May 15, 2023

The Secretary BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 400 001 Fax: 022-2272 2037/2039/2041/3121 BSE Scrip Code: 532348

The Secretary National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot no. C/l G Block, Bandra-Kurla Complex Bandra (E), Mumbai - 400 051 Fax: 022-2659 8237/38; 2659 8347/48 NSE Symbol: SUBEXL TD

Dear Sir/Madam,

Sub: Subex Limited "The Company"-Outcome of the Board Meeting held on May 15, 2023

Please be informed that the agenda items summarized hereunder were discussed and approved at the Board Meeting held today at Bengaluru:

1. Approval of the Audited standalone and consolidated Financial Results of the Company for the quarter and year ended March 31, 2023.
1. Approval of the Audited standalone and consolidated Financial Statements of the Company for the year ended March 31, 2023.

Pursuant to Regulation 33(3) and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has opted to publish the consolidated financial results. The standalone financial results, however, are being made available to the Stock Exchanges' and are also being posted on the Company's website.

Please find enclosed:

a) The Audited standalone and consolidated Financial Results of the Company for the quarter and year ended March 31, ·2023.
b) Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
c) A copy of the press release intended to be published to the media by the Company.

The meeting commenced at ti: 04 p.m. and concluded at I •.J.5 p.m. We request you to take the above information on record.

Yours truly, -- For Subex Limited ~c'<--'f.. LIAt;Jj~~

-~•=J'\,"'"VI * ,., - C:, ^C rge Zacharias \ri.-0-1 -~roC".): In ependent Director ~~y

Subex Limited CIN - L85110KA1994PLC016663

Re9 i~tered Address ; Pritech Park, 4th Floor, B Wing Outer Ring Road, Bengaluru - 560 103. India

S.R. BATL/801 & ASSOCIATES LLP

Chartered Accountant s

12th Floor "UB City" Canberra Block 'Ila. 24. V1ttal Mallya Road Bengaluru - 560 001, Ind ^d Tel : +9 1 80 6648 9000

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Ind AS Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Subex Limited

Report on the audit of the Consolidated Ind AS Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated Ind AS financial results of Subex Limited ('"Holding Company'') and its subsidiaries (the Holding Company and its subsidiaries together referred to as ··the Group .. ), for the quarter and year ended March 31, 2023 ( .. Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amended (--Listing Regulations")

In our opinion and to the best of our information and according to the explanations given to us. the Statement:

1. includes the results of the Holding Company and its following subsidiaries
a. Subex Americas Inc.
- b. Subex Inc.
- c. Subex (Asia Pacific) Pte Ltd
- d. Subex (UK) Limited
- e. Subex Middle East. FZE
- f. Subex Technologies Limited
- g. Subex Azure Holdings Inc.
- h. Subex Assurance LLP
- i. Subex Digital LLP
- J Subex Bangladesh Private Limited
- k. Subex Aggregator Private limited
1. are presented in accordance with the requirements of the Listing Regulations in this regard; and
1. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss and other comprehensive income/(loss) and other financial information of the Group for the quarter and year ended March 3 I, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act. 2013, as amended (""the Act"). Our responsibilities under those Standards are further described in the '·Auditor's Responsibilities for the Audit of the Consolidated Ind AS Financial Results .. section of our report. We are independent of the Group, in accordance with the ·Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethi(;al responsibilities in accordance wit•b-::t~~=:::::..... requirements and the Code of Ethics. We believe that the audit evidence obtained by us is ~A. t-tfl.~n-... and appropriate to provide a basis for our opinion. f ^C'.J B

S.R. BATL/801 & ASSOCIATES LLP

Chartered Accountants

Management's Responsihilities for the Consolidated Ind AS Financial Results

The Stat~ment has been prepared on the basis of the wnsolidated annual financial statements. The Holding Company·s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the Consolidated net loss and other comprehensive income/(loss) and other financial information of the Group in accordance \Vith the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for pre\enting and detecting frauds and other irregularities: selection and application of appropriate accounting policies: making judgments and estimates that are reasonable and prudent and the design. implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Com pan~. as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Ind AS Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section l43(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness ofthe Board of Directors· use ofthe going concern Mi:;i.;;:nf=~ accounting and. based on the audit evidence obtained. whether a material uncert related to events or conditions that may cast significant doubt on the ability of t continue as a going concern. lfwe conclude that a material uncertainty exists. we a

S.R. BATL/80I & ASSOCIATES LLP

Chartered Accountants

to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor·s report. However. future events or conditions ma) cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial infonnation of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors.

