Subex Limited Annual Report 2022

FY2022 Annual Report · Subex Limited
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Annual Report 2022 - 2023 of 
Subex Limited - A Telecom AI Company
CREATING 
CONNECTED 
EXPERIENCES

Forward-looking statement
In this Annual Report, we have disclosed forward-looking 
information to enable investors to comprehend our 
prospects and make informed investment decisions. This 
report and other statements - written and oral - that we 
periodically make, contain forward-looking statements that 
set out anticipated results based on the management’s plans 
and assumptions. We have tried, wherever possible, to 
identify such statements by using words such as ‘anticipates’, 
‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ 
and words of similar substance in connection with any 
discussion of future performance. We cannot guarantee that 
these forward-looking statements will be realized, although 
we believe we have been prudent in assumptions. The 
achievement of results is subject to risks, uncertainties and 
even inaccurate assumptions. Should known or unknown 
risks or uncertainties materialize, or should underlying 
assumptions prove inaccurate, actual results could vary 
materially from those anticipated, estimated or projected. 
Readers should bear this in mind. We undertake no 
obligation to publicly update any forward-looking 
statements, whether as a result of new information, future 
events or otherwise.
Subex Annual Report 2022-23
02
ANNUAL
REPORT 2022-2023
Overview
Strategic Report
10    Where We Operate & Our Distinctive Resources
11    Our Business at Glance
12    Subex Charitable Trust
Governance
13    Board of Directors
14    Leadership Team
CONTENTS
05    Message from the Chairman 
06    A conversation with CEO
09    Quick Facts & Investment Highlights
03
11
13
Board's Report
15
Report on Corporate Governance
39
Business Responsibility and 
Sustainability Report
57
Management Discussion and Analysis
74
Standalone ﬁnancial statements
86
Consolidated ﬁnancial statements
146
Shareholders’ Information
204

03
Subex Annual Report 2022-23
CREATING CONNECTED EXPERIENCES
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The Future is Unreal
The telecommunications landscape is 
undergoing a profound metamorphosis, 
ushering in an era of unprecedented 
digital transformation and connectivity.
 
•
30% of all outbound messages will be 
synthetically generated by 2025
•
10% of all data produced will be from 
generative AI by 2025
•
35% is the increase in the online share 
of working hours due to AI-generated 
productivity
•
65% of the global population will 
have digital wallets by 2030
The world is poised to become 
increasingly connected, virtual, and 
digital, and it is within this 
transformational landscape that telcos 
can forge a path to create unparalleled 
value.
A Glimpse into Tomorrow: 
The Future Customer and 
Telco Evolution
In the future, our customers will be 
augmented by AI agents, 
self-generating content in virtual 
worlds. Phones will be replaced by 
robotic agents, and communication will 
shift from personalization to 
self-generation. The move from 
graphical to conversational user 
interfaces will transform interactions 
into digital beings conversing in 
augmented reality. In this metaverse, AI 
agents will connect, making traditional 
call detail records obsolete. 
Connectivity will remain the bedrock of 
diverse experiences, and we are 
committed to providing seamless 
solutions for this revolutionary 
landscape. We aim to embrace the 
transformative potential of the future 
customer, where the lines between 
reality and virtuality blur, and lead the 
way in shaping a connected metaverse. 
Together, we can unlock the boundless 
opportunities that await in this new 
world.
Empowering Transformation 
for AI-Augmented Customers
As visionary leaders, we must ensure 
that our capabilities align with the future 
customer. Flexibility, on-demand 
adaptability, and a focus on learning 
systems are paramount. Automated but 
static workﬂows of today will soon give 
way to agents autonomously 
discovering and conducting workﬂows. 
Static networks will become 
shape-shifting realities, driven by the 
strides of 6G and beyond.
The advent of generative AI, such as 
ChatGPT, marks a pivotal moment. Our 
future lies in orchestrating large 
language models (LLMs) to seamlessly 
manage user interfaces, workﬂows, and 
interconnected components. It's no 
longer just about software; it's about 
cultivating LLMs that can lead us to 
innovation. 
One such innovation will be in the realm 
of support. Once conﬁned to call 
centers, leveraging the LLM, support will 
evolve into agile co-pilots. These 
co-pilots will provide real-time 
assistance using an internal knowledge 
base and trusted domains to eﬃciently 
handle customer issues. The 
convergence of AI, Cloud, and network 
as a service (NaaS) concepts will drive 
unmatched customer experiences. 
Navigating the Winds of 
Change: Embracing Telco 
Disruptions
To realize this future value, the telco 
industry is undergoing massive 
transformations. This transformative 
landscape is characterized by four key 
disruptions –
Firstly, the disruption of experience 
across content, commerce, and cash 
demands answers to critical questions:
A. How can telcos remain relevant to 
the future customer?
B. What innovative approaches can be 
A. taken to monetize services 
eﬀectively?
B. What new revenue use cases can be 
explored to stay ahead of the curve?
C. Should the focus be on retail or 
enterprise customers for optimal 
growth?
Secondly, delivery disruption is already 
underway, impacting network 
architecture decisions – standalone (SA) 
vs. non-standalone (NSA). The challenge 
for telcos lies in sharing networks while 
optimizing assets amid capex pressures 
and the complexities of ﬁxed mobile 
convergence.
Thirdly, ecosystem disruption, fueled by 
the advent of 5G and 6G, alongside 
content, commerce, and cash 
disruptions, has brought numerous 
partners into play to deliver enhanced 
experiences. This shift necessitates 
managing an array of complex 
relationships, emphasizing APIs over 
traditional contracts, and navigating a 
plethora of evolving business models.
Lastly, technology disruption is driven by 
the continuous evolution of 5G, 6G, AI, 
cloud, private networks, ﬁxed wireless 
access, and satellite internet providers. 
Telcos have to carefully assess 
relevancy, roadmap, and technology 
readiness to embrace these innovations 
seamlessly and integrate them into their 
existing systems.
As we take a step back to comprehend 
the magnitude of these changes, it 
becomes evident that a new chapter is 
being written for all telcos. The question 
that arises is whether they have the 
capabilities to manage the change on 
their own. 
To minimize the challenges associated 
with building capabilities while 
strengthening the core, we have come 
up with the concept of co-authoring for 
this pivotal chapter. Together, we can 
foster a spirit of collaboration, 

Subex Annual Report 2022-23
04
innovation, and visionary leadership, 
ensuring that the transformational 
journey into the future is one of 
unparalleled success.
Co-authoring Connected 
Experiences
At Subex, we have curated a 
comprehensive array of oﬀerings to pave 
the way for connected experiences. Our 
mission is to empower telcos with 
personalized, seamless, secure, and 
intelligent solutions, as we co-author the 
future together.
1. Make it Personal:
Through our AI Customer Experience 
(CX) Studio and Digital Onboarding 
solutions, we aim to ensure a smooth 
and personalized journey for every 
individual.
 
