCCBs and Mark to Market on option contracts are non cash items for the quarter. | |||||||
8. The company has granted 201,900 options under its ESOP 2005 schemes during the quarter. | |||||||
9. During the quarter, the company has allotted 'Nil' shares pursuant to exercise of options by eligible employees. | |||||||
10. Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended 30th June 2008 is : | |||||||
Opening Balance - Nil, Received - 2, Attended - 2, Closing Balance - Nil | |||||||
Certain statements in this release concerning our performance may be forward looking statements which involve risks and uncertainties that could cause actual results |
|
| |||||
to vary materially from those in such statements. These risks and uncertainties include, and are not limited to, fluctuations in earnings, intense competition, success | |||||||
of investments and our ability to successfully integrate our acquisitions. | |||||||
| |||||||
|
|
|
|
|
|
| |
|
|
|
| By Order of the Board | |||
Bangalore |
|
|
|
|
|
|
|
29th July 2008 |
|
|
|
|
| Subash Menon | |
|
|
| Founder Chairman, Managing Director & CEO | ||||
For further details on the results, please visit our website: www.subexworld.com |