Subex Ltd

Subex is a holding company, which provides software products and related services to communications service providers across the world. The Company also provides implementation and customization, support services, managed services and sub-contracting services. Its segments include Software Products and Software Services. It provides business and operations support systems (B/OSS) solutions to telecom service providers.(Source : Company Web-Site)

Pros:
Company is virtually debt free.
Stock is trading at 0.41 times its book value
Company has good consistent profit growth of 25.24% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 0.47% over past five years.
Company has a low return on equity of 4.49% for last 3 years.
Contingent liabilities of Rs.251.07 Cr.
Company might be capitalizing the interest cost

Peer Comparison Sector: IT - Software // Industry: Computers - Software - Medium / Small

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
96 95 76 81 86 81 76 88 82 102 79 86
68 73 72 74 72 72 66 73 76 80 61 65
Operating Profit 28 21 4 7 14 8 10 15 6 22 18 21
OPM % 29% 23% 6% 9% 16% 10% 13% 17% 8% 21% 23% 24%
Other Income 4 -106 1 0 0 12 0 0 0 0 0 1
Interest 5 5 2 2 3 1 1 0 1 1 2 1
Depreciation 1 1 1 1 2 1 1 1 1 1 4 4
Profit before tax 26 -91 2 4 10 19 8 14 5 20 13 17
Tax % 12% -3% 167% 27% 64% 19% 52% 54% 58% 36% 59% 63%
Net Profit 23 -94 -1 3 4 15 4 6 2 13 5 6
EPS in Rs 0.44 -1.85 -0.02 0.05 0.06 0.27 0.07 0.11 0.04 0.23 0.10 0.12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
486 558 463 483 478 307 340 360 322 357 324 348 349
561 529 394 352 403 311 272 275 255 268 290 295 282
Operating Profit -75 29 69 131 75 -3 68 85 67 89 34 53 67
OPM % -15% 5% 15% 27% 16% -1% 20% 24% 21% 25% 11% 15% 19%
Other Income 63 -136 104 5 11 3 -0 -4 -63 -97 13 1 2
Interest 33 44 48 43 43 51 67 61 62 20 8 2 4
Depreciation 17 21 15 10 8 4 2 4 4 5 5 5 10
Profit before tax -62 -172 110 83 35 -56 -2 16 -62 -34 34 47 55
Tax % -10% -10% 9% 5% 10% -7% -416% 36% -21% -29% 40% 46%
Net Profit -68 -188 100 79 32 -60 -12 10 -74 -43 21 25 27
EPS in Rs 0.00 0.00 17.30 11.37 4.59 0.00 0.00 0.56 0.00 0.00 0.37 0.45 0.49
Dividend Payout % -0% -0% 0% 0% 0% -0% -0% 0% -0% -0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-4.62%
5 Years:0.47%
3 Years:2.59%
TTM:5.35%
Compounded Profit Growth
10 Years:10.94%
5 Years:25.24%
3 Years:43.14%
TTM:36.24%
Stock Price CAGR
10 Years:-23.17%
5 Years:-13.24%
3 Years:-17.53%
1 Year:-4.17%
Return on Equity
10 Years:3.82%
5 Years:2.98%
3 Years:4.49%
Last Year:3.20%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
35 35 58 69 69 167 167 183 503 507 562 562 562
Reserves 635 346 209 140 72 58 7 26 231 175 217 232 232
Borrowings 927 1,089 634 546 602 732 763 725 228 186 32 0 48
250 312 309 309 353 131 156 188 80 88 95 129 114
Total Liabilities 1,847 1,783 1,210 1,064 1,096 1,088 1,093 1,121 1,042 957 906 923 956
1,568 1,565 1,056 879 873 861 862 865 775 668 666 664 709
CWIP 0 2 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
279 215 154 186 223 227 230 257 267 289 240 259 247
Total Assets 1,847 1,783 1,210 1,064 1,096 1,088 1,093 1,121 1,042 957 906 923 956

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-118 84 43 53 53 -17 61 64 66 54 54 55
-68 -11 -5 -4 -2 -23 -2 -11 7 -11 -7 -11
120 -77 -50 -53 -53 84 -60 -47 -36 -55 -91 -34
Net Cash Flow -67 -4 -12 -3 -2 44 -2 6 37 -12 -44 9

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % -5% 3% 7% 16% 10% 0% 7% 9% 7% 10% 4% 6%
Debtor Days 99 41 38 41 56 87 108 110 126 121 105 90
Inventory Turnover