We communicate with those charged " ith governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDl/44 /2019 dated March 29, 2019 issued by the Securities Exchange Board of lndia under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The Statement includes the results for the quarter ended March 3 L 2023 being the balancing figures between the audited figures in respect of the full financial year ended March 3 I, 2023 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year. which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Fi rm registration number: l O I 049W /E300004

~t fi'.i,t,, 1c. ^~Partner 1[ MembersHip No.: 213803 UDfN: 2..S2..l sgc5 g~x A

Place: Bengaluru. India Date: May IS, 2023

		SUBEX LIMITED
	Registered office Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Survey No 51-64/4, Outer ring road, Bellandur Village, Varthur Hobli, Bengaluru -560 103
	Statement of Consolidated Financial Results for the quarter and year ended March 31, 2023					(₹ in Lakhs)
			Ouarter ended		Year Ended
	Particulars	March 31, 2023	December 31, 2022	March 31, 2022	March 31, 2023	March 31, 2022
		Audited	Unaudited	Audited	Audited	Audited
	Income
	Revenue from operations	4,727	7,366	7,880	27,869	33 344
2	Other income (Refer note 6)	372	81	200	816	1,037
3	Total income (1+2)	5.099	7.447	8,080	28,685	34,381
	Expenses
	Employee benefits expense (Refer note 4)	4.967	4.743	5.412	20,069	21.449
	Finance costs	72	76	32	258	194
	Depreciation and amortization expense	382	381	248	1,399	988
	Other expenses	3,436	2.114	2,367	10,865	8,381
$\ddot{4}$	Total expenses	8,357	7.314	3.059	32.591	31,012
		(3,758)	133	21	(3,906)	3.369
5	Net profit/(loss) before tax (3-4)
$\ddot{\phantom{0}}$	Tax expense, net				89	251
	Current tax charge/ (reversal)	(134) 183	124 (115)	(165) 135		(141)
	MAT credit entitlement/ (reversal)	897	484	85	1,660	593
	Provision - foreign income taxes Deferred tax charge/(credit) (Refer note 7)	14	108	(95)	(534)	567
		960	601	(40)	1.215	1,270
	Total tax expense
7	Net profit/floss) for the period/ year (5-6)	(4.718)	(468)	61	(5, 121)	2,099
8	Other comprehensive income/ (loss) net of tax expense
	liems that will be reclassified subsequently to profit or loss
	Net exchange differences gam/(loss) on translation of foreign operations	(26)	138	204	581	267
	Items that will not be reclassified subsequently to profit or loss
	Re-measurement (loss)/ gam on defined benefit plan	1	16	41	39	(64)
	Total other comprehensive income/ (loss)	(25)	154	245	620	203
9	Total comprehensive income/ (loss) for the period/ year (7+8)	(4,743)	(314)	306	(4, 501)	2,302

	10 Paid up equity share capital	28,100	28,100	28,100	28,100	28,100
	[face value of ₹ 5 (March 31, 2022: ₹ 5)]
	11 Other equity	$\blacksquare$	٠		24,084	28,267
	12 Earnings/ (Loss) per share (of ₹ 5/- each) (not annualised in case of the interim periods)

	Basic	(086)	(0.08)	001	(0.93)	0.38
	Dainted	(0.86)	(008)	001	(0.93)	038

Statement of Consolidated Assets and Liabilities		( I in Lakhs)
	As at
Particulars	March 31, 2023 Audited	March 31, 2022 Audited
A ASSETS
Non-current assets
Property, plant and equipment	967	959
Right-of-use assets	3.158	1.386
	34,409	34,409
Goodwill on consolidation	11	14
Intangible assets
Financial assets Investments	165
	818	447
Other financial assets	3,793	4,947
Income tax asset (net)	843	148
Deferred tax asset (net) (including MAT credit entitlement)	49	42
Other non-current assets	44,213	42,352
Current assets
Financial assets
Loans	134	161
Investments	1,222	1,165
Trade receivables	9,037	9,681
Cash and cash equivalents	5,238	8,539
Other balances with banks	5.677	2,328
Other financial assets	4051	7,003
Other current assets	790	779
	26,149	29,656
Total assets	70,362	72,008
B EQUITY AND LIABILITIES
Equity
Equity share capital	28,100	28,100
Other equity	24.084	28.267
Total equity	52,184	56,367