2. Consistently Connected:
For every connected experience, we are 
committed to guaranteeing unwavering 
connectivity. Our Network Analytics and 
Asset Management solutions will work in 
harmony to ensure uninterrupted access 
and optimized performance.
3. Intelligence at your Service:
Intelligence is at the heart of our 
oﬀerings. With our Business Assurance 
product line and AI Use Case Studio, we 
empower the enterprise with data-driven 
insights and a plethora of use cases to 
choose from, elevating enterprise 
operational experiences to new heights.
4. Smart Connections for Smart 
Businesses:
It's not just about retail; we envision 
smart connections for smart businesses. 
Our Enterprise Billing and Partner 
Ecosystem Management solutions will be 
the enterprise’s steadfast allies as we 
together co-author this transformative 
journey.
5. Connect with Conﬁdence:
At Subex, conﬁdence is key to every 
connection. Our dedicated teams will 
manage fraud, implement robust 
cybersecurity measures, and ensure 
seamless digital identity management to 
safeguard connected experiences.
6. Cashless Convenience:
As commerce increasingly becomes 
cashless, our AI Fintech Studio will play a 
pivotal role in monitoring transactions, 
preventing fraud, and unlocking a 
multitude of secure and convenient 
cashless use cases.
With these oﬀerings, Subex is poised to 
co-author the enterprise’s connected 
experiences with passion, dedication, 
and innovative solutions. 
End to End Co-author of 
Next-Gen Use Cases
The idea is to become the end-to-end 
co-author for the enterprise’s 
next-generation use cases. Take the 
example of advance credit. Advance 
Credit has become a crucial use case in 
consumer transactions, oﬀering 
customers instant credit access at the 
point of sale, bill payment, and during 
roaming. This innovation enhances 
purchasing power and convenience 
while meeting evolving customer 
expectations. For telcos, it presents an 
opportunity to boost revenue and foster 
loyalty through seamless credit 
integration.
Subex is equipped to support telcos with 
comprehensive advance credit 
capabilities. We:
•
Personalize the process, ensuring 
digital onboarding, live veriﬁcation, 
and AI chatbots for optimal credit 
choices 
•
Guarantee seamless, cashless, and 
fraud-free transactions using 
predictive ticketing 
•
Ensure secure online transactions 
supported by transaction monitoring, 
fraud tracking, and anomaly 
detection capabilities
•
Maintain consistent connectivity for 
seamless transactional experiences. 
•
Conduct extensive digital identity, 
•
e-KYC, and anti-money laundering 
checks for robust cybersecurity 
•
Provide intelligence on credit scoring, 
revenue assurance, and product 
proﬁtability analysis through 
conversational UI
We oﬀer end-to-end co-authoring for 
holistic use cases and go beyond mere 
point-based solutions. We accomplish it 
by collaborating with various technology 
partners.
Subex…pivoting to a Next 
Gen Stack
To meet future demands, we are pivoting 
to a next-gen stack, ready to co-author 
use cases with our telco customers. Our 
Hypersense platform is cloud and 
marketplace ready, and we have 
powered it with AI and generative AI 
capabilities. Integrating LLMs ensures 
exceptional customer experiences. 
Leveraging the platform, enterprises can 
manage their ﬁntech, fraud, security, 
network, and enterprise use cases 
seamlessly. Our stack accelerates 
revenue drivers across content, 
commerce, and cash, ensuring your 
success.
Future Delivered, Today
The rapid adoption of our next-gen stack 
is becoming evident as more than 200 
global customers and over 300 
installations spanning nearly 100 
countries embrace its transformative 
potential. Our platform is already 
co-authoring the future with numerous 
players in the telco industry. This 
widespread acceptance and successful 
implementation validate its ability to 
revolutionize telco operations, ushering 
in an era of enhanced eﬃciency, 
superior customer experiences, and 
unparalleled revenue growth. As we 
continue to expand our network of 
partners, we are conﬁdent that this 
platform will remain at the forefront of 
reshaping the telco landscape, driving 
innovation, and propelling the industry 
towards unprecedented heights.
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05
Subex Annual Report 2021-22
05
Subex Annual Report 2022-23
MESSAGE FROM THE CHAIRMAN
Dear Shareholders,
As we navigate the expansive seas of the telecom industry, our steadfast 
commitment to innovation and adaptation remains unwavering. Today, I am 
privileged to share signiﬁcant developments within our organization and a reﬁned 
strategic blueprint designed to solidify Subex's leadership in this dynamic sector.
We are embarking on a new chapter with the appointment of Ms. Nisha Dutt as the 
Chief Executive Oﬃcer, succeeding Mr. Vinod Kumar Padmanabhan. With more 
than two decades of substantial experience across diverse domains, including 
consulting, advisory roles, investment banking, and technology entrepreneurship,  
Ms. Dutt brings a wealth of knowledge and expertise to Subex, making her an ideal 
torchbearer for the next phase of our evolution.
This leadership transition represents a signiﬁcant shift for our organization, signaling 
a transformative stage that infuses fresh perspectives and renewed dynamism into 
our strategic endeavours. We are conﬁdent that under Ms. Dutt's adept stewardship, 
Subex's commitment to delivering unparalleled innovation, excellence, and 
customer satisfaction will reach new heights.
Central to our strategic recalibration is an intensiﬁed focus on cutting-edge 
technologies, notably Artiﬁcial Intelligence (AI) and 5G. Subex is primed to exploit 
the boundless possibilities of Generative AI, private 5G networks and plethora of 
technologies which serve as formidable tools in reshaping our response to the 
complex challenges confronting the telecom sector. These tools will enable us to 
address previously unattended issues with a level of sophistication and eﬀectiveness 
unparalleled in our industry.
Simultaneously, we envisage a strategic expansion into related spheres by leveraging 
our core competencies. This strategic broadening aims to address larger, more 
systemic challenges within the telecom industry, further consolidating our standing 
as a comprehensive solution provider in the eyes of our esteemed clientele.
The advent of 5G has ushered the telecom industry into a transformative phase 
teeming with both opportunities and challenges. Subex, with its robust legacy and a 
skilled, dedicated team, is uniquely poised to capitalize on these emerging 
prospects. We perceive this transformation not merely as a wave to ride, but as a 
promising new epoch that we are prepared to lead.
As we embark on this exhilarating journey of transformation, I wish to underscore 
that our unwavering dedication to you, our esteemed shareholders, remains 
unequivocal. Your continued faith in our vision propels us forward as we strive to 
reinforce Subex's position as a global vanguard in the telecom industry.
We express our heartfelt gratitude for your enduring trust and support. We eagerly 
anticipate progressing together on this remarkable journey, exploring new horizons, 
and pioneering the future contours of the telecom industry.
Anil Singhvi,
Chairman, Non-Executive & Non-Independent Director

Subex Annual Report 2021-22
06
Subex Annual Report 2022-23
06
What is your vision for Subex, and how 
does it compare with the company’s 
past strategic direction?
I see AI and 5G as the driving forces behind a 
transformative future, where data-driven insights and 
low-latency connectivity will enhance decision-making 
and user experiences. My vision for Subex is to leverage 
this convergence to enable autonomous systems, 
revolutionizing the telecom industry with 
unprecedented eﬃciency and safety. 
In the past few years, we have been continuously 
expanding our capabilities in our Hypersense line of 
oﬀerings including Fraud Management, Business 
Assurance, Network Asset Management, and Capacity 
Management. Our mission to “always evolve and never 
stagnate” is proving to be our biggest advantage. 
Deploying AI technologies has become our biggest 
learning opportunity enabling us to make signiﬁcant 
advances in creating connected experiences for 
customers. 
With trust as our core tenet of connected experiences, 
we remain committed to progressively broadening our 
playbook which now aims to create personalized, 
intelligentconnected experiences which also presents 
us with a larger total addressable market (TAM). 
Embracing this bold vision, we are driven to push the 
boundaries of innovation and set new benchmarks, 
striving for excellence in everything we do.
Could you elaborate on how your prior 
experience on the board of Subex has 
equipped you for your new role as CEO?
My prior experience on the board of Subex has provided 
me with invaluable insights into the company's 
operations, strategic vision, and governance. 
This knowledge equips me to step into the role of CEO 
with a comprehensive understanding of Subex's 
business model, the industry landscape, and our vital 
stakeholder relationships. With a strategic and growth 
mindset, I am conﬁdent in my ability to foster teamwork 
and build consensus among our teams.
I believe my experiences put me in an excellent position 
to drive Subex's success in my new role and guide the 
company through its transformative journey. I have a 
clear perspective on the levers that can unlock growth 
opportunities and the agility to act swiftly on them. 
Moreover, my familiarity with leadership and 
understanding of board-level issues add to my 
capabilities as a leader.
Spearheading 
the Transition
with Strategic 
Vision and 
Customer Focus
A conversation with
Nisha Dutt, 
Chief Executive Oﬃcer

07
Subex Annual Report 2022-23
I am grateful for the opportunity to lead 
Subex and remain committed to 
steering the company towards 
continued success, leveraging my 
expertise and the dedication of our 
talented teams.
 
