Subex

₹28.5 0.7 | 2.6%

WEBSITE BSE:532348 NSE : SUBEX LTX 10 May, 16:01

Market Cap ₹1600 Cr.

Stock P/E -19.4

P/B 4.8

Current Price ₹28.5

Book Value ₹ 5.9

Face Value 5

52W High ₹45.8

Dividend Yield 0%

52W Low ₹ 26.8

Edit Ratio

Subex Research see more...

Overview Inc. Year: 1994Industry: IT - Software

Subex Ltd is a holding organisation, which presents software merchandise and associated offerings to communications service providers internationally. The Company additionally provides implementation and customization, support offerings, managed offerings and sub-contracting services and its segments include Software Products and Services. It offers enterprise and operations assist systems (B/OSS) solutions to telecom provider vendors. It provides Revenue Operations Centre solution suite for enterprise and capex optimization, which has solutions for Revenue Analytics, which include ROC Fraud Management, ROC Credit Risk Management, and ROC Revenue Assurance; for Cost Analytics, such as ROC Route Optimisation, ROC Cost Management, ROC Partner Settlement, and for Network Analytics, consisting of ROC Data Integrity Management, ROC Capacity Management and ROC Asset Assurance. It operates across the Americas; Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC) and rest of the arena.

Subex Share Price

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Peer Comparison

Subex Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	86	88	79	83	75	74	47	67	77	82
Other Income	1	1	2	3	1	1	4	1	1	1
Total Income	87	88	81	86	75	74	51	69	78	83
Total Expenditure	76	80	78	83	74	69	84	82	81	81
Operating Profit	11	9	3	3	1	6	-33	-13	-3	2
Interest	0	1	0	0	1	1	1	1	1	1
Depreciation	2	3	2	3	4	4	4	4	4	4
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	8	5	0	0	-3	1	-38	-18	-8	-2
Provision for Tax	3	3	-0	-5	2	6	10	1	3	3
Profit After Tax	5	2	1	6	-5	-5	-47	-19	-11	-5
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	5	2	1	6	-5	-5	-47	-19	-11	-5
Adjusted Earnings Per Share	0.1	0	0	0.1	-0.1	-0.1	-0.8	-0.3	-0.2	-0.1

Subex Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	307	340	360	322	357	324	348	365	372	333	279	273
Other Income	1	4	1	6	19	2	3	15	6	12	10	7
Total Income	308	345	361	329	376	326	351	379	378	345	288	281
Total Expenditure	262	272	275	260	275	290	297	279	274	299	310	328
Operating Profit	46	72	86	69	101	36	54	101	104	46	-22	-47
Interest	51	67	61	62	20	8	2	6	4	3	3	4
Depreciation	4	2	4	4	5	5	5	15	14	10	14	16
Exceptional Income / Expenses	-31	0	0	-65	-109	12	0	-318	3	0	0	0
Profit Before Tax	-40	3	21	-62	-34	34	47	-238	89	34	-39	-66
Provision for Tax	4	9	6	13	10	14	22	31	38	13	12	17
Profit After Tax	-44	-7	15	-74	-43	21	25	-269	52	21	-51	-82
Adjustments	-16	-5	-5	0	0	0	0	0	0	0	0	0
Profit After Adjustments	-60	-12	10	-74	-43	21	25	-269	52	21	-51	-82
Adjusted Earnings Per Share	-3.6	-0.7	0.6	-1.5	-0.9	0.4	0.4	-4.8	0.9	0.4	-0.9	-1.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-16%	-9%	-3%	-1%
Operating Profit CAGR	-148%	NAN%	NAN%	NAN%
PAT CAGR	-343%	0%	NAN%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-12%	-22%	32%	13%
ROE Average	-10%	1%	-7%	-7%
ROCE Average	-7%	6%	-2%	1%

Subex Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	225	174	209	734	684	779	794	515	549	564	522
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	538	602	578	41	0	0	0	0	0	0	0
Other Non-Current Liabilities	9	97	102	11	5	12	23	88	100	100	117
Total Current Liabilities	314	257	245	268	274	110	83	90	98	76	86
Total Liabilities	1087	1130	1134	1054	963	902	900	693	746	740	724
Fixed Assets	861	862	865	775	668	666	664	393	375	368	385
Other Non-Current Assets	40	74	43	37	41	48	54	58	58	75	77
Total Current Assets	186	194	226	241	254	188	182	243	313	297	261
Total Assets	1087	1130	1134	1054	963	902	900	693	746	740	724