Liabilities
Non-current liabilities
Financial liabilities Lease habilities	2,475	998
Provisions	222	304
Deferred tax liabilities (net)	6,904	6,742
	9,601	8,044
Current liabilities
Financial liabilities
Lease habilities	864	470
Trade payables
- total outstanding dues of micro enterprises and small enterprises	165	276
- total outstanding dues of creditors other than micro enterprises and small enterprises	1,097	1,396
Other financial habilities	1,903	1.491
Other current liabilities	3,147	2,506
Provisions	663	830
Income tax liabilities (net)	738	628
	8,577	7,597
Total liabilities	18,178	15,641

Total equity and liabilities	70,362	72,008

Sale

295

SUBEX LIMITED
Consolidated statement of cash flows for the year ended March 31, 2023		( tin Lakho)
	\'u r ~ndrd
Particulars	March 3 1, lU?J	March JI, lOll
	Audit~	A udited
(A) Cash flow from operating activities
ProfiU (loss) before ta1	(3,906)	3,369
AdjuJtm£nts to reconcile profiV (/,us) before tax to net c:a,h flows:
Depreciat1on of property, plant and equipment and right-of-use assets	1,396	987
Amortizat1on of intangible as!lets	J	I
Gain on disposal of property, plant and eqmpment (net)	(3)
Interest income (including fau- value changes)	(250)	(266)
Fair value gam on financial instrument at fair value through profit or loss		(7)
Net gam on sale of investment	(62)	(15)
Fmance costs (including fair va1ue changes)	255	194
Allowance for expected credit losses	1,99)	536
Expense on share based payment	231	137
Gain on tenninatJon/ modification of lease agreement	(55)	( 12) (584)
Waiver ofborrowrngs (PPP Loan and interest)	(407)	(1651
Net foreign exchange differences	(807)	~.175
Operatin,a: (loss)/ profit before workin,: t-Qpital changes.
WrJtkitrg capital adjustments:
(Increase)/ decrease 1tt loans	50	76
(Increase)/ decrease m trade receivables	(328)	(~7)
(Increase}/ decrease mother financial assets	2,940	(),00(,)
(Increase)/ decrease mother assets	(14)	(185)
Increase/ (decrease) in trade payables	(747)	329
Increase/ (decrease) tn other financial l1:1b1ht1es	299	(1.375)
Increase/ (decrease) mother current l1abil1t1es	331	(485)
increase/ (decrease) in prov1s1ons	(2931	(341
	1,430	1,468
Income tax paid (including TDS, net of refund)	15051 925	122781 1810)
Net cash flows from/ (used in) operatin1::: activitie.,
(8) Cash flow from in\ u 1j n1t activitiea
PurchoSe of property, plant and equipment	(4'13)	(540)
Proceeds from sale of property, plant and equipment	4
Investments m mutual fund	(10,405)	(QJ,72)
Investments 1n equity instruments	(165)
Proceeds from sale of mvestrnents m mutual fund	J0,41 I	8,529 (2,111 )
Net investment in deposit account	(3,323) 190	260
interest received	IJ 7811	IJ 534\
Net cash flows/ (used in) from investin~ :activities
(C) Cash flow from financin1 activities
Proceeds from exercise of ESOP	IOI	440
lnten:SI paid on lease liability	(220)	(178) (389)
Repayment of Lease hab1ltty	(532)	I) 405)
Payments of dlvidend	(651	'I .5321
Net cash Rows used in financing activities
(D) Net (decrease)/ increase in cash and ca.sh equivalents (A+B+C)	13.507	15 876\
Net foreign exchange difference on cash & cash eqmvaJents
Cash and cash equivalents at the beginning of the penod
I!.) Cash and cash equivaleols at the end of the period

The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 15, 2023

2 The financial results have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Companies Act, 2013, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Recurrements) Regulations. 2015. as amended.

