Subex reported a 36.76 per cent fall in consolidated net profit due to FCCB woes and a slowdown in the telecom market.
The company has two tranches of FCCBs outstanding totalling $94 million dragged the company's net profits to Rs 15.1 crore for the quarter ended Mar. 31 as compared to Rs 24.2 crore in the same period last year. Revenues also decreased by 7.95 per cent to Rs 108 crore for the quarter ended March 31 (Rs 117 crore).
For FY 2012, the company posted a 59.58 per cent decrease in consolidated net profit of Rs 31.84 crore (Rs 78.77 crore). Total revenues decreased 1.02 per cent from Rs 483 crore for the year ended March 31, 2011 to Rs 478 crore for the 2012 fiscal.
Earlier this month, Subex got an approval from RBI for restructuring its outstanding FCCBs involving a combination of debt and equity.
In a statement the company said that it will shortly launch a cashless exchange offer wherein the current FCCBs will be exchanged for new FCCBs with a maturity period of five years and fresh equity.
Mr Subash Menon, Founder Chairman, Managing Director and CEO, said: “We are on track to successfully completing our FCCB restructuring thereby putting to rest all concerns regarding our financial stability”.