June 17, 2022

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: SUBEXLTD

Dear Sir/Madam,

Sub: Clarification for Financial results – SUBEXLTD

This has reference to your email dated June 14, 2022 requiring clarification with respect to the
quick results submitted by the Company on May 30, 2022, for the year ended March 31, 2022.

We would like to inform you that the note as required under Regulation 33(3)(e) of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 has been inadvertently omitted by the Company along-with the results submitted for the
entire financial year on May 30, 2022.

We are therefore enclosing the entire quick results along-with the note as required under
Regulation 33(3)(e) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

Kindly take the same on record.

Thanking you

Encl.: as above

`
 +91 80 3745 1377

5UBGX s info@ subex.com

© w w w .sub ex.co m

May 30. 2022

The Secretary The Secretary

BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza. 5th Floor. Plot no. C/1
Dalai Street. Mumbai- 400 001 G Block. Bandra-Kurla Complex
Fax: 022-2272 2037/2039/2041/3121 Bandra (E). Mumbai - 400 051
BSE Scrip Code: 532348 Fax: 022-2659 8237/38; 2659 8347/48
NSE Symbol: SI BEX LTD

Dear Sir/Madam,

Sub: Subex Limited “The Companv”-Outcome of the Board Meeting held on May 30, 2022

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

1. Approval o f the Audited standalone and consolidated Financial Results of the Company for the
quarter and year ended March 31.2022.

2. Approval o f the Audited standalone and consolidated Financial Statements o f the Company for
the year ended March 31.2022.

3. In light o f the low trading volume o f the Global Depository Receipts (GDRs), and the
outstanding equity shares underlying the GDRs not constituting more than 0.04% o f the
Company’s issued and paid up equity shares as of March 31. 2022, the Board o f Directors
approved the termination o f the DR Program and the delisting o f the GDRs from the London
Slock Exchange, subject to compliance with applicable laws and relevant rules.

4. Re-appointment o f Ms. Poornima Prabhu (DIN: 06465957) as an Independent Director of the

Company for a period of 5 years with effect from July 28. 2022. subject to the approval of the
members at the ensuing Annual General Meeting. A brief profile o f Ms. Poornima Prabhu is
enclosed herewith as Annexure - B.

Pursuant to Regulation 33(3) and Regulation 47 o f 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.

Subex Limited
CIN - L85110KA1994PLC016663
Registered Address : Pritech Park - SEZ, Block-09, 4th Floor, B Wing
Survey No. 51 to 64/4, Outer Ring Road, Bellandur Village, Varthur Hobli, Bengaluru - 560 103. India
SUBGX
Please find enclosed:

a) The Audited standalone and consolidated Financial Results o f the Company for the quarter
and year ended March 31,2022.
b) Declaration pursuant to Regulation 33(3)(d) o f the SEB1 (Listing Obligations and
Disclosure Requirements) Regulations. 2015.
c) A copy o f the press release intended to he published to the media by the Company.
d) Earnings Call Invite: In terms of Regulation 30 o f the SEBI (LODR) Regulations, 2015.
the Management will host Earnings Call on Tuesday. May 31,2022 at 3.00 PM (1ST) and
the details o f the Earnings Call are enclosed herewith as Annexure - A.
e) A brief profile o f Ms. Poornima Prabhu in Annexure - B.

The meeting concluded at 5 ' 3 ® p.m. We request you to take the above information on
record.

DIN:06563872
 12th Floor
S.R. Batliboi &A ssociates LLP "UB City” Canberra Block
No. 24, Vittal Mallya Road
Chartered Accountants Bengaluru - 560 001, India
Tel : +91 80 6648 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, 2022 ("Statement"),
attached herewith, being submitted by 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:

i. is presented in accordance with the requirements of the Listing Regulations in this regard;
and
ii. gives a true and fair view in conformity 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 31, 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs” ) 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 Standalone Ind AS
Financial Results" section of our report. We are independent of the Company 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 ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis tor 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
gives a true and fair view of the net loss and other comprehensive income/(loss) of the Company and other
financial information in accordance with 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. 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 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.

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Reqd. Office ; 22. Camac Street. Biock 'B\ 3rd Floor, Kolkata-700 016
S.R. Batliboi & A ssociates LLP
Chartered Accountants

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.