How will Subex balance its 
focus on achieving 
proﬁtability and investing in 
future technology, 
particularly AI?
At Subex, our guiding principle is our 
long-term vision, which serves as the 
bedrock for all our ﬁnancial decisions. 
Striking the right balance between 
short-term proﬁtability and long-term 
growth is paramount. We will prioritize 
our investments, strategically, 
considering initiatives that promise both 
immediate returns and sustainable 
expansion. 
To achieve this, strategic resource 
allocation will be central to maintaining 
a balance between current proﬁtability 
and future technological investments. 
Our approach will be data-driven, with 
each investment, including AI, 
undergoing rigorous ROI analysis. This 
ensures that our choices are 
well-informed and contribute positively 
to our proﬁtability.
Collaboration is a powerful tool, and we 
will seek strategic partnerships, like the 
one we have with Google Cloud 
Platform (GCP), to share the costs of 
research and development in AI. Such 
collaborations bring complementary 
expertise, accelerate our initiatives, and 
manage costs eﬃciently.
Diversifying our revenue streams will be 
key to transformation, and we will forge 
strong partnerships to share R&D risks. 
Our commitment to an ROI culture will 
be unwavering, with a robust 
institutionalized build versus buy 
framework to guide our decisions.
Embracing innovation, we will adopt a 
milestone-based approach to new 
investments, encouraging a "fail fast, fail 
cheap" mindset that fosters adaptability 
and learning.
Diligently managing risks, especially in 
the realm of technology, is fundamental 
to our journey. An overarching risk 
management framework will ensure that 
we eﬀectively assess and mitigate 
potential pitfalls. 
What is your approach 
towards the long-term 
sustainability of Subex, and 
how do you see the AI 
oﬀerings playing a part in 
that?
I have a four-pronged approach toward 
the long-term sustainability of Subex.
Firstly, customer centricity is a key 
priority and the anchor of our solutions. 
We focus on customer-driven use cases, 
allowing us to be agnostic to underlying 
tech changes. 
Secondly, domain knowledge is a critical 
asset, and here’s where AI plays a major 
role. We encapsulate our team’s domain 
knowledge in AI models to minimize 
talent risks and diﬀerentiate our 
products. 
Thirdly, continuous innovation at scale 
is vital. To achieve this, we have 
institutionalized a high-vitality 
innovation engine. Additionally, 
accomplishing competitive benchmarks 
in revenue and cash at scale enables us 
to fund more such initiatives. 
Lastly, operational eﬃciency is the core 
of our strategy. For this, our focus is on 
retaining top talent and providing them 
with the right resources to do things 
faster and better, with a razor-sharp 
focus on cost-eﬀectiveness. 
The AI industry is highly 
competitive. How does 
Subex plan to distinguish 
itself from other companies 
in this space?
The AI industry is indeed highly 
competitive. In this competitive 
environment, Subex sets itself apart by 
leveraging its extensive domain 
expertise and decades of experience in 
working with telecom datasets. This 
nuanced understanding allows us to 
make AI solutions more meaningful and 
impactful. Our proprietary models are 
tailored to address the unique 
challenges of the telecom sector, 
providing valuable insights that optimize 
operations, enhance revenue assurance, 
improve customer experiences, and 
eﬀectively mitigate fraud.
We protect our uniqueness by utilizing 
our unique datasets and embedding AI in 
our products, ensuring they cannot be 
easily replaced. Trust is indispensable, 
and we double down on building strong 
customer relationships through 
exceptional experiences and superior 
service, capitalizing on our decades of 
domain knowledge.
We also employ AI to create a learning 
engine, making our products more 
interactive and capable of learning from 
user experiences. This innovative 
approach, enabled by generative AI, 
allows us to become the repository of 
connected customer experiences, 
setting us apart from the competition.
In essence, Subex’s commitment to 
innovation, domain expertise, 
customer-centricity, and cutting-edge AI 
technologies makes us a trusted partner 
for delivering tangible results in the 
telecommunications domain, keeping us 
ahead in this ﬁercely competitive 
landscape.
 
Can you discuss any key 
initiatives or projects that 
Subex will be launching in 
the near future to 
demonstrate our 
strengthened commitment 
to AI? 
It would not be prudent to reveal the 
projects before they are launched. 
However, there are a few upcoming 
launches that I am excited about. For 
example, we are in the process of 
broadening our Hypersense AI oﬀerings 
with Generative AI capabilities. I’m 
witnessing tremendous opportunities in 
unbundled and standalone AI studio 
functionalities. 
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Subex Annual Report 2022-23
08
We are also looking at oﬀering pre-wired 
AI pipelines across multiple telco use 
cases. This is a promising opportunity for 
telcos that are looking to expand their 
“data world” intelligence capabilities. 
You must not miss our recently launched 
Connected Experiences stack pivot. It’s 
getting rave reviews for its ability to 
empower telcos with personalized, 
reliable, trustworthy, and intelligent 
solutions.
As the company undergoes 
this transition, how will you 
ensure that our core values 
are upheld and that our 
corporate culture remains 
strong?
Maintaining and preserving our corporate 
culture is essential during this transition. 
As we embrace our new strategic 
direction, I am deeply committed to 
upholding the values that make Subex an 
exceptional place to work, with a strong 
emphasis on fostering a culture of 
innovation and excellence. 
Innovation has been the cornerstone of 
Subex's success, and I believe that it will 
continue to drive us forward in this new 
era. We will encourage and support our 
teams to think creatively, explore new 
possibilities, and challenge the status 
quo. Our focus will be on building truly 
world-class products that meet the 
evolving needs of our customers and the 
industry.
To achieve this, we will foster an 
environment that encourages 
collaboration, open communication, and 
knowledge sharing. Our employees will 
have the freedom to experiment and take 
calculated risks, knowing that their eﬀorts 
are valued and supported. We will nurture 
a culture where ideas are welcomed, and 
individuals are empowered to contribute 
to the development of ground-breaking 
solutions. We understand the importance 
of speed and agility in the current 
competitive landscape. 
While maintaining our commitment to 
quality, we will emphasize faster 
development cycles and rapid iterations 
to deliver products that stay ahead of the 
market demands with a focus on 
customer-centricity. We will also invest in 
the right resources and technologies to 
accelerate product development without 
compromising on excellence.
 
As you take the helm of 
Subex, how will you ensure 
continuous and open 
communication with 
shareholders, customers, and 
employees?
As I step into the leadership role at Subex, 
I want to emphasize the utmost 
importance of fostering open and 
continuous communication with our 
shareholders, customers, and employees. 
Transparent and proactive 
communication is the foundation of 
strong relationships and is essential for 
achieving our shared goals. 
To our shareholders, I assure you that we 
will provide regular updates on our 
ﬁnancial performance, strategic 
initiatives, and any developments that 
impact the company's trajectory. I will 
benchmark peer companies and their 
playbooks to enhance our shareholder 
value creation approach. Your trust and 
conﬁdence are crucial to our success, 
and we will be diligent in sharing 
information and addressing your 
concerns.
To our valued customers, we are 
committed to listening to your feedback 
and understanding your evolving needs. 
We will create various channels for 
communication, ensuring that your 
voices are heard, and your experiences 
are considered in every decision we 
make. To demonstrate our commitment, 
we will spend signiﬁcant time with our 
customers and co-create solutions. 
For our dedicated employees, I recognize 
that open and transparent 
communication is the cornerstone of a 
thriving work culture. I will prioritize 
regular town hall meetings, where you 
can openly express your thoughts, ideas, 
and concerns. Your passion and 
dedication drive our success, and your 
input is instrumental in shaping Subex's 
future. 
Furthermore, when making strategic 
decisions, we will provide clarity on our 
thought processes and the factors 
inﬂuencing our choices. We believe in a 
collaborative approach and will actively 
seek input from all stakeholders to 
ensure well-informed and thoughtful 
decision-making. 
Through consistent updates on our 
website, social media channels, and 
newsletters, we will keep all stakeholders 
informed about our progress, milestones, 
and industry insights. We will maintain an 
open-door policy, encouraging direct 
communication and accessibility.
 
Finally, what would your 
message be to our 
shareholders, customers, and 
employees as we enter this 
exciting new phase for 
Subex?
As we embark on this exciting new phase 
for Subex, I want to express my deep 
appreciation for your continued support 
and trust in our vision. We are entering an 
era of immense potential and 
opportunity, and our commitment to 
innovation and growth remains 
unwavering. With an AI-ﬁrst and 5G ready 
approach, we aim to create substantial 
value for our shareholders by delivering 
cutting-edge solutions that address the 
evolving needs of the telecom industry. 
Your investment in Subex is a testament 
to our collective belief in a brighter, 
technology-driven future, and we are 
dedicated to maximizing returns and 
long-term success.
As we take on this transformative path 
and move toward delivering connected 
experiences to our customers, I am ﬁlled 
with conﬁdence and excitement for what 
lies ahead. Subex is well-positioned to 
embrace the opportunities that AI brings 
and emerge as a leader in the telecom 
industry. Our core values will guide us, 
and our commitment to delivering 
exceptional value to our stakeholders 
will remain steadfast. Together, we will 
shape a future that is marked by 
innovation, collaboration, and success. 
Thank you for being part of this 
remarkable journey with us. 

