10 Jun 2010 12:24
| SUBEX LTD |
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| Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli, Bangalore - 560 037 |
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| Audited Financial Results for the year ended March 31, 2010 - CONSOLIDATED |
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| (Rs. In Millions) |
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| CONSOLIDATED |
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| For the year Ended | For the year Ended |
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| 31st March | 31st March |
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| 2010 | 2009 |
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| Audited | Audited |
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| Sales - Product & Product related | 3,829.43 | 4,384.81 |
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| - Services | 801.35 | 1,200.08 |
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| Net Sales | 4,630.78 | 5,584.89 |
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| Other Income | 117.03 | 140.66 |
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| Income from Operations | 4,747.81 | 5,725.55 |
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| Expenditure |
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| - Cost of Hardware, Software & Services | 118.06 | 123.90 |
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| - Personnel Cost | 2,968.34 | 3,866.80 |
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| - Other Expenditure | 714.18 | 876.97 |
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| - Provision for Bad & Doubtful Debts | - | 195.82 |
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| - Total | 3,800.58 | 5,063.49 |
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| Profit / (Loss) before Interest, Taxes, Depreciation & amortisation and Exceptional items | 947.23 | 662.06 |
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| - Depreciation and amortisation | 163.58 | 228.83 |
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| Profit / (Loss) before Interest, Taxes and Exceptional items | 783.65 | 433.23 |
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| - Interest (Net) | 474.16 | 434.81 |
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| Profit / (Loss) Before Exceptional items & Tax | 309.49 | (1.58) |
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| Exceptional Items - Net Gain/(Loss) | 794.72 | (1,717.59) |
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| Profit / (Loss) Before Tax | 1,104.21 | (1,719.17) |
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| Taxes | 101.25 | 164.46 |
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| Net Profit / (Loss) for the year | 1,002.96 | (1,883.63) |
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| Paid up Share Capital | 579.83 | 348.47 |
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| - Equity (Face value of Rs.10/-) |
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| Reserves excluding revaluation reserves |
| 3,464.34 |
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| Earnings/(Loss) per share - Basic - (Rs. Per share) | 25.87 | (54.05) |
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| Earnings/(Loss) per share - Diluted - (Rs. Per share) | 3.34 | (54.05) |
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| Aggregate of Public shareholding:* |
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| Number of shares | 40,674,038 | 21,600,258 |
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| Percentage of holding (to total shareholding) | 70.15% | 61.99% |
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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 |
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| - Percentage of shares (as a % of the total shareholding of promoter and promoter group) | 50.63% | 62.26% |
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| - Percentage of shares (as a% of the total share capital of the company) | 7.07% | 7.20% |
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| b) Non-encumbered |
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| - Number of Shares | 4,000,000 | 1,520,339 |
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| - Percentage of shares (as a% of the total shareholding of promoter and promoter group) | 49.37% | 37.74% |
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| - Percentage of shares (as a % of the total share capital of the company) | 6.90% | 4.36% |
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| * Total public shareholding as defined under clause 40A of the listing agreement (excludes shares held by founders and GDR holders) |
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| SEGMENTAL REPORTING: |
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| Consolidated |
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| For the Year Ended | For the year Ended |
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| 31st March | 31st March |
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| 2010 | 2009 |
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| Audited | Audited |
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| 1. Segmental Revenue: |
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| a. Products & Product related | 3,829.43 | 4,384.81 |
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| b. Services | 801.35 | 1,200.08 |
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| 4,630.78 | 5,584.89 |
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| 2. Segmental Profit/(Loss) before tax, interest & exceptional Items |
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| a. Products & Product related | 780.20 | 311.25 |
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| b. Services | 3.45 | 121.98 |
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| 783.65 | 433.23 |
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| Less: Interest (Net) | 474.16 | 434.81 |
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| Add / (Less) : Other Unallocable Income/(Expenditure)& Exceptional items [Net] | 794.72 | (1,717.59) |
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| Profit Before Taxation | 1,104.21 | (1,719.17) |