A u d ito r's R esponsibilities fo r the A u d it o f 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. Under Section 143(3)0) 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 of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists 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 evidence 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.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures,
and whether the Statement represents the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with 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 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.
S.R. Batuboi &A ssociates LLP
Chartered Accountants

Other Matter

The Statement includes the results for the quarter ended March 31, 2022 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2022 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: 101049W/E300004

Place: Bengaluru
Date: May 30, 2022
 S I BEX L IM IT E D
Registered office Pnteeh Park - SE/, Hlock-09. 4th Floor B Wmg. Survey No 5 1-64/4. Outer ring road. Bellandur Village.Varthur Hobli. Bangalore -560 103
Statement o f Standalone Financial Results fo r q u a rte r and year ended M arch 31. 2022
( t in Lakhs)
Quarter ended Year ended
(’articular* March 31, 2022 December 31. 2021 March 31.2021 March 31,2022 March 31, 2021
Audited Unaudited Audited Audited Audited

Income
! Revenue from operations (refer note 5) 1.630 2,078 1.691 6.836 2,916
T Share ofprofit from Limited Liability Partnerships!net) (refer note 3) - 880 - 2.585
3 Other income 2 ■» s 6 9

•1 Total income (1+24-3) 1.632 2,080 2.573 6.842 5.510

Cvpenses
Employee benefits expense (refer note 5| 1,054 1,078 887 4.293 1.361
Finance costs 3 3 1 12 14
Depreciation and amortization expense 39 41 42 163 193
Share o f loss from Limited Liability Partnerships! net ((refer note 3) 798 491 1.273
Other expenses (refer note 6] 412 558 457 1.548 1.060
5 Total expenses 2.306 2.171 1,387 7.289 2,628

6 (67-1) (91) 1.186 li iZ l 2,882

Exceptional items
Gain on termination o f lease agreement 36
Provision for service tax receivable - ’ - (367)

7 Total exceptional items - - (231)

8 (674) (91) 1,186 (447, 2,651

9 l ax expense, net
Current tax charge 25 65 29 141 35
Deferred tax (MAT credit entitlement) (25) (65) (141)
Reversal - foreign withholding taxes - (b)
Total tax expense - 29 29

10 Net (loss)/ profit for the period/ year (8-9) (673) (91) 1,157 (447) 2,622

II Other comprehensive income/ (loss), net of tax expense

hems ihui will no, he reclassified subsequently to profit o r loss
Re-mcasurcmcnt gam/ (loss) on defined benefits plan 22 (8) 5 (3)

12 Total comprehensive (loss)/ income for the period/ year (10+11) (652) (99, 1.162 (450, 2,622

13 Paid up equity share capital

28,100 28.100 28,100 28.100 28,100
(face *aluc o f ? 5 (March 31.2021 S 5)]
14 Other equity - - 20,826 22.066
15 (IvOSS>/ tam ings per share (of ? 5/- each) (not annualised in case o f the interim periods)
- Basic (0 12) (0 02) 0 21 (0 08) 0.49
- Diluted (0 12) (0 02) 0.21 (0 08) 048
 S t'B E X L IM IT E D
Registered office Pritech Park SI:/.. Block-09. 4th Floor. B Wing, Survey No 5 1-/>4/4. Outer ring road, Bellandur Village.Varthur Hobli. Bangalore -560 103
Statem ent o f Standalone Assets and Liabilities
( ? in Lakhs)
Particulars As at
March 31,2022 March 31, 2021
A ASSETS Audited Audited
Non-current assets
Properly, plant and equipment 29 53
Right-of-use assets 36 46
Intangible assets 650 775
Financial assets
Investments 42.761 47.561
Other financial assets 26 14
Income tax asset (net) 2,903 2.900
Deferred tax asset (MAT credit entitlement) 141
Other non-current assets 12
46.558 51349
Current assets
Financial assets
Loans 30 26
Trade receivables 5.824 2.184
Cash and cash equivalents 802 397
Other balances with banks 75
Other financial assets 1,012 3.900
Other current assets 63 63
7.806 6.570
Total assets 54,364 57.919

B EQCITY AND LIABILITIES

Equity
Equity share capital 28.100 28,100
Other equity 20.826 22.066
Total equity 48,926 50,166

Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 27 35
Provisions 100 116
127 151
Current liabilities
Financial liabilities
Lease liabilities II 11
Trade payables
- total outstanding dues of micro enterprises and small enterprises 134 3
• total outstanding dues o f creditors other than micro enterprises and small enterprises 1,031 355
Other financial liabilities 3.767 6.909
Other current liabilities 104 99
Provisions 122 90
Income tax liabilities (net) 142 135
5,311 7,602
Total liabilities 5,438 7,753
'Total equity and liabilities 54364 5 7 ,9 l£
 S LB E .X L I M I T E D
Registered oflice Pritech Park - S E . Block-09. 4th I loor. B Wing. Survey No 51-64/4. Outer ring road, Bellandur Village.Varthut Hobli. Bangalore -560 103
S tand alone s ta te m e n t o f cash flo w s f o r the y e a r ended M a rc h 3 1 ,2 0 2 2
( ? in I akhs)
Year ended
Particulars March 31.2022 March 31, 2021
Audited Audited
(A) Operating activities
(Loss)/ profit before tax exfiensc (447) 2,651
. 1djustmentx to reconcile profit/ (loss) before tax expense to net cash fltnvs:
Depreciation o f property, plant and equipment and nght-of-use assets 38 68
Amortization of intangible assets 125 125
Expense on employee share based payments 7 »)
Interest income (including fair value changes) (4) (9)
Net gain on sale o f investments (1) -
Finance costs (including fair value changes) 12 14
Allowance for expected credit losses (23)
Gain on termination o f lease agreement (36)
Provision for service tax receivable 267
Share of loss' (profit) from Limited Liability Partnerships (net) 1.273 (2.585)
Net foreign exchange loss 93 •>*>
Operating profit before working capital changes 1.096 503

Working capital adjustments:

( Increase )' decicase in loans (4) 21
(Increase)/ decrease in trade receivables (3.619) (1.139)
(Increase)' decrease in other financial assets (43) -
(Increase)/ decrease in other assets (12) (43)
Increase/ (decrease) in trade payables 824 73
Increase/ (decrease) in other financial liabilities (50) 464
Increase/ (decrease) in other current liabilities 5 77
Increase' (decrease) in provisions 5 191
(1.798) 147
Income tax paid (including IDS. net of refund) (137) (2)
Net cash flows (used in)/ from operating activities (1,955) 145

(HI Investing activities

Purchase of propciy. plant and equipment (55)
Drawings from Limited Liability Partnerships 9.074 2.600
Share o f loss paid to Limited Liability Partnership (5.750) -
Share of loss paid to SDLLP 2.875 --
Purchase o f Investments (2.876) *
Movement in margin money deposit (net) (75)
Purchase of treasury shares by ESOP trust (22)
Interest received 3 7
Net cash flows from investing activities 3.251 2,530

(O Financing activities
Proceeds from exercise of ESOP 440 141
Interest paid (4) (14)
Repayment of lease liability (8) (51)
Payments of dividend (1.339) (2.746)
Net cash flows used in financing activities <911 > (2.670)

ll>l Net increase in cash and cash equivalents (A+B-K.') 405 5

Cash and cash equivalents at the beginning of the year 397 392

(El ( ash and cash equivalents at year end 802 397

 Notes:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 30, 2022.
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 Requirements) Regulations, 2015, as amended.
3 Share of (loss)/ profit from Limited Liability Partnerships are as follows:

Quarter ended Year ended

Particulars March 31, 2022 December 31, 2021 March 31, 2021 March 31, 2022 March 31, 2021
Audited Unaudited Audited Audited Audited
Share of profit/ (loss) from Subex Assurance LLP (235) 188 1,194 1,353 4,628
Share of loss from Subex Digital LLP (563) (679) (314) (2,626) (2,043)
Total (798) (491) 880 (1,273) 2,585

The Company has presented share of profit and share of loss from Limited Liability Partnerships (‘LLP’) on net basis as the management considers the net income/expense to be its return on investment in LLP.
4 The Company 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 on Operating
Segments Reporting are considered to constitute one segment and hence the Company has not made any additional segment disclosures.

5 Effective January 1, 2021, the Company had carried out strategic re-organization and decided to centralize certain key Sales and Business support functions, to drive better efficiency of scale and overall operations. Accordingly, all
such employees in sales and business support functions from other group entities in India had been transferred to the Company. During the quarter ended March 31, 2022, quarter ended December 31, 2021, year ended March 31,
2022 and year ended March 31, 2021, the common costs pertaining to sales and business support function amounting to ₹ 1,238 Lakhs,₹ 1,212 Lakhs, ₹ 4,618 Lakhs and ₹ 1,406 Lakhs respectively had been recovered by the
Company with an agreed mark-up from other group entities and is reflected under revenue from operations.

6 The Board of Directors of the Company in its meeting held on October 28, 2021 has approved the restructuring of the business, subject to all requisite approvals, wherein the business carried out by Subex Assurance LLP will be
transferred to Subex Limited on a ‘going concern’ basis excluding Developed Technology and Investment in subsidiaries. The aforesaid restructuring is being carried out to achieve higher operational efficiencies upon integration
and consolidation of business in the listed entity. On February 23, 2022, the shareholder of the Company approved the aforesaid restructuring through postal ballot. The aforesaid restructuring is likely to be completed over next few
months.