3 The financial results of Subex Limited (Standalone information)

Noter-

ZIPES INSTALLS

		Ouarter ended			Year Ended
Particulars	March 31, 2023	December 31, 2022	March 31, 2022	March 31, 2023	March 31, 2022
	Audited	Unsudited	Audited	Audited	Audited
Total income	5.014	7.063	1,632	27.594	6.842
Net loss before tax	(5.091).	(394)	(674)	(7.699)	(447)
Net loss for the period/ year	(5.320)	(4.15)	(674)	(6.876)	(447)
Total comprehensive loss for the period/vear	(5,300)	(495)	(652)	(6.857)	(450)

4 Employee benefits expenses for the quarters ended March 31, 2023, December 31, 2022, and March 31, 2022 are net of reversal of provision no longer required, in respect of employee incentives relating to sales and delivery commissions, amounting to C66 Lakhs. ₹ 153 Lakhs and ₹ 161 Lakhs. respectively, and that for the vear ended March 31, 2023 and March 31, 2022 amounting to ₹ 344 Lakhs and ₹ 786 Lakhs, respectively

The Group is engaged in the business of software products and related services, which are monitored as a single segment by the Chief Operating Decision Maker, accordingly, these, in the context of Ind AS 108 or Operating Segments Reporting are considered to constitute one segment and hence the Group has not made any additional segment disclosures.

The US Federal government in the wake of COVID 19 pandemic provided support to business through Paycheck Protection Program (PPP). Subex Inc. obtained a benefit under this scheme for ₹600 Lakhs during May 2020. During the year ended March 31, 2022, Subex Inc. obtamed complete warver of the Ioan amount from Small Busness Administration, United States government agency and accordingly the loan and interest accrued thereon was recognised as other income

Pursuant to approval of the Board of Directors and Shareholders of the Company for restructuring of the business, effective April 1, 2022, certain assets and habilities of Subox Assurance LLP ("SALLP"), wholly owned subsidiary, were transferred to the Company for an aggregate consideration of ? 9,229 Lakhs. The aforesaid restructuring was being carried out to achieve higher operational efficiencies upon integration and consolidation of business in the hsied entity SALLP will continue to hold revenue maximisation solutions miellectual property rights ("IPR") & related research and development unit, investment in subsidiaries, cash and bank balances and other related balances. SALLP will earn royalty on use of such IPR by the Company. Consequent to the aforesaid restructuring during the quarter ended June 30, 2022, the management recognised deferred tax assets of ₹ 702 Lakhs, being reasonably certain that sufficient future taxable profits would be available As at year end, the company has reassessed availability of future taxable profits and is confident of utilisation of aforesad deferred tax asset. In respect of remaning unused tax losses, management would reassess and recognise when it's probable that taxable profits would be available against which such tax losses can he recognised

The management has carned out the annual imparment exercise in respect of carrying value of goodwill and basis valuation carned out by an external expert concluded that carrying value of investment in subsidiancs in appropriate considering future projections, various new mitiatives, contracted backlog and the current pipeline maturity

Place: Bengaluru Date: May 15, 2023

For further details on the results, please visit our website: www.subex.com

$74272$

Gearde Zacharias

Independent Director

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

12th Floor "UB City" Canberra Block No. 24 , Vittal Mallya Road Bengaluru - 560 001, Indra Tel . +9 1 80 664 8 9000

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Ind AS Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Subex Limited

Report on the audit of the Standalone Ind AS Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone Ind AS financial results of Subex Limited (the ''Company") for the quarter and year ended March 31, 2023 ('"Statement'"), attached herewith, being submitted b) the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015. as amended (the ·•Listing Regulations .. ).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

1. is presented in accordance with the requirements of the Listing Regulations in this regard; and
1. gives a true and fair view in confonnity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive Income/(loss) and other financial information of the Company for the quarter and year ended March 3 l, 2023.

