Subex Limited — PPTs, 11-08-2025: Investor Presentation

Here is the financial summary:

**1. Financial Highlights:**

Q1 revenue dipped 6% sequentially to ₹66.40 Cr; Normalised EBITDA fell to ₹4.28 Cr. Normalised PAT surged to ₹12.81 Cr from ₹0.66 Cr (Q4FY25), significantly boosted by one-time non-operating gains (₹11.40 Cr IT refund interest, ₹2.60 Cr lease termination gain). Closing cash improved to ₹135.82 Cr, aided by a ₹34 Cr tax refund, reflecting enhanced liquidity.

**2. Strategic Initiatives & Growth Drivers:**

Launched FraudZap, a lightweight fraud detection platform, and integrated GenAI into HyperSense. Company is operationalizing AI across engineering, leveraging GenAI for test coverage and faster releases, while building an AI-native workforce.

**3. Business Developments:**

Secured a new HyperSense Fraud Management deal with a Tier-1 Middle East operator. Key contract renewals include AI Managed Services in Africa and Americas, plus product licenses in India and North Africa.

**4. Market Position & Competitive Advantage:**

Benefits from a strong annuity model (~70% recurring revenue, ~95% customer retention) and 30+ years of Telco domain expertise. Well-positioned to capitalize on AI tailwinds, demonstrating high switching costs and robust R&D for fraud management and other use cases.

**5. Investor Implications:**

Significant PAT improvement from non-core gains showcases enhanced liquidity. Despite operational revenue dip, strategic wins and AI integration efforts suggest positive growth potential. Strong customer retention and AI focus remain vital.