09
Subex Annual Report 2022-23
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• Leader in Telecom AI and analytics space and helping businesses thrive by creating connected experiences
• Sticky Revenue Model – about 60% of revenue is annuity / recurring and >98% customer retention
• Investing heavily in newer areas like Genarative AI
• Passionate and committed team led by CEO Nisha Dutt with renewed focus on growth 
• Received signiﬁcant industry validation, and market recognition for our  AI oﬀerings
INVESTMENT 
HIGHLIGHTS
QUICK 
FACTS
Foundation
of Company
1994
Countries
90+
Employees
1000+
03
Customers 
Globally
200+
06
Industry
Awards
40+
07
R&D spend in 
new areas in 
FY23
US$ 4.2mn
08
Global 
Installations
300+
04
05
01
Years of 
experience
25+
02

Subex Annual Report 2022-23
10
WHERE WE OPERATE
OUR DISTINCTIVE RESOURCES
PEOPLE
The commitment & make it 
happen attitude of 1000+ 
Subexians is a foundation of 
our business
CUSTOMERS
Our wide and long standing 
customer base is the strength 
of our business. We have 
200+ customers in 90+ 
countries
OUR BRANDS
We are also incubating virtual 
startups within Subex and we own 
2 brands: Sectrio & IDcentral
INNOVATION
The virtual startups is a 
testimony of continous 
investment in R&D to stay at the 
forefront of the industry trends
PARTNERS & SUPPLIERS
Our partners & suppliers 
also form a core of our 
ecosystem

11
Subex Annual Report 2022-23
As the world gradually adapted to 
the new normal following the 
unprecedented events of the past 
couple of years, the 
telecommunications industry found 
itself at the forefront of the global 
transformation. With consumers and 
businesses heavily relying on 
connectivity solutions, the demand 
for telecom services experienced a 
signiﬁcant resurgence. In this 
landscape, Subex, a leading player in 
the industry, emerged as a key 
enabler of this revival, thanks to its 
innovative oﬀerings and strategic 
initiatives.
 
A crucial turning point for Subex 
during this period was the 
appointment of a new CEO, who 
brought in a fresh perspective and 
vision for the company. This new 
leadership was committed to 
steering Subex towards sustainable 
growth and proﬁtability, prioritizing 
customer-centric solutions. The 
CEO's strategic direction resonated 
well with clients worldwide, earning 
positive responses and fostering 
stronger partnerships.
 
One of the pivotal decisions that the 
new leadership made was to invest 
heavily in AI initiatives. Recognizing 
the potential of artiﬁcial intelligence 
in transforming the telecom sector, 
Subex integrated AI into its 
solutions. Customers were quick to 
embrace these AI-led projects, 
experiencing enhanced eﬃciency 
and gaining valuable insights. The 
success of these deployments led to 
an upswing in new project 
collaborations for Subex, solidifying 
OUR BUSINESS 
AT GLANCE
its position as an industry leader in 
AI-driven telecom solutions.
 
Buoyed by the momentum from 
successful AI implementations, Subex 
is now poised for the next phase of 
growth under its dynamic leadership. 
The company is meticulously 
ﬁne-tuning its strategic approach to 
maintain a competitive edge in the 
fast-evolving telecom market. 
Innovation remains at the core of 
Subex's strategy, as it continues to 
pioneer cutting-edge solutions to 
address the evolving needs of its 
customers.
 
Customer satisfaction continues to be 
a top priority for Subex. The company's 
unwavering commitment to providing 
tailor-made solutions that cater to 
speciﬁc client requirements has been 
instrumental in nurturing long-lasting 
partnerships. Through proactive 
engagement and personalized support, 
Subex has managed to earn the trust 
and loyalty of its global clientele.
 
The company's innovative portfolio 
encompasses a wide range of solutions 
that cater to diverse industry needs. 
From telecom analytics and fraud 
management to revenue assurance and 
network management, Subex's 
comprehensive suite of products has 
been widely acclaimed for its 
eﬀectiveness and eﬃciency.
 
Moreover, Subex has also expanded its 
focus beyond traditional telecom 
services. Recognizing the growing 
signiﬁcance of the Internet of Things 
(IoT) and 5G, the company has 
ventured into providing IoT security 
and managing the complexities of 
5G networks. These strategic forays 
have allowed Subex to tap into new 
revenue streams and diversify its 
oﬀerings, making it a more resilient 
and future-ready organization.
 
Looking ahead, Subex envisions a 
future where it continues to be a 
key enabler of digital 
transformation across industries. 
The company remains committed 
to staying ahead of the curve by 
anticipating market trends and 
harnessing the power of emerging 
technologies. By fostering a culture 
of innovation and continuous 
improvement, Subex aims to remain 
the go-to partner for businesses 
seeking transformative telecom 
solutions.
 
In conclusion, Subex's journey 
towards sustained success in the 
telecom industry has been marked 
by resilience, innovation, and 
customer-centricity. With a new 
leadership vision, a strategic focus 
on AI, and a commitment to ethical 
practices, the company has 
solidiﬁed its position as a global 
leader in the telecom space. As the 
world continues to evolve, Subex is 
well-prepared to embrace new 
challenges and opportunities, 
ensuring a promising future for 
itself and its customers in the years 
to come.

Subex Annual Report 2022-23
12
OUR RECENT AWARDS
SUBEX CHARITABLE TRUST
Subex through its charitable wing, Subex Charitable Trust (SCT) is committed to 
making a positive impact in the community through its philanthropic initiatives. 
Through partnerships with local non-proﬁts and employee volunteering programs, 
SCT actively supports causes such as education, social welfare, and environmental 
conservation, striving to create a better future for all.
Last year, SCT directed its eﬀorts towards establishing the foundational 
infrastructure of the school in alignment with our 5-year plan. This involved:
1. Strengthening the structural integrity of all existing classrooms.
2. Renovating the entirety of the school's ﬂooring.
3. Introducing teaching faculty members who contribute to the comprehensive 
growth of the students.
4. Establishing an enduring Menstrual Hygiene Management (MHM) program for all 
female students in the school.
This saw tremendous uptake within the student, teaching and the parent 
communities and we recorded an increase in the new student admission by 80% in 
the last academic year.
These are encouraging signs for SCT to run the 2nd year plan in full swing and are 
focused to make GHPS Doddabanahalli into a top class school in the coming years 
which emphasises on holistic development of the children.
The vision of SCT for GHPS Doddabanahalli is to bring it on par with any private 
funded schools. SCT will focus on holistic development of the children and has 
joined forces with the school management and a non-proﬁt namely Reaching 
Hand, to ensure all the fundamental amenities are being provided to the children 
and further modernize the school.
Below are the developmental initiatives by SCT for year 2:
• Aiding retention of teaching faculty
• Infrastructure addition with 3 new classrooms
• Establishing extra-curricular initiatives
• Student mental health camp
• Menstrual health management
• Physical health camp
Our aim is to transform GHPS Doddabanahalli into the best government 
educational institute in Bangalore which will focus on the students’ holistic growth.