7 On December 6, 2021, the Company experienced a cybersecurity incident related to ransomware. The Company could contain the incident in a timely basis and has also ensured that all traces of the infection are completely cleared
from the network. All affected systems were restored and brought back to normalcy in the order of priority. The management has assessed the impact of the incident on the control environment and the financial statement process and
conclude there was no material impact on the financial results. Since then, the Company has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the
future.

8 The figures of last quarter of current year and previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the nine months of the
respective year.

Place: Bengaluru Vinod Kumar Padmanabhan

Date: May 30, 2022 Managing Director & CEO

For further details on the results, please visit our website: www.subex.com
S.R. Batuboi &A ssociates LLP 12th Floor
"UB City" Canberra Block
No. 24, Vittal Mallya Road
Chartered Accountants
Bengaluru - 560 001, India
Tel : +91 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
Reguirements) 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, 2022
("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:

i. 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

ii. are presented in accordance with the requirements of the Listing Regulations in this regard;
and

iii. 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 profit and other
comprehensive income and other financial information of the Group for the quarter and year
ended March 31, 2022.

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 ethical responsibilities in accordance with 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.

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with 11P identity No AAB-4295
Regd. Office . 22. Camac Street. Block 'B', 3rd Floor. Koikata-700 016
S.R. Batliboi &A ssociates LLP
Chartered Accountants

Management's Responsibilities for the Consolidated Ind AS Financial Results

The Statement has been prepared on the basis of the consolidated 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 profit and other comprehensive income
and other financial information of the Group in accordance with 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 preventing 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 Company, 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
materia! 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. Linder Section 143(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.
S.R. Batuboi &A ssociates LLP
Chartered A ccountants

• 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 uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Group 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 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
may 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 information
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 with 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/CMD1/44/2019 dated March
29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing
Regulations, to the extent applicable.

O ther M atter

The Statement includes the results for the quarter ended March 31, 2022 being the balancing figures
between the audited figures in respect of the full financial year ended March 31, 2022 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 Firm Registration Number: 101049W/E300004

A O
\ - o

per Rajee'i Kumar

Partner H
Membership No.: 213803

UDIN: Q lo n
3 Re­
place: Bengaluru
Date: May 30, 2022
 S I BEX L IM IT E D
Registered office I’ritcch Dark - SEZ. Block-09. 4th Floor, B Wing, Survey No 51-64/4. Outer ring road. Bellandur Village,Varthur Hobli. Bangalore -560 103
Statement o f Consolidated I' inancial Results fo r q u a rte r and year ended M a rch 31. 2022
( ? in 1.akhs)
Quarter ended Year Ended
Particulars March 31, 2022 December 31, 2021 March 31.2021 March 31. 2022 March 31.2021
Audited Unaudited Audited Audited Audited
1 Revenue from opcianons 7.880 8.774 9.616 33,344 37.203
■> Other income 200 69 172 t ,03 7 474
3 Total income (1+2) 8,080 8.843 9,788 34,381 37,677
Expenses
Employee benefits expense ( Refer note 4 } 5.412 5.488 5.017 21.449 19.720
Finance costs 32 88 45 194 296
Depreciation and amortization expense 248 252 223 988 1,378
Other expenses 2.367 2.483 2.284 8.381 7.633
4 Total expenses 8.059 8,311 7.569 31.012 29,027

5 Profit before exceptional items and lax (3*4) 21 532 2,219 3,369 8,650

Exceptional items
Provision for service tax receivable - ( ’ 67)
Gam on termination o f lease agreement - - - - 554
6 Tola! exceptional items - - 287
E=====
7 Net profit before tax (5+6) 21 532 2,219 3.369 8,937

8 Tax expense, net

Current tax (reversal)' charge (165) 160 639 251 696
Provision/ (reversal) • foreign withholding taxes (Refer note 5) 85 281 (541) 593 399
Deferred tax charge (credit) (including MAT credit entitlement) (Refer note 6) 40 o n ) 561 426 2.670

Total tax expense (4(1) 324 659 1,270 3,765

9 Net profit for the period/ vear (7-8) 61 208 1,560 2,099 5,172

10 Other comprehensive income/ (loss) net o f tax expense

h e n s that will be reclassified subsequently to profit nr loss
Net exchange differences gain/ (loss) on translation of foreign operations 204 (54) 61 267 636

hens lhai will not be reclassified subsequently to profit nr loss.