Basis for Opinion

We conducted our audit in accordance v. ith the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended { .. the Acf'). Our responsibilities under those Standards are further described in the .. Auditor"s Responsibilities for the Audit of the Standalone Ind AS Financial Results'" section of our report. \'e are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together v,ith the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance ,vith these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Ind AS Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that give~ a true and fair view of the net loss and other comprehensive income/(loss) of the Company and other financial infonnation in accordance with the applicable accounting standards prescribed under Section 133 of the Ad read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities: selection and application of appropriate accounting polic ies: making judgrne:,1:~~~ estimates that are n:a:,onable and prudent: and the design. implementation and mai1 ~1 · adequate internal financial C,)J1trob . that ,, ere operating effectively for ensuring the , I cy completeness nf the accounting records. rele\ ant to the preparation and presentation of Ill Be

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

the Statement that give a true and fair vie,v and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company·s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company·s financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs. we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions. misrepresentations. or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Umkr Section 143{3)(i) of the Act. we are also responsible for expressing our opinion on whether the company has adequate internal financial rnntrols with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors· use of the going concern basis of accounting and. based on the audit evidence obtained. whether a material uncer1ain1y e:-. i~b related to events or conditions that may cast significant doubt on the Company·s ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial results or. if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit c, idence obtained up to the date of our auditor's report. However. future events or conditions may cause the Company to cease to continue as a going concern.
E\ aluate the uverall presentation. structure and content of the Statement. im:luding the disclosures. and whether the Statement represents the underlying transactions and events in a manner that achien:s fair pre-.,i:ntation.

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

We communicate with those charged ,vith governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that \Ve identify during our audit.

We also provide those charged with governance with a statement that ,ve have complied with relevant ethical requirements regarding independence. and to communicate \Vith them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

Date: May 15. 2023

The Statement includes the results for the quarter ended March 31, 2023 being the balancing figure between the audited figures in respect of the full financial year ended March 3 L 2023 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: l01049W/E300004

~ ~ "'1 ~~~ '"'\ per R · ev Kumar Partne Membership No.: 213803 llDIN: 232-13cgo"5 l3(nX'AKU Place: Bengaluru, India

		Quarter ended		Year ended
Particulars	March 31, 2023	December 31, 2022	March 31, 2022	March 31, 2023	March 31, 2022
	Audited	Unaudited	Audited (Refer note 5)	Audited	Audited (Refer note 5)
Income
Revenue from operations	4,948	7,019	1,630	27,352	6,836
2 Other income	66	44	2	242
Total income (1+2)	5,014	7,063	1,632	27,594	6,842
Expenses
Employee benefits expense	3,031	2,981	1,054 3	12,191 230	4,293 12
Finance costs	65 330	71 329	39	1,187	163
Depreciation and amortization expense	1,266	713	798	3,159	1,273
Share of loss from Limited Liability Partnerships (net) (refer note 3)	5,413	3,363	412	18,526	1,543
Other expenses 4 Total expenses	10,105	7,457	2,306	35,293	7,289
5 Net loss before tax (3-4)	(5,091)	(394)	(674)	(7,699)	(447)
6 Tax expense, net
Current tax charge/ (reversal)	(183)	115	25	$\blacksquare$	141
MAT credit entitlement/ (reversal)	183	(115)	(25)		(141)
Provision - foreign income taxes	223	101		324
Deferred tax charge/ (credit) (refer note 5)	6 229	101	$\blacksquare$ $\blacksquare$	(1, 147) (823)	$\sim$
Total tax expense
Net loss for the period/year (5-6) 7	(5,320)	(495)	(674)	(6, 876)	(447)
8 Other comprehensive (loss)/income, net of tax expense Items that will not be reclassified subsequently to profit or loss Re-measurement (loss)/ gain on defined benefits plan	20	$\blacksquare$	22	19	(3)
9. Total comprehensive loss for the period/year (7+8)	(5.300)	(495)	(652)	(6, 857)	(450)
10 Paid up equity share capital [face value of ₹5 (March 31, 2022 ₹5)]	28,100	28,100	28,100	28,100	28,100
11 Other equity 12 Earnings/ (Loss) per share (of ₹ 5/- each) (not annualised in case of the interim periods) Basic	(0.97)	(0.09)	(012)	14,287 (125)	20,826 (008)
Dilitted	(0.97)	(0.09)	(012)	(1, 25)	(0.08)