Subex Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	1	45	43	49	86	74	30	39	90	143	85
Cash Flow from Operating Activities	-17	61	64	66	54	54	55	66	91	-8	9
Cash Flow from Investing Activities	-5	-1	-9	2	-7	-3	-11	-4	-7	-35	-38
Cash Flow from Financing Activities	84	-60	-47	-36	-55	-91	-34	-13	-32	-15	-7
Net Cash Inflow / Outflow	61	0	8	32	-8	-41	9	49	52	-59	-35
Closing Cash & Cash Equivalent	45	43	49	86	74	30	39	90	143	85	52

Subex Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-3.6	-0.7	0.56	-1.48	-0.85	0.37	0.45	-4.79	0.92	0.37	-0.91
CEPS(Rs)	-2.38	-0.26	1.04	-1.39	-0.76	0.46	0.53	-4.52	1.17	0.55	-0.66
DPS(Rs)	0	0	0	0	0	0	0	0	0.75	0	0
Book NAV/Share(Rs)	13.43	10.36	11.39	14.59	13.49	13.87	14.13	9.15	9.72	9.98	9.21
Core EBITDA Margin(%)	14.75	19.9	23.59	19.45	22.98	10.47	14.75	23.61	26.22	10.37	-11.28
EBIT Margin(%)	3.69	20.5	22.73	-0.01	-3.7	13	14.14	-63.58	24.97	10.92	-12.81
Pre Tax Margin(%)	-13.03	0.77	5.76	-19.09	-9.41	10.61	13.52	-65.13	24.02	10.1	-14.02
PAT Margin (%)	-14.29	-1.98	4.17	-23.04	-12.1	6.38	7.24	-73.74	13.9	6.29	-18.38
Cash Profit Margin (%)	-12.92	-1.26	5.29	-21.71	-10.71	7.97	8.63	-69.61	17.61	9.26	-13.36
ROA(%)	-4.01	-0.61	1.33	-6.79	-4.29	2.22	2.8	-33.8	7.19	2.83	-7
ROE(%)	-24.15	-3.4	7.88	-15.77	-6.1	2.83	3.21	-41.15	9.75	3.79	-9.5
ROCE(%)	1.33	7.37	8.75	-0	-1.44	5.01	6.13	-35.44	17.37	6.51	-6.58
Receivable days	87.12	93.33	106.09	124.56	117.46	118.96	93.47	88.73	94	107.48	122.57
Inventory Days	0	0	0	0	0	0	0	0	0	0	0
Payable days	2875.12	1932.86	950.75	0	0	0	0	0	0	0	0
PER(x)	0	0	18.23	0	0	20.84	12.86	0	38.63	85.94	0
Price/Book(x)	0.79	0.88	0.89	0.61	0.82	0.55	0.41	0.34	3.66	3.22	3.08
Dividend Yield(%)	0	0	0	0	0	0	0	0	2.11	0	0
EV/Net Sales(x)	2.79	2.55	2.39	1.83	1.88	1.33	0.81	0.22	5	5.08	5.33
EV/Core EBITDA(x)	18.53	12	10.04	8.54	6.67	12.06	5.22	0.81	17.9	36.63	-68.38
Net Sales Growth(%)	-35.68	10.64	5.82	-10.39	10.81	-9.24	7.34	4.84	1.93	-10.37	-16.42
EBIT Growth(%)	-85.48	515.33	17.3	-100.05	0	418.91	16.79	-571.28	140.04	-60.82	-198.1
PAT Growth(%)	-237.91	84.65	322.7	-594.85	41.81	147.84	21.95	-1167.21	119.22	-59.42	-343.97
EPS Growth(%)	-178.31	80.63	180.13	-364.6	42.28	143.15	21.96	-1167.09	119.22	-59.42	-343.96
Debt/Equity(x)	3.27	4.42	3.48	0.31	0.27	0.04	0	0	0.01	0	0
Current Ratio(x)	0.59	0.75	0.92	0.9	0.93	1.71	2.2	2.71	3.21	3.9	3.05
Quick Ratio(x)	0.59	0.75	0.92	0.9	0.93	1.71	2.2	2.71	3.21	3.9	3.05
Interest Cover(x)	0.22	1.04	1.34	-0	-0.65	5.44	22.8	-41.15	26.25	13.43	-10.66
Total Debt/Mcap(x)	4.15	5.03	3.89	0.51	0.33	0.07	0	0	0	0	0

Subex Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0	0	0	0	0	0	0	0	0	0
FII	0.6	0.8	0.92	0.96	0.81	0.99	0.84	0.91	1.3	1.23
DII	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.09	0.12	0.01
Public	99.34	99.14	99.02	98.98	99.17	99	99.15	98.99	98.58	98.76
Others	0.04	0.04	0.04	0.04	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

Pros

Company is almost debt free.

Cons

Promoter holding is low: 0%.
Company has a low return on equity of 1% over the last 3 years.
Stock is trading at 4.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.