13
Subex Annual Report 2022-23
ANIL SINGHVI
Chairman, Non-Executive & 
Non-Independent Director
POORNIMA PRABHU
Independent Director
GEORGE ZACHARIAS
Independent Director
RUPINDER GOEL
Independent Director
ARCHANA MUTHAPPA
Independent Director
VINOD KUMAR 
PADMANABHAN
Non- Executive & 
Non-Independent Director
BOARD OF DIRECTORS

Subex Annual Report 2022-23
14
LEADERSHIP TEAM
WARREN DUMANSKI
Executive Vice President and
General Manager, North America
BHAVNA SINGH
General Counsel
KRISHNAKANTH G V
Company Secretary & 
Compliance Oﬃcer
SHIVA SHANKAR 
NAGA RODDAM
Chief Operating Oﬃcer
SUMIT KUMAR
Chief Financial Oﬃcer
NISHA DUTT
Chief Executive Oﬃcer
SURESH CHINTADA
Chief Technology Oﬃcer
ASHA SUBRAMANIAN
Chief Human Resources Oﬃcer
HARSHA ANGERI
Vice President - 
Corporate Strategy
ROHIT MAHESHWARI
Head of Product Strategy
KIRAN ZACHARIAH
Head of IoT Security
SURAJ BALACHANDRAN
Business Unit Head - APAC & Africa

15
Subex Annual Report 2022-23
BOARD’S REPORT
Dear Members,
Your Directors take pleasure in presenting the 29th Annual Report of the Company on the business and operations together with the audited 
results for the year ended March 31, 2023.
1.	
FINANCIAL RESULTS
	
The Company’s financial performance for the year ended March 31, 2023, is summarized as below
                                                                                                                (` in Lakhs)
Particulars
Consolidated
Standalone
2022-23
2021-22
2022-23
2021-22
Total Revenue
27,869
33,344
27,352
6,836
Share of Profit/ (Loss) from Limited Liability Partnerships, net
-
-
(3,159)
(1,273)
Other Income
816
1,037
242
6
Finance Cost
258
194
230
12
Profit/ (Loss) before tax
(3,906)
3,369
(7,699)
(447)
Tax expenses
1,215
1,270
(823)
-
Profit/ (Loss) after tax
(5,121)
2,099
(6,876)
(447)
Other comprehensive income/(loss)
620
203
19
(3)
a) to be reclassified to profit or loss in subsequent periods
581
267
Nil
NIL
b) not to be reclassified to profit or loss in subsequent periods
39
(64)
19
(3)
Total comprehensive income for the year
(4,501)
2,302
(6,857)
(450)
2. 	 STATE OF AFFAIRS
	
As the world gradually adapted to the new normal, the industry 
experienced a resurgence in demand for telecom services, 
with consumers and businesses relying heavily on connectivity 
solutions. Subex played a pivotal role in supporting this revival 
through its innovative offerings and strategic initiatives.
	
The company underwent a crucial management change 
during the first quarter of the FY 24, with the appointment of 
a new CEO. The fresh leadership brought in a renewed vision 
and focus, guiding Subex towards sustainable growth and 
profitability. The new CEO’s strategic direction and emphasis on 
customer-centric solutions garnered positive responses from 
clients worldwide, paving the way for stronger partnerships.
	
Subex’s investment in AI initiatives proved to be a game-
changer for the company. Customers responded favorably 
to the integration of artificial intelligence in their solutions, 
appreciating the enhanced efficiency and insights gained from 
AI-led projects. As a result, the company witnessed an upswing 
in new project collaborations across the globe.
	
With the momentum gained from successful AI deployments, 
Subex now looks forward to the next phase of growth under its 
new leadership. The company is diligently fine-tuning its strategic 
approach to stay ahead in the dynamic telecom market. As they 
continue to pioneer innovative solutions and prioritize customer 
needs, Subex is poised for a promising future, ensuring their 
sustained success in the years to come.
	
During the financial year ended March 31, 2023, the total 
income on a standalone basis was ` 27,594 lakhs as against the 
total income for the previous year which was ` 6,842 lakhs. The 
Company has during the year under review incurred a loss of 
` 6,876 lakhs as against a loss of ` 447 lakhs in the previous year. 
On a consolidated basis, the total income stood at ` 28,685 
lakhs as against ` 34,381 lakhs during the previous year. The loss 
incurred for the financial year 2022-23 is ` 5,121 lakhs as against 
a profit of ` 2,099 lakhs in the previous year.
3. 	 DIVIDEND
	
The Board has not proposed any dividend to be paid for the 
financial year 2022-23.
	
The dividend distribution policy of the Company is available 
under the link https://www.subex.com/investors/shareholder-
services/.
4. 	 RESERVES
	
The Company does not propose to transfer amounts to the 
general reserve out of the amount available for appropriation 
due to losses in the current year.
5. 	
SHARE CAPITAL
	
As of March 31, 2023, the authorized share capital of the 
Company was ` 590,00,00,000 (Rupees Five hundred and 
ninety crores only) divided into 117,60,80,000 (One Hundred 
and seventeen crores sixty lakhs and eighty thousand only) 
equity shares of ` 5 (Rupees Five only) each and 2,00,000 (Two 

16
Subex Annual Report 2022-23
lakhs only) preference shares of ` 98 (Rupees Ninety-eight only) 
each.
	
As of March 31, 2023, the issued, subscribed, and paid-up share 
capital of the Company was ` 281,00,14,675 (Rupees Two 
Hundred and eighty one crores fourteen thousand six hundred 
and seventy five only) divided into 56,20,02,935 (Fifty six crores 
twenty lakhs two thousand nine hundred and thirty five only) 
equity shares of ` 5 (Rupees Five only) each. During the period 
under review, there is no change in share capital of the Company.
6. 	 SECRETARIAL STANDARDS
	
The Company has complied with the applicable Secretarial 
Standards, as amended, from time to time.
7. 	
BUSINESS
	
Subex is committed to help Communications Service Providers 
(CSP) create connected experiences in the digital world. Today, 
we provide solutions for 75% of the world’s top 50 telcos. 
Founded around the time when video telephony was launched, 
Subex has been witnessing the evolution of mobile technology 
ever since. Today, we are consultants to global telecom carriers 
for operational excellence and business transformation by driving 
new revenue models, enhancing the customer experience and 
optimizing the enterprise. Subex leverages its award-winning 
analytics solutions in areas such as Revenue Assurance, 
Fraud Management, Network Asset Management, Capacity 
Management, Partner Management, and Analytics ‘Revenue 
Management Services/RMS business’ and complements them 
through its newer solutions such as IoT Security, Digital Identity 
Management and Anomaly Detection ‘Digital Business’. Subex 
also offers scalable Managed Services and Business Consulting 
services. 
	
Through HyperSense, an AI-first line of offerings, Subex 
empowers communications service providers and enterprise 
customers to make faster, better decisions by leveraging Artificial 
Intelligence (AI) analytics across the data value chain. 
	
Being truly a global company, it has more than 300 installations 
across 90+ countries. There has been no change in the nature 
of business in FY22-23
	
Key Announcements in FY22-23
	
HyperSense named in 2022 Gartner® Market Guide for 
Multipersona Data Science and Machine Learning Platforms
	
Subex, a pioneer in the space of telecom AI, has been named 
in 2022 Gartner® Market Guide for Multipersona Data Science 
and Machine Learning Platforms (DSML). According to this 
Market Guide for Multipersona Data Science and Machine 
Learning Platforms, “Data science and machine learning are 
evolving rapidly with key trends such as augmentation and 
democratization. To support the needs of an increasingly diverse 
group of technical and nontechnical roles, data and analytics 
leaders should apply multipersona DSML platforms.
	
Ethio Telecom selects HyperSense Fraud Management
	
Subex announced that it has been selected by Ethio Telecom 
to deploy its Fraud Management solution. The solution, which 
is built on Subex’s AI orchestration platform, HyperSense, will 
replace Ethio Telecom’s existing legacy fraud management 
system, thereby enabling them to move from a traditional rules-
based approach to an AI-first approach. This approach will, in-turn, 
enable them to detect new and unknown threats in real-time. 
	
Unitel selects Subex for protection against telecom fraud
	
Subex announced that it has been selected by Asian 
telecommunications and internet major Unitel LLC to help the 
operator in its fight against fraud and digital crimes. As part of the 
agreement, Subex’s Signaling Security solution will help Unitel 
leverage signaling data for the early detection and mitigation of 
all types of fraud, thereby ensuring the prevention of any loss of 
information or revenue.
	
Subex to Showcase its AI Solutions at MWC
	
Subex showcased  of its AI solutions at MWC. Subex showcased 
its award-winning platform, HyperSense AI, and its capabilities 
to cover many AI-related use cases. Towards this, Subex 
demonstrated its HyperSense AI-led solutions to drive growth, 
protect revenues, enhance profitability, optimize Capex and 
expand digital service offerings.
8. 	 SUBSIDIARIES (WHOLLY OWNED AND OTHER SUBSIDIARIES)
	
As on March 31, 2023, the Company has 11 subsidiaries.
	