SUBEX LIMITED Registered office Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Survey No. 51-64/4, Outer ring road, Bellandur Village, Varthur Hobli, Bangalore -560 103
Statement of Standalone Assets and Liabilities		(7 in Lakhs)
	As at
Particulars	March 31, 2023	March 31, 2022
	Audited	Audited (Refer Note 5)
A ASSETS
Non-current assets
Property, plant and equipment	715	29
Right-of-use assets	2,817	36
Intangible assets	525	650
Financial assets
Investments	33,951	42,761
Other financial assets	653	26
Income tax asset (net)	2,941 1,283	2,903 141
Deferred tax asset (net) (including MAT credit entitlement)	41	12
Other non-current assets	42,926	46,558

Current assets Financial assets
Investments	604	$\omega$
Loans	88	30
Trade receivables	10,883	5,824
Cash and cash equivalents	2,448	802
Other balances with banks	2,112	75
Other financial assets	1,147	1,012
Other current assets	360	63
	17,642	7,806
Total assets	60,568	54,364
B EQUITY AND LIABILITIES
Equity
Equity share capital	28,100	28,100
Other equity	14,287	20,826
Total equity	42,387	48,926
Liabilities
Non-current liabilities
Financial liabilities
Lease habilities	2,281	27
Provisions	74	100
	2,355	127
Current liabilities
Financial liabilities	685	$\mathbf{11}$
Lease habilities Trade payables
- total outstanding dues of micro enterprises and small enterprises	4	134
- total outstanding dues of creditors other than micro enterprises and small enterprises	8,043	1,031
Other financial liabilities	5,724	3,767
Other current liabilities	825	104
Provisions	305	122
Income tax habilities (net)	103	142
	15,826	5,311
Total liabilities	18,181	5,438
Total equity and liabilities	60,568	54,364

SUBEX LIMITED Standalone statement of cash flows for the Year ended March 31, 2023

( , in Lakhs)
	Year ended
Particulars	March JI, 2023	March JI, 2022
		Audited
	Audited	!Rerer note !II
(A) Cash now from Operating activities
Loss before tax	(7,699)	(-147)
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of property, plant and equipment and right-of-use assets	1,062	38
Amortization of intangible assets	125	125
Expense on employee share based payments	209	7
Interest income (including fair value changes)	(118)	(4)
Net gain on sale of investments	(41)	( I )
Finance costs (including fair value changes)	227	12
Allowance for expected credit losses	2,315
Gain on disposal of PPE	(2)
Share of loss from Limited Liability Partnerships (net)	3,159	1,273
Net foreign exchange differences	( 1781 (941)	93 1,096
Operating (loss)/ profit before working capital changes
Working capital adjustments:
{Increase)/ decrease in loans	(8)	(4)
(Increase)/ decrease in trade receivables	3,710	(3,619)
(Increase)/ decrease in other financial assets	{1,332) 45	(43) ( 12)
(Increase)/ decrease in other assets	3,013	824
Increase/ (decrease) in trade payables Increase/ (decrease) in other financial liabilities	468	(50)
Increase/ (decrease) in other current liabilities	13	71
Increase/ (decrease) in provisions	(27'	5
	4,941	(1,732)
Income tax paid (including TDS, net of refund)	13%1	1137'
Net cash nows from/ (used in) operating activities	4,545	11,8691
(B) Cash now from investing activities
Purchase of property, plant and equipment	(333)
Proceeds from sale of property, plant and equipment	4
Drawings from limited liability partnerships	9,200	9,074
Share of loss paid to limited liability partnership	(I, l 85)	(5,750)
Proceeds from sale of investments in mutual fund	6,567	2,875
Investments in mutual fund	(7,130)	(2,876)
Investments in equity instruments	(165)
Investments in subsidiary	(225) (9,229)
Purchase consideration for business restructuring		(75)
Net investment in deposit account Interest received	63	3
Net cash nows (used in)/ from investing activities	(2,-13)1	),251