Rc-measurcment gain(loss) on defined benefit plan 41 (35) 26 (64) (12)
Total other comprehensive income/ (loss) 245 m 87 203 624

ti Total comprehensive income for the period/ year (9+10) 306 119 1.647 2,302 5,796

12 Paid up equity share capital 28.100 28,100 28.100 28.100 28,100

[face value o f ? 5 (March 31,2021 ? 5)|

13 Other equity - • - 28,267 26.755

14 Earnings per share (o f? 5 - each) (not annualised in case of the interim periods)
- Basic 001 004 0 29 0.38 0.96
- Diluted 001 004 0 2S 0.38 094
 S LB F .X L I M I T E D
Registered office i’ritech Park - S I / . Block-09. 4th Floor, B Wing. Survey No 51-64/4. Outer ring road, Bellandur Villagc.Varthur Mobil. Bangalore -560 103
S tstcinenl o f Consolidated Assets and Liab ilitie s
( ? in Lakhs)
As at
Particulars March 31. 2022 March 31. 2021
Audited Audited
A ASSETS

Non-current assets
Property, plant and equipment 959 1.177
Right-of-usc assets 1386 1.962
Goodwill on consolidation 34,409 34.409
Other intangible assets 14 •
Financial assets
Other financial assets 447 302
Income tax asset (net) 4.947 3,479
Deferred tax asset (including MAT credit entitlement) 148 125
Other non-current assets 42
42352 41.454
Current assets
Financial assets
Loans 161 220
Investments 1.165
Trade receivables 9.681 9.956
Cash and cash equivalents 8,539 14.294
Other balances with hanks 2.328 207
Other financial assets 7.003 5.896
Other current assets 779 639
29,656 31,212
Total Assets 72.008 72,666
B EQUITY AND LIABILITIES

Equity
Equity share capital 28,100 28.100
Other equity 28,267 26.755
Total equity 56367 54.855

Liabilities
Non-current liabilities
Financial liabilities
Lease Liabilities 998 1.575
Provisions 304 275
Deferred tax liabilmes(net) 6.742 6,289
8,044 8.139
Current liabilities
Financial liabilities
Borrowings - 584
Lease Liabilities 470 420
Trade payable
- total outstanding dues of micro enterprises and small enterprises 276 66
- total outstanding dues o f creditors other than micro enterprises and small enterprises 1,396 1.245
Other financial liabilities 1.491 3.045
Other current liabilities 2.506 2.935
Provisions 830 791
Income tax liabilities (net) 628 586
7397 9,672
Total liabilities 15,641 17,811
Total equity ami liabilities 72.008 72,666
 SI B E X L IM IT E D
Registered office Pritech Park - S I*/ Block-09,4th Floor, B Wing, Survey No 51-64/4. Outer ring road. Bellandur Village,Varthur Hoblt. Bangalore -560 103
C o n so lid a te d sta te m e n t o f cash flo w s f o r the y e a r ended M a rc h 31, 2022
<? in Lakhs)
Year ended
Particulars March 31,2022 March 31, 2021
Audited Audited
(A) Operating activities
Profit before tax expense 3.369 8.937
Adjustments to reconcile profit/floss) before tux expense to net cusli flows:
Depreciation o f property plant and equipment and right-of-use assets 987 l .375
Amortization of intangible assets 1 3
Gain on disposal o f property, plant and equipment (net) - (4,
lntcicsi income (including lair value changes) (266) (374)
Fair value gain on mutual fund at fair value through profit or loss (7)
Net gain on sale of investments (15,
Finance costs (including fair value changesl 194 296
Allowance for expected credit losses 536 (153)
Expense on share based payment 137 148
Gam on termination/modification o f lease agreement 112) (554)
Provision for service tax receivable 267
Waiver of borrowings (PPP Loan and interest) (584) .

Net foreign (gain).' loss (165) 720

Operating profit before working capital changes 4.175 10.661

Working capitul adjustments:

(Increase)' decrease in loans 76 299
(Increase).' decrease in trade receivables (27) (63)
(Increase)/1decrease in other financial assets (1.006) (1,010)
(Increase)' decrease in other assets (185) (43)
Increase/ (decrease) in trade payables 329 (437)
Increase.' (decrease) in other financial liabilities (1.375) 573
Increase/ (decrease) in other current liabilities (551) 514
Increase/ (decrease) in provisions (34, 5
1.402 10.499
Income tax paid (including TDS. net o f refund) (2,278) (1.404)
Net cash flows (used in) / from operating activities (876) 9.095

<B) Investing activities

Pirchasc of property, plant and equipment (540) (862)
Proceeds from sale o f property, plant and equipment 7
Purchase of Investments (9.672) -
Sales o f investments 8.529 -
Movement in margin money deposit (net) (2,111) (154)
Purchase of treasury shares by ESOP trust (22)
Interest received 260 309
Net cash flowrs used in investing activities (3.534) (722)