SUBEX ASSURANCE LLP AND ITS SUBSIDIARIES
	
For the year ended March 31, 2023, Subex Assurance LLP earned 
a net income of ` 2,318 lakhs as against net income of ` 29,204 
lakhs in the previous year and a net loss of ` 793 lakhs, as against 
a net Profit of ` 1,353 lakhs in the previous year.
	
As at March 31, 2023, Subex Limited held 99.99 % of the capital 
in Subex Assurance LLP and the balance is held by Subex Digital 
LLP
•	
Subex (UK) Limited is a wholly owned subsidiary of Subex 
Assurance LLP. For the year ended March 31, 2023, the 
Standalone net income of Subex (UK) Limited was ` 17,908 
lakhs as against ` 18,820 lakhs in the previous year, and a 
net loss of ` 934 lakhs as against ` 84 lakhs in the previous 
year.
•	
Subex (Asia Pacific) Pte. Limited is a wholly owned 
subsidiary of Subex (UK) Limited. For the year ended March 
31, 2023, the Standalone net income of Subex (Asia Pacific) 
Pte. Limited was ` 5,073 lakhs as against ` 3,895 lakhs in the 
previous year, and a net profit of ` 101 lakhs as against a net 
profit of ` 143 lakhs in the previous year.
•	
Subex Inc. is a wholly owned subsidiary of Subex (UK) 
Limited. For the year ended March 31, 2023, the Standalone 
net income of Subex Inc. was ` 5,980 lakhs as against 
` 9,727 lakhs in the previous year, and the net profit of 
` 272 lakhs as against a net profit of ` 914 lakhs in the 
previous year.
•	
Subex Middle East (FZE) is a wholly owned subsidiary of 
Subex Assurance LLP. For the year ended March 31, 2023, 
the standalone net income of Subex Middle East (FZE) is 

17
Subex Annual Report 2022-23
` 765 lakhs as against ` 2,889 lakhs in the previous year and 
net loss of ` 1486 lakhs as against a net loss of ` 518 lakhs 
in the previous year.
•	
Subex Bangladesh Private Limited, is a wholly owned 
subsidiary of Subex Assurance LLP. For the year ended 
March 31, 2023, the standalone net income of Subex 
Bangladesh Private Limited is ` 526 Lakhs as against ` 903 
lakhs and net loss of ` 69 lakhs as against ` 20 lakhs.
	
SUBEX DIGITAL LLP
	
For the year ended March 31, 2023, Subex Digital LLP earned 
a net income of ` 2,324 lakhs as against ` 1,839 lakhs in the 
previous year, and a net loss of ` 2,355 lakhs as against a net loss 
of ` 2,618 lakhs in the previous year.
	
As at March 31, 2023, Subex Limited held more than 99.99% of 
the capital in Subex Digital LLP and the balance is held by Subex 
Assurance LLP.
	
SUBEX TECHNOLOGIES LIMITED
	
Subex Technologies Limited is a wholly owned subsidiary 
of Subex Limited. For the year ended March 31, 2023, Subex 
Technologies Limited incurred a net loss of ` 3 lakhs as against 
net loss of ` 4 lakhs in the previous year.
	
SUBEX AMERICAS INC.
	
For the year ended March 31, 2023, the standalone net income 
of Subex Americas Inc. is ` 982 lakhs as against ` 1,083 lakhs in 
the previous year, and a net loss is ` 56 lakhs as against a net loss 
of ` 33 lakhs in the previous year.
	
Subex Azure Holding Inc., is a wholly owned subsidiary of Subex 
Americas Inc. There were no transactions during the year under 
review.
	
As on March 31, 2023, Subex Limited holds 100 common shares 
(92.59%) in the capital of Subex Americas Inc.
	
SUBEX ACCOUNT AGGREGATOR SERVICES PRIVATE LIMITED
	
Subex Account Aggregator Services Private Limited is a wholly 
owned subsidiary of Subex Limited. For the year ended March 31, 
2023, the Standalone net income of Subex Account Aggregator 
Services Private Limited was ` 8 lakhs, and a net loss of ` 3 lakhs.
	
The above-mentioned numbers are as per the audited financial 
statements of respective subsidiaries.
	
In accordance with Section 129(3) of the Companies Act, 2013, 
the Company has prepared consolidated financial statements of 
the Company and all its subsidiary companies, which forms part 
of the Annual Report. A statement containing salient features 
of the financial statements of the subsidiaries of the Company 
in Form AOC 1 forms part of the annexure to the Standalone 
Financial Statements.
	
In accordance with third proviso of Section 136(1) of the 
Companies Act, 2013, the Annual Report of the Company, 
containing therein its standalone and the consolidated financial 
statements has been placed on the website of the Company 
under the following link https://www.subex.com/investors/
shareholder-services/.
	
Further, as per the fourth proviso to the said Section, audited 
Annual Accounts of each of the subsidiary companies have 
also been placed on the website of the Company under the 
following link https://www.subex.com/investors/shareholder-
services/.
9.	
DEPOSITS
	
Your Company has not accepted any deposits from the public 
during the year and there are no deposits which are remaining 
unclaimed or unpaid as at the end of the year and, as such, no 
amount of principal or interest was outstanding as on the date 
of the Balance sheet.
10. 	 EMPLOYEE STOCK OPTIONS SCHEMES
	
The Employee Stock Option scheme of the Company endeavors 
to provide incentives and retain employees who contribute to 
the growth of the Company. During the year under review, there 
has been no variation in the terms of the existing ESOP scheme. 
Additional details have also been disclosed under Note 34 to the 
standalone financial statements which forms part of the Annual 
Report.
	
Details of the Company’s Employee Stock Option Plans and 
a summary disclosure in compliance with Companies (Share 
Capital and Debentures) Rules, 2014 forms part of this report as 
“Annexure A”. The details as required under the Securities and 
Exchange Board of India (Share Based Employee Benefits and 
Sweat Equity) Regulations, 2021, are available on the Company’s 
website under the following link https://www.subex.com/
investors/announcement-filing/#other-intimations.
	
EMPLOYEE STOCK OPTION PLAN-2018
	
The Company, pursuant to resolutions passed by the Board 
and the Shareholders dated June 26, 2018 and July 31, 2018, 
respectively, had adopted the Subex Employees Stock Option 
Scheme-2018 (“ESOP – 2018” or “Plan”). This scheme was 
formulated in accordance with the Securities & Exchange Board 
of India (Share Based Employee Benefits) Regulations, 2014.
	
The Board authorized the Nomination & Remuneration 
Committee, or such other person(s) as may be authorized 
by the Nomination & Remuneration Committee for the 
superintendence and administration of the Plan. The ESOP Plan 
has been implemented through the Subex Employee Welfare 
& ESOP Benefit Trust “ESOP Trust”, which is authorized to 
acquire shares of the Company through secondary market for 
providing such share based payments to its employees. Total 
number of Options granted/to be granted under the Scheme 
shall not exceed 5% (Five percent) of the paid- up equity capital 
as on March 31, 2018. No options were granted to the eligible 
employees during the financial year 2022-23.
11. 	 PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS 
UNDER SECTION 186
	
Details of Loans, Guarantees or Investments covered under 
Section 186 of the Companies Act 2013, are given in note 
number 31 & 32 to the Standalone Financial Statements.

18
Subex Annual Report 2022-23
12.	 MATERIAL CHANGES AND COMMITMENTS, EFFECTING THE 
FINANCIAL POSITION OF THE COMPANY BETWEEN THE END 
OF FINANCIAL YEAR AND DATE OF THE REPORT
	
There have been no material changes for the period between 
end of the financial year 2022-23 and the date of this report, 
affecting the financial position of the Company.
13.	 CORPORATE GOVERNANCE
	
Your Company strongly believes that the spirit of Corporate 
Governance goes beyond the statutory form. Sound Corporate 
Governance is a key driver of continuous corporate growth and 
long-term value creation for the stakeholders and protection of 
their interests. It endeavors to meet the growing aspirations of 
all stakeholders including shareholders, employees, customers, 
vendors and is committed to maintaining the highest level of 
transparency, accountability, and equity in its operations. It 
always strives to follow the path of good governance through a 
broad framework of various processes.
	
