Subex Limited — PPTs, 13-02-2025: Investor Presentation

**Financial Highlights:** Operating revenue for Q3 FY25 declined by 2% to ₹72.69 Cr, down from ₹74.16 Cr in Q2, while the core Telco business growth remained positive, increasing by 2% QoQ. EBITDA rose significantly to ₹2.50 Cr from ₹1.89 Cr in the previous quarter. Profit before tax (PBT), excluding exceptional items, improved from -₹1.23 Cr to -₹0.32 Cr, indicating a steady recovery.

**Strategic Initiatives and Growth Drivers:** The company secured two Tier 1 opportunities in the Americas and Middle East, with a promising deal from a major APAC operator. The operational efficiency drive resulted in a YTD EBITDA margin of 4% compared to -5% last year.

**Business Developments:** The company saw positive EBITDA in four out of the last five quarters, reflecting a turnaround trajectory in its core business.

**Market Position and Competitive Advantage:** Subex maintains a robust annuity revenue model with around 70% of its income recurring, backed by a 150+ customer base and high customer retention rates of approximately 95%. The increasing adoption of AI technologies marks a strong growth trajectory.

**Investor Implications:** Continuous positive trends in operational performance and strategic deals indicate a positive outlook for the company, positioning it well for potential growth despite recent revenue challenges.