( f t Fiaancing activities
Proceeds from exercise of ESOP 440 141
Proceeds from borrowings - 600
Interest paid 078) (271)
Repayment of lease liability (389) (931)
Payment o f dividends (1.339) (2.746)
Net cash flows used in financing activities (1,466) (3,207)
(It) Net (decrease)/ increase in cash and cash equivalents (A+B+C) (5.876) 5,166
Net foreign exchange difference on cash and cash equivalents 121 85
Cash and cash equivalents at the beginning of the year 14.294 9,043
1E1 Cash nnd cash equivalents at the end of the year 8,539 14.294
 Notes:
1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 30, 2022.

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 Requirements) Regulations, 2015, as amended.
3 The financial results of Subex Limited (Standalone information):

Quarter ended Year Ended

Particulars March 31, 2022 December 31, 2021 March 31, 2021 March 31, 2022 March 31, 2021
Audited Unaudited Audited Audited Audited
Total income 1,632 2,080 2,573 6,842 5,510
Net (loss)/ profit before tax (674) (91) 1,186 (447) 2,651
Net (loss)/ profit for the period/ year (674) (91) 1,157 (447) 2,622
Total comprehensive (loss)/ income for the period/ year (652) (99) 1,162 (450) 2,622

4 Employee benefits expenses for the quarter ended March 31, 2022, December 31, 2021 and March 31, 2021 are net of reversal of provision no longer required, in respect of employee incentives,
amounting to ₹ 161 Lakhs, ₹ 184 Lakhs and ₹ 486 Lakhs, respectively, and that for the year ended March 31, 2022 and March 31, 2021 amounting to ₹ 786 Lakhs and ₹ 333 Lakhs, respectively.

5 Represents reversal/provision in respect of foreign withholding taxes deducted/ deductible by the overseas customers of the Group. Considering the expected utilisation of foreign withholding taxes,
provision of ₹ 723 Lakhs made during the earlier quarters, has been reversed during the year ended March 31, 2021.
6 Deferred tax charge/(credit), comprises of liability arising on account of tax benefits from amortisation of intangible assets of Subex Assurance LLP, net of deferred tax assets arising on account of carry
forward losses and other taxable temporary differences, which arose mainly on account of business restructuring effected from November 1, 2017, wherein, the Company’s RMS business and the Digital
business was transferred on going concern basis to Subex Assurance LLP and Subex Digital LLP respectively. Effective April 1, 2021 considering the favourable order received, no additional liability is
created in respect of aforesaid tax benefits.

7 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 on Operating Segments Reporting are considered to constitute one segment and hence the Group has not made any additional segment disclosures.

8 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 nine months period ended December 31, 2021, Subex Inc. obtained complete waiver of the loan amount from Small Business Administration, United States government
agency and accordingly the loan and interest accrued thereon was recognised as other income.

9 The Board of Directors of the Company in its meeting held on October 28, 2021 has approved the restructuring of the business, subject to all requisite approvals, wherein the business carried out by Subex
Assurance LLP will be transferred to Subex Limited on a ‘going concern’ basis excluding Developed Technology and Investment in subsidiaries. The aforesaid restructuring is being carried out to achieve
higher operational efficiencies upon integration and consolidation of business in the listed entity. On February 23, 2022, the shareholder of the Company approved the aforesaid restructuring through postal
ballot. The aforesaid restructuring is likely to be completed over next few months.
10 On December 6, 2021, the Group experienced a cybersecurity incident related to ransomware. The Group could contain the incident in a timely basis and has also ensured that all traces of the infection are
completely cleared from the network. All affected systems were restored and brought back to normalcy in the order of priority. The management has assessed the impact of the incident on the control
environment and the financial statement process and conclude there was no material impact on the financial results. Since then, the Group has also been focused on implementing significant improvements
to its cyber and data security systems to safeguard from such risks in the future.
11 The figures of last quarter of current year and previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures for the
nine months of the respective year.