(C) Cash now from financing activities
Proceeds from exercise of ESOP	IOI (1 99)	440 (4)
Interest on lease liability	(368)	(8)	- ~"/,. ,_/,t> .
Repayment of lease liability Payments of dividend		Cl , 105	r---- -<· --:::,
Net cash nows used in financing activities	14661	19771	0 •
			~~i_
(D) Net increase in cash and cash equivalents (A+B+C)	1,646	40!1	L~ ;.,,,
Cash and cash equivalents at the beginning of the period	802 2448	397	\ .' - , (' ./. r:t ·
(E) Cash and ca•h equivalents at the end of the period		802	-. __ o_~_,:,,;;,,-

Notes:

I The above resulu; have been reviewed by the Aud11 Committee and approved by the Board ofD1Tcctors m then· meeting held on May 15, 2023

2 The financial results ha,..-e been prepared m :iceordance wrth the reCOl,'llit1on and measurement principles laid down in the applicable lndian Accountmg Standards ("lnd AS .. ) prescnbed under seclion 133 of the: Companies Act, 2013 . read \'Ill.th relevant rules there1Jnder and m tenns of Regulation 33 of the SEBI (L1st111g Obhgat1ons and D1scloswe Requirements) Regulations, 20 IS, as amended

J Share of <•oss)/ profit from L1.rnited L1abilit) Partnerships are as fo]lows

		\'ur tnded
Particulars	~br-cb Jl. 2023	Qt111rtt:rHdC"Cl l>rcr:1ubr:r l t, 2022	March JI, 2022	Mar ch 31, 2023	March 31, 2022
	Audiled	Unaudited	Audited (Rtftr nole 5)	Audiled	Audited IRt(,r nott 51
Share of profill(loss) from Subex Assurance LLP	(7621	(~081	ms,	(806)	1,351
Share of los, from Subex D1g1tal LLP	(S04)	(505)	(561)	(l,JSJ)	(2,626)
Total	11.266)	(71Jl	(791)	13.159)	n .27JJ

The Company has presented sh.are of pn,tit and share of loss from L,m1ted L1ab1hty Partnershlps ('LLP') on net basis as the manageme nt cons1ders the net mcome/expense to be its return on mvcstment m LLP

4 The Companv 1s engaged m the business. or softw:rre products and reJated seiv1ces. which are monitored as a singLe segment by the Chief Operating Decision Maker, accordmg~y, these:, ln the context o f Ind AS I 08 on Operating Segments Reporting are considered 10 constitute one sumcnt and hence the Company has not made any add1t1onal segment d1Scloswes

5 Pursuant to approval of the Board of Directors and Shareholders of the Company for restructuring of the busmess, effective April I, 2022, certain wets and llabllities of Subex A.s!urance LLP ("'SALLPj wholly owned subsiduny, were transferred to the Company for an aggregate cons1deratJon of~ 9,229 Lakhs The aforesaid restructwmg was being earned ot1t to achieve higher opere.tmnal eflic1enc1es upon rntegratmn and consohdat1on of busmess m the listed entity SAILP ~,II continue lo ho1d revenue max1mLSal1on solutmns mtellectoal propeny nghts ( .. IPR'1 & related research and development umt, 1n,esrmen 1n subs1dia.nes, cash and bank balances and other related balances. SALLP will earn royal,y on use of such IPR by the Company. Co~uent to the aforesaid restructuring during the quarter ended June 30, 2022. the management recogmseJ dcfencd tax assets of { 1,147 Lakhs_. being reasonably certain that sufficient furure taxable profits would be av:ulable As at yt":ar end, the company has reassessed availab,hty o future taxable profits and 1s confident of u11lisat1on of aforesaid deferred tax asset 1n respect of remammg unused tax. losses, management would reassess and recognise Wlen ifs probable that taxable prnflt: would be av;11lable against y.foch .,uc.h tax losses can be recogmsed

^b1l1e managc:menl has carried out the an.au.a? 1mpamnenl ex~rc1s~ 111 respect of its carrymg value of mve.sbnen1 m substdianes and basis valuation Cllff1cd out by an external expert concluded that crutymg value ol rnvestment m subs1d1ar1es is approprmte cons1denng fururc proJcctions, v:mous new m1tmtives, contracted backlog and the current pipeline matunty

