Subex posts income of Rs 819.75 million for Q1 FY13

Telecom Lead India: Subex, a global provider
of Business Support Systems (BSS) for communications service providers, has
posted consolidated net income of Rs 819.75 million (USD $ 15.12
million) for the first quarter of FY13.


Net loss stood at Rs 39.40 million ($0.73 million) for
the first quarter of FY13, as compared to profit of Rs 148.30 million ($2.74
million) in FY12 Q1.


The company’s income from Product and Product related
Operations stood at Rs 708.6 million ($13.07 million) contributing to 86.45
percent of the consolidated revenue, down from Rs 989 million for the first
quarter of FY12.


Income from services segment recorded at Rs 111.2 million
for Q1 FY13, marginally down from Rs 113.8 million for the same quarter a year


The company posted a Product EBITDA of Rs 57.84 million
($1.07 million) while the consolidated EBITDA for the period stood at Rs
54.02 million ($1 million), as compared to Rs 272.36 million ($5.02 million) in
Q1 of FY 2012.


Commenting on the business, Subash Menon, founder, managing
director and CEO, said that the business climate is quite tough with strong
head winds in Europe and the telecom industry experiencing bad times.


He added that the company is confident of maintaining
leadership position in the Business Optimization space.


Suvex’s current quarter results have been impacted by the
change in revenue recognition, which the company expects will get evened out
during the year.


Subex completes FCCBs exchange offer


During the quarter, Subex completed the FCCB exchange
offer post approval from about 97 percent of the bond holders in value.


The Company issued new secured bonds worth $127.721
million with a maturity period due July 2017 with a conversion price of Rs
22.79 per share, at an interest rate of 5.70 percent, of which Bonds worth
$36.321 million will be mandatorily converted into equity shares at the
aforesaid conversion price of Rs.22.79 per share.


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