27 May 2009 07:00
| SUBEX LIMITED | ||
| Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli, Bangalore - 560 037 | ||
| Audited Financial Results for the Year ended March 31, 2009 - CONSOLIDATED | ||
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| (Rs. In Millions) | |
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| For the year Ended | |
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| 31st March | |
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| 2009 | 2008 |
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| Sales - Product & Product related[Refer Note 3] | 4,384.81 | 3,618.48 |
| - Services | 1,200.08 | 1,237.43 |
| Net Sales | 5,584.89 | 4,855.91 |
| Other Income | 449.90 | 3.67 |
| Income from Operations | 6,034.79 | 4,859.58 |
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| Expenditure | ||
| - Cost of Hardware, Software & Services | 123.90 | 84.47 |
| - Personnel Cost | 3,866.80 | 4,022.37 |
| - Other Expenditure | 876.97 | 1,192.59 |
| - Provision for Bad & Doubtful Debts | 195.82 | 290.35 |
| - Total | 5,063.49 | 5,589.78 |
| Profit / (Loss) before Interest, Taxes, Depreciation & amortisation and Exceptional items | 971.30 | (730.20) |
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| - Depreciation and amortisation | 228.83 | 184.04 |
| Profit / (Loss) before Interest, Taxes and Exceptional items | 742.47 | (914.24) |
| - Interest (Net) | 434.81 | 304.80 |
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| Profit / (Loss) Before Exceptional items & Tax | 307.66 | (1,219.04) |
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| Exceptional Items | ||
| - Exchange Gain/(Loss) on restatement of FCCBs | (1,929.60) | 607.50 |
| - Exchange Gain/(Loss) - Mark to Market Losses on Option contracts | (97.23) | (5.50) |
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| Profit / (Loss) Before Tax | (1,719.17) | (617.04) |
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| Taxes | ||
| Income Tax | 60.04 | 24.44 |
| MAT Credit written off/(carried forward) | 21.17 | (10.04) |
| Fringe Benefit Tax | 4.12 | 11.93 |
| Deferred Tax | 79.13 | 37.33 |
| Net Profit / (Loss) for the year | (1,883.63) | (680.71) |
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| Paid up Share Capital | 348.47 | 348.47 |
| - Equity (Face value of Rs.10/-) | ||
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| Reserves excluding revaluation reserves | 3,464.34 | 6,348.96 |
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| Earnings per share - Basic - Not Annualised (Rs. Per share) | (54.05) | (19.49) |
| Earnings per share - Diluted - Not Annualised (Rs. Per share) | (54.05) | (19.49) |
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| Aggregate of Public shareholding:* | ||
| Number of shares | 21,600,258 | 22,162,022 |
| Percentage of holding (to total shareholding) | 61.99% | 63.60% |
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| Promoters and promoter group | ||
| Shareholding | ||
| a) Pledged/Encumbered | ||
| - Number of shares | 2,508,361 | 1,521,200 |
| - Percentage of shares (as a % of the total shareholding of | 62.26% | 49.34% |
| promoter and promoter group) | ||
| - Percentage of shares (as a% of the total share capital of the | 7.20% | 4.37% |
| company) | ||
| b) Non-encumbered | ||
| - Number of Shares | 1,520,339 | 1,561,903 |
| - Percentage of shares (as a% of the total shareholding of | 37.74% | 50.66% |
| promoter and promoter group) | ||
| - Percentage of shares (as a % of the total share capital of the | 4.36% | 4.48% |
| company) |
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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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| For the year Ended | |
|
| 31st March | |
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| 2009 | 2008 |
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| Audited | Audited |
| 1. Segmental Revenue: | ||
| a. Products & Product related | 4,384.81 | 3,618.48 |
| b. Services | 1,200.08 | 1,237.43 |
|
| 5,584.89 | 4,855.91 |
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| 2. Segmental Profit/(Loss) before tax, interest & exceptional Items | ||
| a. Products & Product related | 620.50 | (808.16) |
| b. Services | 121.98 | 72.45 |
|
| 742.48 | (735.71) |
| Less: Interest (Net) | 434.81 | 304.80 |
| Add / (Less) : Other Unallocable Income/(Expenditure)& Exceptional items [Net] | (2,026.83) | 423.46 |
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| Profit Before Taxation | (1,719.17) | (617.05) |
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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 26th May 2009. These results have been subjected to audit by the statutory auditors. | ||
| 2. The previous year / period figures have been re-grouped and/or re-arranged to conform with the current year. | ||
| 3. Sales Product & Product related for the year ended March 31, 2009, include Rs.116.17 mio, being other operating income. | ||
| 4. FCCBs if not converted earlier are due for redemtion in 2012. The actual exchange loss/gain, if any, on redemption would be determined only based on the exchange rates prevailing on the date of redemption and the number of FCCBs redeemed. Hence, losses on restatement of FCCBs which is a non-cash item for the year, is treated as an exceptional item. | ||
| 5. Mark to Market losses on Option contracts is a non- cash item for the year | ||
| 6. During the year, the company has granted 1,764,397 options under its ESOP 2005 and 362,072 options under its ESOP 2000 schemes. | ||
| 7. During the quarter ended September 30, 2008, the shareholders of the Company approved an amendment to the Employee Stock Options Schemes providing for Voluntary surrender of Options. The Personnel Cost for the year ended March 31, 2009, is net of Rs.48 Mn, being the reversal of previously recognised stock compensation costs on these options. | ||
| 8. Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the year ended March 31, 2009 : | ||
| Opening Balance - Nil, Received - 2, Attended - 2, Closing Balance - Nil | ||
| 9.Details of Capital employed as at 31st March 2009 - (a) Segment Assets - Product & Product related - Rs.17,149.11 Mn; Service - Rs.384.41 Mn (b) Segment Liabilities - Product & Product related - Rs.13,743.96 Mn; Service - Rs.67.90 Mn. Information for the corresponding previous year, have not been provided, since some of the assets were used interchangeably between the segments. | ||
| 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 |
| Subash Menon |
| 26th May, 2009 | Founder Chairman, Managing Director & CEO | |
| For further details on the results, please visit our website: www.subexworld.com | ||