Place: Bengaluru Vinod Kumar Padmanabhan

Date: May 30, 2022 Managing Director & CEO

For further details on the results, please visit our website: www.subex.com
 +91 80 3745 1377

SUBEX s info<asubex.com

© : w w w .sub ex.co m

May 30, 2022

The Secretary The Secretary

BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot no. C/1
Dalai Street. Mumbai- 400 001 G Block, Bandra-Kurla Complex
Fax: 022-2272 2037/2039/2041/3121 Bandra (E), Mumbai - 400 051
BSE Scrip Code: 532348 Fax: 022-2659 8237/38; 2659 8347/48
NSE Symbol: SUBEXLTD

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 : L8511OKA 1994PLC016663 ). having its Registered Office at Pritech Park-SEZ, 4"’ floor.
B Wing. Survey no. 51 to 64/4, Outer Ring Road, Bellandur Village, Varthur Hobli, Bengaluru-
560103. hereby declare that the Statutory Auditors o f the Company, S.R. Batliboi & Associates.
LLP (FRN: 101049W/E300004) have issued an Audit Report with unmodified opinion on the
Annual Audited Financial Results o f the Company (Standalone & Consolidated) for the year
ended March 31,2022.

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

Sumit Kumar
Chief Financial Officer

Subex Limited
CIN - L85110KA1994PLC016663
Registered Address : Pritech Park - SEZ, Block-09, 4th Floor, B Wing
Survey No. 51 to 64/4, Outer Ring Road, Bellandur Village, Varthur Hobli, Bengaluru - 560 103. India
 SUBEX
Subex reports Q4FY22 Results

30th May 2022, BENGALURU, INDIA - Subex, a pioneer in the space of Digital Trust, today
announced its consolidated financial results for the quarter and year ended March 31, 2022.

Performance H ighlights fo r the quarter ended March 31, 2022 compared to the previous
quarter ended December 31, 2021:

• Revenue for the period at INR 788 million as against INR 877 million for the quarter ended
December 31,2021
• EBITDA for the period at INR 10 million as against INR 80 million for the quarter ended
December 31, 2021
• Profit after Tax (PAT) for the period at INR 6 million as against INR 21 million for the
quarter ended December 31, 2021

Performance H ighlights fo r the year ended March 31, 2022 compared to the year ended
March 31 2021:

• Revenue for the year ended March 31,2022 is at INR 3,334 million as against INR 3,720
million for the year ended March 31, 2021
• EBITDA for the year ended March 31,2022 is at INR 351 million as against INR 985 million
for the year ended March 31, 2021
• Profit after Tax (PAT) for the year ended March 31, 2022 is at INR 210 million as against
INR 517 million for the year ended March 31, 2021

Vinod Kumar, Managing Director & CEO, Subex, said “FY22 has been a significant year in
terms of evolving our portfolio to align with our growth aspirations. The financial results, which
have been below our expectations, are not a true reflection of our progress across the last 12
months. HyperSense Al, cur muti-persona AI/ML platform, has made its mark, and we are seeing
excellent traction from customers. The platform has also received multiple accolades, as well as
recognition from the media and analyst community.

With HyperSense, our core solutions have now been equipped with the power of AI/ML
capabilities to enable CSPs to tackle challenges as they move towards newer technologies like
5G and loT. Even though the transition to subscription-based engagements has taken more time
for contracting than we originally anticipated, we have secured several contracts during the last
quarter, resulting in a good increase in contracted bookings. We expect this trend to continue and
hope to secure more important contracts during this quarter.

We have also made good progress in our new areas of Sectrio and IDcentral. Sectrio, our security
solution, now covers OT Security in addition to loT security. This has helped us play in a
significantly large and growing market and add new customers across the banking,
manufacturing, transport, and mining verticals IDcentral, with the addition of key capabilities, has
also attained product-market fit with over 1 Million API pulls from its customers.
 5UBGX
While the transition from a license to a subscription model for our core products will come with
short-term financial impact, we are confident that directionally it is the right thing to do. The
swelling contracted backlog is a validation of that effect. During the course of FY23, along with
migrating our existing customers onto our new platform, we intend to increase market share for
our new solutions on HyperSense Al, as well as for Sectrio and IDcentral. Our vision is to enrich
lives with Al-led Digital Trust, and we will focus our efforts to make it happen.”

Highlights of the Year

• Restructuring
• Revenue maximization solutions around fraud management and revenue assurance
moved to the parent company

• Launches
o HyperSense, an end-to-end Al Orchestration platform

• Product Announcem ents

o New patent to extent revenue maximization to the edge
o Rebrand of loT and OT Cybersecurity product as Sectrio

• Key Product Wins

• Partner with Ethio Telecom to provide Business Assurance on HyperSense
• Won a 5-year contract with Dhiraagu for integrated Revenue Assurance and Fraud
Management
• Partnered with Spire Solutions to secure a leading oil and gas company in the Middle
East
• Selected by European Operator for Signaling Security
• Selected by a Africa-based telecom operator for Business Assurance
• Partnered with a leading loT solution provider for Business Assurance
• Selected by APAC-based operator for Partner Ecosystem Management