Your Company has complied with the conditions of Corporate 
Governance as stipulated under the SEBI (LODR) Regulations, 
2015, as amended from time to time. The Auditor’s certificate 
on compliance with respect to the same is annexed herewith as 
“Annexure B”. In addition, it has documented its internal policies 
in line with the Corporate Governance guidelines.
14. 	 MANAGEMENT DISCUSSION & ANALYSIS
	
The Management Discussion & Analysis as stipulated under 
Regulation 34 of the SEBI (LODR) Regulations, 2015 is presented 
in a separate section forming part of this Annual Report.
15. 	 DIRECTORS AND KEY MANAGERIAL PERSONNEL
	
The Board of the Company is formed with an optimum 
combination of Executive and Non-Executive Directors, which 
not only meet the legal obligation but also make a diversified 
Board with a mixed blend of experiences, expertise, and 
professionals. The details of Board and committee composition, 
tenure of directors, areas of expertise and other details are 
available in the Corporate governance report that forms part of 
this Annual Report.
	
RETIREMENT BY ROTATION
	
As per Section 152 of the Companies Act, 2013, at least two- 
thirds of the Directors shall be subject to retirement by rotation. 
One-third of such Directors must retire from office at each 
Annual General Meeting “AGM” of the shareholders and a 
retiring Director is eligible for re-election. Accordingly, Mr. Anil 
Singhvi, Non-executive, Non-Independent Director, who retires 
by rotation at the ensuing AGM and being eligible, offers himself 
for re-appointment.
	
APPOINTMENT/ RE-APPOINTMENT/CESSATION
	
Mr. Vinod Kumar Padmanabhan at the Board Meeting held on 
April 17, 2023, had requested early retirement from the position 
of Managing Director & Chief Executive Officer of the Company 
which would have been otherwise valid till March 31, 2024. 
The Board of Directors took note of it and reluctantly accepted 
his request. Mr. Vinod Kumar Padmanabhan continued as the 
Managing Director & Chief Executive Officer of the Company 
till close of business hours on May 1, 2023, and is currently 
serving on the Board of the Company as Non-Executive, Non-
Independent Director. 
	
Ms. Nisha Dutt resigned as Non-Executive Independent Director 
of the Company with effect close of business hours on May 1, 
2023. Further, the Board of Directors, on the recommendation 
of the Nomination & Remuneration Committee appointed Ms. 
Nisha Dutt as the Chief Executive Officer of the Company with 
effect from May 2, 2023.
	
The Board of Directors, at its meeting held on February 3, 2023, 
based on the recommendation of Nomination & Remuneration 
Committee had re-appointed Mr. Shiva Shankar Naga Roddam, 
as a Whole-Time director (liable to retire by rotation) of the 
company for a further period of 3 (three) years, with effect from 
February 7, 2023 to February 6, 2026, subject to the approval 
of the Members. The Company proposed the special resolution 
for obtaining the shareholders’ approval vide Postal Ballot 
Notice dated February 3, 2023. However, the Special Resolution 
proposed in the Postal Ballot notice dated February 3, 2023 
was not passed by requisite majority. Consequently, Mr. Shiva 
Shankar Naga Roddam discontinued as a Director as well as 
Whole-time Director of the Company with effect from close of 
business hours on May 03, 2023.
	
The Board of Directors at its meeting held on August 8, 2023, 
based on the recommendation of Nomination & Remuneration 
Committee has appointed Mr. Rupinder Goel and Ms. Archana 
Muthappa as Additional Directors (Category: Non-Executive, 
Independent) on the Board of the Company for a period of 
3 (three) years commencing from August 8, 2023, subject to 
the approval of the shareholders of the Company by way of a 
Special Resolution. The said agenda forms a part of the Notice 
of the 29th Annual General Meeting which is being placed before 
the shareholders for their approval.
	
The details regarding the familiarization program for Independent 
Directors is available on the website of the Company under the 
link https://www.subex.com/investors/shareholder-services/.
	
KEY MANAGERIAL PERSONNEL
	
The following have been designated as the Key Managerial 
Personnel of the Company pursuant to Sections 2(51) and 
203 of the Companies Act, 2013 read with the Companies 
(Appointment and Remuneration of Managerial Personnel) 
Rules, 2014:
Sr. 
No.
Name of Key Managerial Personnel
Designation
1.
Mr. Vinod Kumar Padmanabhan 
(Resigned w.e.f. May 1, 2023) 
Managing Director & 
CEO
2.
Ms. Nisha Dutt (assumed the role of 
CEO with effect from May 2, 2023)
Chief Executive Officer
3.
Mr.  Shiva Shankar Naga Roddam 
(Resigned w.e.f. May 3, 2023)
Whole-time Director 
& COO
4.
Mr. Sumit Kumar
Chief Financial Officer
5.
Mr.  G V Krishnakanth
Company Secretary & 
Compliance Officer

19
Subex Annual Report 2022-23
16. 	 BOARD MEETINGS
	
During the year, five Board Meetings were convened and held. 
The intervening gap between the meetings was within the 
period prescribed under the Companies Act, 2013 and the SEBI 
(LODR), Regulations, 2015. The dates on which meetings were 
held are as follows:
Board Meeting Number
Date of Meeting
1/2022-23
April 5, 2022
2/2022-23
May 30, 2022
3/2022-23
August 8, 2022
4/2022-23
November 14, 2022
5/2022-23
February 3, 2023
	
The details of the attendance of the Directors are provided in the 
Report on Corporate Governance.
17. 	 PERFORMANCE EVALUATION
	
Pursuant to the provisions of the Companies Act, 2013 and 
Regulation 17(10) of the SEBI (LODR) Regulations, 2015, the 
Board at its meeting held on April 17, 2023, carried out an annual 
performance evaluation of its own performance, the Chairman 
and the Directors individually, as well as the evaluation of the 
working of its committees. The manner of evaluation has been 
explained in the Report on Corporate Governance.
	
The Independent Directors of the Company at its separate 
meeting held during the year also reviewed the performance 
of Non-Independent Directors and Board as a Whole and 
Chairman of the Company taking into account the views of 
Executive Directors and Non-Executive Directors.
18. 	 DETAILS RELATING TO REMUNERATION OF DIRECTORS, KEY 
MANAGERIAL PERSONNEL
	
The Company’s Policy on Director’s Appointment and 
Remuneration has been uploaded on the website of the 
Company https://www.subex.com/investors/shareholder-
services/. Disclosure pertaining to remuneration and other 
details as required under Section 197(12) of the Companies Act, 
2013 read with Rule 5(1) of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014 is given in 
“Annexure D”, which is annexed hereto and forms part of the 
Directors’ Report.
19.	 AUDIT COMMITTEE
	
As on March 31, 2023, the Audit Committee consisted of 4 
(four) Directors as its members.
Composition
Category
Ms. Nisha Dutt (Chairperson)
Independent Director
Mr. Anil Singhvi
Non-Executive, 
Non-Independent Director
Ms. Poornima Prabhu
Independent Director
Mr. George Zacharias
Independent Director
	
Note: The Board re-constituted the Committee with effect from May 02, 
2023 pursuant to the changes in the Board of Directors
	
The role, terms of reference, authority and power of the 
Audit Committee are in conformity with the provisions of the 
Companies Act, 2013 and Regulation 18 of the SEBI (LODR) 
Regulations, 2015 (including amendments thereto).
20.	 AUDITORS
	
There are no instances of frauds reported by auditors pursuant 
to sub-section (12) of Section 143 which are reportable to the 
Central Government.
	
STATUTORY AUDITORS
	
M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, 
Bengaluru (FRN 101049W/E300004), were appointed as the 
Statutory Auditors of the Company for a term of 5 years at the 
21st AGM of the Company held on June 19, 2015. Based on the 
recommendations of the Audit Committee, the Board at its 
meeting held on May 11, 2020, approved the re-appointment of 
M/s. S. R. Batliboi & Associates LLP for a term of 5 years, from the 
conclusion of the 26th AGM up to the conclusion of the 31st AGM 
and the said re-appointment was approved by the members at 
the 26th AGM of the Company.
	
