Global OSS/BSS provider Subex is saying so long to the global recession, coming off a very successful quarter.
The company recorded consolidated revenue of nearly $28 million (U.S.) for its 2011 fiscal third quarter. Net profit for the same period stood at $5.28 million as compared to $2.5 million in the corresponding quarter of FY10; that’s a growth of 112 percent year over year. Product revenue for FY11 Q3 was $24.4 million, amounting to about 88 percent of the overall revenue for the period.
EBIDTA during the last quarter was $8.5 million (U.S.), a growth rate of 26 percent.
“We have recorded a strong turnaround during this financial year on the back of several long-term contracts," said Subash Menon, founder chairman, managing director and CEO, Subex. “The changing nature of our contracts is leading to deeper relationships with our customers and better visibility and stability. This is evident from the steep increase in annuity component from 32 percent to 42 percent of revenue. We expect it to further increase to 55 percent+ in the next 2 years. We have seen strong traction for our ROC and Managed Services offering, with multiple million-dollar customer wins across geographies during this quarter. We are confident to end this financial year on an extremely positive note as we continue to witness growth in revenue and higher EBITDA in the Product business."