• Other Announcem ents

• Won the Pipeline Award for Innovation in Artificial Intelligence for HyperSense
• Announced as a winner across two categories in the TM Forum Catalyst Awards 2021
for its work on the ‘Measurements of tru st in Al environm ent’ and ‘5G Digital
Marketplace - Phase II’ catalysts
• Won the Business Intelligence Group’s Al Excellence award for HyperSense
• Listed as Sample Vendor of Partner Ecosystem Management solutions in Gartner’s
10 Must-Have Capabilities for CSP Partner Ecosystems for Composable Products
• Covered for Partner Ecosystem Management solutions for Juniper Research’s Data &
Financial Clearing: Emerging Trends, Key Opportunities & Market Forecasts 2021-
2022 report
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-round Digital Trust in the business
ecosystems of its customers. Focusing on risk mitigation, security, predictability, and intelligence,
Subex helps businesses embrace disruptive changes and succeed with confidence in creating a
secure digital world for their customers.

Through HyperSense, an end-to-end Al Orchestration platform. Subex empowers

communications service providers and enterprise customers to make faster, better decisions by
leveraging Artificial Intelligence (Al) analytics across the data value chain. The solution allows
users without coding knowledge to easily aggregate data from disparate sources, turn data into
insights by building, interpreting and tuning Al models, and effortlessly share their findings across
the organisation, all on a no-code platform.

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 Mr. Sandeep Banga

Company Secretary +91 99168 24122
+91 99005 90024 sandeep banqa(5)subex.com
krishnakanth.qv(a>subex.com

-END-
 Annexure - A

Subex Limited
Q4 FY22 Earnings Call Invite
Subex Limited to announce Q4 FY22 results on 30th May, 2022;
Earnings call to be held on 31st May, 2022 at 3:00 PM (IST)
Subex Ltd. (BSE: SUBEX I 532348), (NSE: SUBEX), a leading telecom analytics solution provider, will
announce its consolidated financial results for the Fourth quarter and Full year ended 31st March 2022
on Monday, 30th May, 2022. The earnings call for the results will be held on Tuesday, 31st May, 2022
at 3:00 PM (IST).

The Details of Earnings Conference Call are:

Date: 31st May, 2022

Time (IST): 3:00 PM – 4:00 PM

Dial-in Number: 044 7126 1304/ 044 4563 4954

The number listed above is universally accessible from all networks and all countries

International Toll-Free Numbers:

USA – 1877 387 0849 / 1800 974 0768

UK – 0800 016 3439 / 0808 101 7155
Singapore – 800 101 1941
Hong Kong – 800 903 171

Diamond Pass:

Click Here to register for call with Diamond Pass (No Wait Time)
After registering, you will receive a confirmation email containing information about joining the call

Management Representation from Subex Limited

Mr. Vinod Kumar Padmanabhan, Managing Director & CEO, Subex Limited
Mr. Sumit Agarwal, Chief Financial Officer, Subex Limited
Participants are requested to log in 10 minutes prior to the start of the scheduled call.

About Subex

Subex is a leading telecom analytics solutions provider, enabling a digital future for global telcos.

Founded in 1992, Subex has spent over 25 years in enabling 3/4th of the largest 50 CSPs globally achieve
competitive advantage. By leveraging data which is gathered across networks, customers, and systems
coupled with its domain knowledge and the capabilities of its core solutions, Subex helps CSPs to drive
new business models, enhance customer experience and optimise enterprises.

Subex leverages its award-winning product portfolio in areas such as Revenue Assurance, Fraud
Management, Asset Assurance and Partner Management, and complements them through its digital
solutions such as IoT Security and Insights. Subex also offers scalable Managed Services and Business
Consulting services.

Subex has more than 300 installations across 90+ countries.

In case of any queries, please reach out to

G V Krishnakanth
Subex Ltd.
[email protected]
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government
actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant
forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-
looking statements to reflect subsequent events or circumstances.
 SUBEX

Annexure - B

Profile of Ms. Poornima Prabhu

Ms. Poornima Prabhu, Independent Director holds a Bachelor o f Ails and a Law degree and provides
her valuable advice to the Board and assists in the decision making related to the Legal and
Governance aspects. She has served at Lodha Ventures Holdings Pvt Ltd., as Head - Legal and as
O f Counsel at J. Sagar Associates. She has rich experience in corporate law. including mergers and
acquisitions, divestment and litigation settlement.

Ms. Prabhu's first term as Independent Director expires on July 27. 2022. She has been re-appointed
as an Independent Director o f the Company with effect from July 28. 2022, for a period of 5 years,
subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company.
She is not related to any o f the Directors, Promoters/Promoter Group or the Management of the