 "Subex posts Rs. 7.42 cr profit in Q1 of FY14")
Bangalore-based telecom solutions provider, Subex has posted a consolidated net profit of Rs 7.42 crore in the quarter ended June 30, 2013 as against a net loss of Rs 5.09 crore in the corresponding quarter last year.
The growth in net profit was primarily aided by foreign exchange gains of Rs 10.91 crore. The company's net profit was higher despite an over 5% decline in revenues at Rs 77.76 crores.
In the quarter ended March 31, 2013, Subex had posted a net loss of Rs 1.57 crore. In sequential term, the revenues went up 2.8%.
“We are pleased with our operating results for the quarter. The business is stable, we are winning new customers and more importantly we are not only profitable on sustainable basis but also cash positive at operating level,” said Surjeet Singh, CEO & MD of Subex Limited.
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“Strategically, we are now expanding to help our customers manage network capex through our asset assurance portfolio which we believe will provide growth impetus to the company in coming period,” he added.
During the quarter under review, Subex won more than 10 key managed services contracts. Most of these orders were won in North America and Europe, the company said.