Place: Bt ngllluru G<or e Zacharias Dale: May 15, 2023 lnde~ ndent Director

For far,JrerdC!lails on tl, e rendts nlerL~e "isil uur Wl!bsite: www.ntha.com

<'" ~ t/\0.._?.( ~

May 15, 2023

The Secretary BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 400 001 Fax: 022-2272 2037/2039/2041/3121 BSE Scrip Code: 532348

The Secretary National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot no. C/1 G Block, Bandra-Kurla Complex Bandra (E), Mumbai - 400 051 Fax: 022-2659 8237/38; 2659 8347/48 NSE Symbol: SUBEXL TD

Sub: Subex Limited "The Company"-Declaration pursuant to Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015

I, Sumit Kumar, Chief Financial Officer of Subex Limited (CIN: L851 I0KA1994PLC016663 ), having its Registered Office at Pritech Park-SEZ, 4th floor, B Wing, Survey no. 51 to 64/4, Outer Ring Road, Bellandur Village, Varthur Hobli, Bengaluru-560103, hereby declare that the Statutory Auditors of the Company, S.R. Batliboi & Associates, LLP (FRN: 101049W/E300004) have issued an Audit Report with unmodified opinion on the Annual Audited Financial Results of the Company (Standalone & Consolidated) for the year ended March 31, 2023.

This Declaration is provided pursuant to Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015, including any statutory modifications or amendments thereof.

We request you to take the aforesaid declaration on record.

Thanking you

Yours truly, For Subex Limited

SumitKumar Chief Financial Officer

Subex Limited

CIN L85110KA1994PLC016663

Registered Address Pritech Park. 4th i:toor. B Wing Outer Ring Road. Bengaluru - 560 103 India

Subex reports Q4FY23 Results

15th May 2023, BENGALURU, INDIA - Subex, a pioneer in the space of Digital Trust, today announced its consolidated financial results for the quarter ended March 31, 2023.

Performance Highlights for the quarter ended March 31, 2023, compared to the previous quarter ended December 31, 2022:

Revenue for the period at INR 473 million as against INR 737 million for the quarter ended December 31, 2022
EBITDA for the period at INR (368) million as against INR 51 million for the quarter ended December 31, 2022
Profit after Tax (PAT) for the period at INR (472) million as against INR (47) million for the quarter ended December 31, 2022

Performance Highlights for the year ended March 31, 2023, compared to the year ended March 31, 2022:

Revenue for the year ended March 31, 2023, is at INR 2,787 million as against INR 3,334 million for the year ended March 31, 2022
EBITDA for the year ended March 31, 2023, is at INR (307) million as against INR 351 million for the year ended March 31, 2022
Profit after Tax (PAT) for the year ended March 31, 2023, is at INR (512) million as against INR 21 O million for the year ended March 31, 2022

Key Appointments

• Appointment of Ms. Nisha Dutt as the Chief Executive Officer of the Company w.e.f May 2,2023

Note: The Earnings call will be hosted after considering the Q1 financial results for the quarter ended June 2023.

Nisha Dutt, CEO, Subex, said "I am excited to take on the role of CEO at Subex and would like to express my gratitude to our shareholders, directors, customers and Subexians for their unwavering support and confidence in our vision of enriching lives through Al-led Digital Trust. It is an honor to lead one of India's earliest product companies into its next phase of growth, and I am excited about the opportunities that lie ahead for Subex."

About Subex

Subex is a pioneer in enabling Digital Trust for businesses across the globe.

Founded in 1994, Subex helps its customers maximize their revenues and profitability. With a legacy of having served the market through world-class solutions for business optimization and analytics, Subex is now leading the way by enabling all-around Digital Trust in the business ecosystems of its customers. Through their HyperSense Al platform, Subex empowers communications service providers and enterprise customers to make faster, better decisions by leveraging Artificial Intelligence (Al) across the data value chain. Subex leverages its award-

winning product portfolio in areas such as Business Assurance and Fraud Management and enhances them with the power of HyperSense to help CSPs reduce risk, combat fraud, and thereby ensure profitability.

Subex has more than 300 installations across 90+ countries.

In case of any queries, please reach out to;

Investor Relations	Media & Communications
Mr. G V Krishnakanth Company Secretary +91 99005 90024 [email protected]	Mr. Sandeep Banga +91 99168 24122 [email protected]

-END-

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Subex Ltd Audit Report / Information 2023