Subex Limited has informed the Exchange about Transcript
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Subex Limited filed the transcript of its Q4 FY25 earnings call held on May 3, 2025, pursuant to Regulation 30 of SEBI LODR. For the quarter, revenue stood at INR 706 million versus INR 727 million in the prior quarter, while normalised EBITDA improved to INR 53 million (vs INR 40 million) and normalised PAT turned positive at +INR 66 million (vs negative INR 17.8 million); reported Q4 PAT was negative INR 176 million inclusive of exceptional items. For full-year FY25, revenue was INR 2,856 million versus INR 3,097 million in FY24, with normalised EBITDA swinging to +INR 65 million (from negative INR 95 million) and reported PAT narrowing sharply to negative INR 314 million (from negative INR 1,917 million). Management termed FY25 a 'mixed year,' noting that core telco business remained steady despite an 8% YoY revenue decline, driven by 8% YoY margin expansion in the core segment, 31% improvement in employee productivity, and a 100% contract renewal rate. Key positives included new logo wins in Europe for the HyperSense fraud management product and extension of a managed services contract with two Tier-1 customers across Europe and the Middle East. The company also recognised an impairment allowance of INR 16.89 crore against disputed trade receivables specific to its non-core Sectrio business. The call was led by MD & CEO Nisha Dutt, CFO Sumit Kumar, and Company Secretary Ramu Akkili.
For shareholders, the transcript signals a credible operational turnaround in Subex's core telco business—normalised PAT turning positive in Q4 and a sharp narrowing of full-year losses point to margin recovery and cost discipline. However, the 8% YoY revenue contraction, continued GAAP-level losses, and the INR 16.89 crore Sectrio-related impairment are overhangs, so near-term stock reaction will hinge on whether core telco growth and order pipeline momentum (Europe wins, Tier-1 renewals) sustain into FY26.