The fundamentals of Subex, the Indian RA vendor, continue to look stronger and stronger, after they posted solid results for their third quarter. Profits before exceptionals doubled year-on-year. However, whilst last year’s figures benefited from a major exceptional forex gain on borrowings, this year saw a modest exceptional loss. This dragged down PAT after exceptionals to below that seen last year. Looking beyond such fluctuations, Subex’s management have a lot of reason to be happy. Most especially they are generating a higher proportion of income from products sold to established customers. This should guarantee that the profitable core of Subex’s business is increasingly long-term and secure.
Good Q3 for Subex Dented by Forex Swing