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| 3. Details of Capital Employed |
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| a. Products & Product related |
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| Segment Assets | 11,551.37 | 17,136.60 |
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| Segment Liabilities | 9,188.49 | 13,743.96 |
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| b. Services |
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| Segment Assets | 346.61 | 396.92 |
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| Segment Liabilities | 46.71 | 67.90 |
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| STATEMENT OF ASSSETS AND LIABILITIES |
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| As at March 31, |
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| 2010 | 2009 |
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| SHAREHOLDERS FUND: | 2,875.41 | 5,007.49 |
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| (a) Capital | 579.83 | 348.47 |
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| (b) Employee Stock Option Outstanding | 57.12 | 46.31 |
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| (c) Reserves and Surplus | 2,238.46 | 4,612.71 |
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| LOAN FUNDS | 6,341.55 | 10,893.69 |
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| DEFERRED TAX LIABILITY | 1.00 | 1.27 |
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| TOTAL | 9,217.96 | 15,902.45 |
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| FIXED ASSETS | 195.75 | 306.65 |
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| GOODWILL | 10,366.36 | 15,366.36 |
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| DEFERRED TAX ASSET | 12.18 | 42.55 |
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| CURRENT ASSETS, LOANS AND ADVANCES | 1,528.62 | 2,097.55 |
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| (a) Sundry Debtors | 479.21 | 622.31 |
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| (b) Cash and Bank balances | 72.39 | 187.41 |
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| (c) Other current assets | 438.07 | 683.21 |
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| (d) Loans and Advances | 538.95 | 604.62 |
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| Less: Current Liabilities and Provisions | 3,030.36 | 3,073.65 |
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| (a) Liabilities | 1,334.49 | 1,307.61 |
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| (b) Provisions | 1,695.87 | 1,766.04 |
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| MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED) | - | 14.61 |
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| PROFIT AND LOSS ACCOUNT | 145.41 | 1,148.38 |
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| TOTAL | 9,217.96 | 15,902.45 |
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| Notes : |
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| 1. The above results were taken on record and approved by the Board of Directors in their meeting held on 10th June 2010. |
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| 2. The previous year figures have been re-grouped and/or re-arranged to conform with the current year. |
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| 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 year, the Company has granted 598,954 options under its ESOP 2008 scheme, 131,300 options under its ESOP 2005 scheme and NIL options under its ESOP 2000 scheme. During the year, 1,203 equity shares were allotted under its ESOP 2005 scheme and 1,210 equity shares were allotted under its ESOP 2000 scheme, consequent to exercise of stock options. | ||||
| 5. Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the year ended March 31, 2010 : | ||||
| Opening Balance - Nil, Received - 2, Attended - 2, Closing Balance - Nil
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| 6. The shareholders of the Company approved the Board's Proposal (hereinafter referred to as 'the Proposal') for transferring amounts from the Securities premium and Capital Reserves as on or arising after April 1, 2009 (upto March 31, 2012), to a Business Restructuring Reserve (BRR) to be utilized from or after April 1, 2009 for certain Permitted Utilizations as mentioned in the Proposal. The Company's petition seeking the approval of the above Proposal from the Hon'ble High Court of Karnataka was filed with the Court on March 12, 2010. The Company has received the order of the Hon'ble High Court approving the Proposal on May 4, 2010 and has registered the same with the Registrar of Companies on May 11, 2010, thereby completing all the requirements for the order to be effective. | ||||
| Consequently, the company has transferred amounts standing to the credit of Securities Premium and Capital Reserve to the tune of Rs 6,700 Million to the BRR and utilised the same for permitted utilisations to the extent of Rs 6,499.79 Million and the Company carries a balance of Rs. 200.20 Million in the BRR as at March 31, 2010 which shall be used for such Permitted utilizations in the future as the Board may deem fit. Had the Proposal not provided for the above accounting treatment, the Exceptional Items and Net Profit for the year would have been lower by Rs. 4,916.30 Million. The Basic and Diluted Earnings/(Loss) per Share would have been Rs. (100.93). | ||||
| 7. During the year ended March 31, 2010, the Company has allotted 19,133,637 equity shares pursuant to conversion of FCCBs aggregating to US$ 31.9 million out of the Company's US $ 98.7 million 5 % Coupon convertible Unsecured Foreign Currency Convertible Bonds. | ||||
| 8. During the year ended March 31, 2010, the Company has allotted 4,000,000 equity shares under preferential issue to M/s Woodbridge Consultants, an entity belonging to the Promoter/Promoter Group. | ||||
| 9. On a standalone basis, the Company has 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 for the year ended March 31, 2010. | ||||
| 10. 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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| 10th June, 2010 |
| Subash Menon | ||
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| Founder Chairman, Managing Director & CEO | |||
| For further details on the results, please visit our website: www.subexworld.com | ||||