29 Jul 2010 10:34
| SUBEX LTD | |||
| Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli, Bangalore - 560 037 | |||
| Unaudited Financial Results for the quarter ended June 30, 2010 - CONSOLIDATED | |||
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| Quarter Ended | For the year Ended | |
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| 30th June | 31st March | |
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| 2010 | 2009 | 2010 |
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| Unaudited | Unaudited | Audited |
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| Sales - Product & Product related | 1,014.37 | 943.53 | 3,829.43 |
| - Services | 173.11 | 232.56 | 801.35 |
| Net Sales | 1,187.48 | 1,176.09 | 4,630.78 |
| Other Operating Income | 38.76 | 51.45 | 117.03 |
| Income from Operations | 1,226.24 | 1,227.54 | 4,747.81 |
| Expenditure |
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| - Cost of Hardware, Software & Services | 20.69 | 31.42 | 118.06 |
| - Personnel Cost | 682.05 | 816.74 | 2,968.34 |
| - Other Expenditure | 197.69 | 178.61 | 714.18 |
| - Total | 900.43 | 1,026.77 | 3,800.58 |
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| Profit / (Loss) before Interest, Taxes, Depreciation & amortisation and Exceptional items | 325.81 | 200.77 | 947.23 |
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| - Depreciation and amortisation | 26.42 | 46.76 | 163.58 |
| Profit / (Loss) from Operations before Other Income, Interest, Taxes and Exceptional items | 299.39 | 154.01 | 783.65 |
| - Interest (Net) | 116.19 | 123.77 | 474.16 |
| Profit / (Loss) after Interest before Exceptional items & Tax | 183.20 | 30.24 | 309.49 |
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| Exceptional Items - Net Gain/(Loss) | (145.13) | 330.44 | 794.72 |
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| Profit / (Loss) Before Tax | 38.07 | 360.68 | 1,104.21 |
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| Taxes | 12.85 | 9.40 | 101.25 |
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| Net Profit / (Loss) for the period | 25.22 | 351.28 | 1,002.96 |
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| Paid up Share Capital | 579.84 | 348.47 | 579.83 |
| - Equity (Face value of Rs.10/-) |
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| Earnings/(Loss) per share - Basic - (Rs. Per share) | 0.44 | 10.08 | 25.87 |
| Earnings/(Loss) per share - Diluted - (Rs. Per share) | 0.43 | (2.25) | 3.34 |
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| Aggregate of Public shareholding* |
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| Number of shares | 40,675,790 | 21,527,157 | 40,674,038 |
| Percentage of holding (to total shareholding) | 70.15% | 61.78% | 70.15% |
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| Promoters and promoter group |
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| Shareholding |
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| a) Pledged/Encumbered |
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| - Number of shares | 4,101,801 | 2,508,361 | 4,101,801 |
| - Percentage of shares (as a % of the total shareholding of promoter and promoter group) | 50.63% | 61.15% | 50.63% |
| - Percentage of shares (as a% of the total share capital of the company) | 7.07% | 7.20% | 7.07% |
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| b) Non-encumbered |
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| - Number of Shares | 4,000,000 | 1,593,440 | 4,000,000 |
| - Percentage of shares (as a% of the total shareholding of promoter and promoter group) | 49.37% | 38.85% | 49.37% |
| - Percentage of shares (as a % of the total share capital of the company) | 6.90% | 4.57% | 6.90% |
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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 | For the year Ended | |
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| 30th June | 31st March | |
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| 2010 | 2009 | 2010 |
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| Unaudited | Unaudited | Audited |
| 1. Segmental Revenue: |
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| a. Products & Product related | 1,014.37 | 943.53 | 3,829.43 |
| b. Services | 173.11 | 232.56 | 801.35 |
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| 1,187.48 | 1,176.09 | 4,630.78 |
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| 2. Segmental Profit/(Loss) before tax, interest & exceptional Items |
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| a. Products & Product related | 300.59 | 138.15 | 780.20 |
| b. Services | (1.20) | 15.86 | 3.45 |
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| 299.39 | 154.01 | 783.65 |
| Less: Interest (Net) | 116.19 | 123.77 | 474.16 |
| Add / (Less) : Other Unallocable Income/(Expenditure)&Exceptional items [Net] | (145.13) | 330.44 | 794.72 |
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| Profit Before Taxation | 38.07 | 360.68 | 1,104.21 |
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| 3. Details of Capital Employed |
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| a. Products & Product related |
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| Segment Assets | 11,507.14 | 17,168.78 | 11,551.37 |
| Segment Liabilities | 9,387.44 | 13,346.40 | 9,188.49 |
| b. Services |
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| Segment Assets | 334.04 | 348.47 | 346.61 |
| Segment Liabilities | 35.43 | 38.28 | 46.71 |
| Notes : | |||
| 1. The above results were taken on record and approved by the Board of Directors in their meeting held on 29th July 2010. | |||
| 2. The corresponding previous quarter figures have been re-grouped and/or re-arranged to conform with the current quarter. | |||
| 3. Exceptional items comprise exchange differences arising on (a) restatement of Foreign Currency Convertible Bonds and (b) restatement/settlement of intra group foreign currency loans and advances. | |||
| 4. During the quarter ended June 30, 2010, the Company has granted 715,000 options under its ESOP 2008 scheme and 84,000 options under its ESOP 2005 scheme. During the quarter ended June 30, 2010, the Company has allotted 1,300 equity shares under its ESOP 2005 scheme to the option holders upon exercise of stock options. | |||
| 5. Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended June 30, 2010 : | |||
| Opening Balance - Nil, Received - 1, Attended - 1, Closing Balance - Nil
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| 6. Post the end of the quarter, the Company has allotted 1,199,601 equity shares pursuant to conversion of FCCBs aggregating to US$ 2 Million. | |||
| 7. On a standalone basis, the company has a turnover of Rs.878.81 Mn, Profit Before Tax (PBT) of Rs. 147.03 Mn and Profit After Tax (PAT) of Rs. 147.03 Mn for the quarter ended June 30, 2010. On a standalone basis, for the quarter ended June 30, 2009 (Unaudited), the company had a turnover of Rs. 768.87 Mn, Profit Before Tax (PBT) of Rs. 526.45 Mn and Profit After Tax (PAT) of Rs. 526.45 Mn. On a standalone basis, for the year ended March 31, 2010 (Audited), the company had a turnover of Rs. 3201.44 Mn, Profit Before Tax (PBT) of Rs. 1380.80 Mn and Profit After Tax (PAT) of Rs. 1368.61 Mn. | |||
| 8. During the quarter ending March 31, 2010, the shareholders of the Company had approved a proposal for creation of a Reserve for Business Restructure and utilisation of the same for certain permitted utilisations with effect from April 1, 2009. The Proposal was approved by the Hon'ble High court of Karnataka and was given effect to during the quarter and year ended March 31, 2010. The results for the quarter ended June 30, 2009 are as previously published by the Company and do not include the adjustments relating to the Proposal. | |||
| 9. 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. | |||
| 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 and success of investments. | |||
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| By Order of the Board | |
| Bangalore |
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| 29th July, 2010 |
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| Subash Menon |
| Founder Chairman, Managing Director & CEO | |||
| For further details on the results, please visit our website: www.subexworld.com | |||