Latest News | Subex Q1 Profit Dips 11 Pc to Rs 13 Cr

New Delhi, Aug 9 (PTI) IT services firm Subex Ltd on Monday posted about 11 per cent decline in consolidated net profit at Rs 13.48 crore for June 2021 quarter.

The company had posted a net profit of Rs 15.16 crore in the year-ago period, Subex said in a BSE filing.

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Revenue from operations was at Rs 80.6 crore during the quarter under review compared to Rs 88.7 crore in the corresponding period of the previous year, down 9.1 per cent, it added.

Businesses are still coming to terms with the uncertainty brought in by the second wave of COVID-19, and this has had some bearing on the company's ability to deliver projects as several Subex employees were infected during the first quarter, Managing Director and CEO Vinod Kumar said.

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"Even though the project delivery delays had negatively impacted our Q1 revenues, we will be able to get to our growth targets in the coming quarters. At Subex, our focus has been on fostering sustainable innovation translating into a profitable portfolio that is future proof," he added.

Towards this, the company launched HyperSense - a no-code Al platform that enables enterprises to achieve accelerated growth through artificial intelligence, Kumar said.

"It was very well-received by the market, and we are in advanced stages of engagement with multiple operators. Additionally, we have also witnessed some notable wins for our newer offerings of loT/OT Security and Identity Analytics," he added.

With markets fully opening in many geographies, many new projects that were put on hold due to the pandemic have been reinitiated, he said adding that all these will result in increased opportunities and therefore, growth in coming quarters. PTI SR

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)