There are no qualifications, reservations, adverse remarks or 
disclaimers made by Statutory Auditors of the Company in the 
Audit Report.
	
SECRETARIAL AUDITORS
	
Pursuant to the provisions of Section 204 of the Companies Act, 
2013 and the Companies (Appointment and Remuneration of 
Managerial Personnel) Rules 2014, the Company has appointed 
M/s. V Sreedharan & Associates, a firm of Company Secretaries in 
practice to undertake the Secretarial Audit of the Company. The 
Secretarial Audit Report and the Annual Secretarial Compliance 
Report are annexed herewith as “Annexure C”.
	
The Secretarial Audit Report for the year ended March 31, 2023, 
does not contain any qualifications, reservations, or adverse 
remarks.
21.	 PARTICULARS OF EMPLOYEES
	
In terms of the provisions of Section 197(12) of the Companies Act, 
2013 and Rule 5(2) and 5(3) of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014, a statement 
comprising the names of top 10 (ten) employees in terms of 
remuneration drawn and every person employed throughout or 
part of the financial year, who were in receipt of remuneration as 
per the prescribed limit, forms part of Directors’ Report.
	
The above Annexure is not being sent along with this Annual 
Report to the Members of the Company in line with the 
provision of Section 136 of the Companies Act, 2013. Members 
who are interested in obtaining these particulars may write to 
the Company Secretary at investorrelations@subex.com. The 
aforesaid Annexure is also available for inspection by Members 
on any working day at the Registered Office of the Company 
up to the date of the Annual General Meeting. Members 
seeking to inspect such documents can send an email at 
investorrelations@subex.com.

20
Subex Annual Report 2022-23
22.	 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
	
The Securities and Exchange Board of India (‘SEBI’), in May 2021 
introduced new sustainability related reporting requirements 
to be reported in the specific format which is a notable 
departure from the existing Business Responsibility Report and 
a significant step towards giving platform to the companies to 
report the initiatives taken by them in areas of environment, 
social and governance. Further, SEBI has mandated the 
top 1000 listed companies, based on market capitalization, 
to transition to Business Responsibility and Sustainability 
Reporting from FY 2022-23 onwards. In line with the above, the 
Business Responsibility and Sustainability Report forms part of 
this report and is also available on the Company’s website at 
https://www.subex.com/.
23.	 CONSERVATION OF ENERGY
	
Your Company is committed to the continual development of 
its products in a sustained environment, helping its customers to 
operate their businesses more efficiently and enabling them to 
reduce their use of sparse resources and minimize waste.
	
As a software product Company, the impact that the Company 
has on the environment from its own operations is relatively low 
when compared to companies in other industries. However, the 
Company recognizes that it still has a role to play in reducing 
the impact that global business has on the environment. 
Subex is committed to following the best practices to reduce 
utilization of power, natural resources like water and limited 
E-Waste disposal, executed through government recognized 
agencies. Though Subex does not fall under the category 
of manufacturing products and services impacting the 
environment, we implement few of the best practices with 
minimal investments through a five-year plan - agreement with 
an industry stalwart having expertise in energy conservation. 
This investment thereby results in monetary benefits / savings 
month on month, helping us recover the invested amount in a 
few months, ensuring continued savings through this initiative.
	
The Company has reduced its energy consumption and has 
added to its efforts of being eco-friendly. Suppliers delivering 
the products to Subex like lighting, diesel generators etc., abide 
by the guidelines laid out by the government.
	
Subex aims to reduce its impact on the environment by:
i.	
Monitoring the level of water and energy used along with 
the waste produced.
ii.	
Targeting a reduction in the use of plastics, electricity and 
water, along with an increase in amount of waste that is 
recycled/ reused etc.
iii.	
Increasing the awareness on environment safety and 
engagement of employees in such measures.
iv.	
Adopting sustainable practices designed to ensure the 
health and safety of Subex’s employees, stakeholders, and 
the environment.
v.	
Operating its business in compliance with applicable 
environmental laws and regulations.
24.	 TECHNOLOGY ABSORPTION, ADOPTION, INNOVATION AND 
PRODUCT DEVELOPMENT
	
Subex is one of the first Product companies from India and is the 
first Product company from India in the Telecom domain.
	
The portfolio of products has contributed to success in this 
domain and has also built a strong foundation to add value 
to our customers, independent of the economic and market 
conditions. The last few years have seen a rapid change 
in technologies being leveraged and this has been further 
influenced by the Digital Transformation of services and 
portfolio within our customer base. Subex has a dedicated 
team to explore these new technologies which then contribute 
to innovations on the existing Portfolio as well as creation of 
new Product Intellectual Property. The Products developed and 
released by this team influence our ability to compete and win, 
while also delivering value to our customers. Please refer the 
Management Discussion & Analysis for further details on our 
products.
25.	 FOREIGN EXCHANGE INFLOW AND OUTFLOW
	
During the year 2022-23, total foreign exchange inflow and 
outflow of the Company is as follows:
i)	
Foreign Exchange inflow ` 23,601 lakhs (Previous Year 
` 3,510 lakhs)
ii)	
Foreign Exchange outflow ` 10,592 lakhs (Previous Year 
` 511 lakhs)
26.	 CORPORATE SOCIAL RESPONSIBILITY
	
To enable contribution to the society and other stakeholders, the 
Company has constituted the Corporate Social Responsibility 
Committee (CSR Committee) comprising of the following 
Directors as on March 31, 2023:
Composition
Category
Mr. Anil Singhvi (Chairman)
Non-Executive, 
Non-Independent Director
Ms. Nisha Dutt
Independent Director
Mr. Vinod Kumar Padmanabhan
Managing Director & CEO 
Mr. Shiva Shankar Naga Roddam
Whole-Time Director & 
COO
	
Note: The Board re-constituted the Committee with effect from May 02, 
2023 pursuant to the changes in the Board of Directors
	
Pursuant to the CSR Policy adopted by the Board, the Company 
proposes to undertake such activities as may be useful and 
contributive in nature.
	
Particulars required to be disclosed pursuant to the Companies 
(Corporate Social Responsibility Policy) Rules, 2014, (including 
amendments, if any) are given in “Annexure F” to this report.
	
The CSR Committee charter and the CSR Policy of the 
Company are available on the website at the below link 
https://www.subex.com/investors/shareholder-services/.

21
Subex Annual Report 2022-23
	
SUBEX CHARITABLE TRUST
	
The Subex Charitable Trust (“SCT”) extends the outlook of Subex 
as a corporate entity into community service. SCT was set up to 
provide welfare activities for the underprivileged and the needy 
in society. SCT is managed by trustees elected from among the 
employees of the Company. Please refer page 12 of the Annual 
Report for details of the activities conducted during the year.
27.	 RISK MANAGEMENT POLICY & IMPLEMENTATION
	
The Risk Management Committee, as required under Regulation 
21 of the SEBI (LODR) Regulations, 2015 has been constituted 
by the Company. According to Regulation 21(5) of the said 
Regulations, the provisions of Risk Management Committee 
shall be applicable to top 1000 listed entities, determined based 
on market capitalization.
	
The Company has developed and adopted a Risk Management 
Policy. This policy identifies all perceived risks which might 
impact the operations and on a more serious level also threaten 
the existence of the Company. Risks are assessed department 
wise such as financial risks, information technology related risks, 
legal risks, accounting fraud, etc. The Management also ensures 
that the Company is taking appropriate measures to achieve 
prudent balance between risk and reward in both ongoing and 
new business activities.
28.	 HUMAN RESOURCE MANAGEMENT
	
A detailed report on Human Resource Management is given in 
the Management Discussion and Analysis, forming part of the 
Annual Report.
29.	 CREDIT RATING:
	
During 
the 
financial 
year 
2022-23, 
CRISIL 
vide 
its 
letter 
ref 
no. 
RL/GDS21072/301927/Corporate 
Credit 
Rating/1022/44925/96327563 dated October 19, 2022, has, 
after due consideration, revised the Corporate Credit Rating 
(CCR) of Subex Limited to CCR BBB+/Negative (pronounced as 
CCR triple B plus rating with Negative outlook) from CCR A-/
Stable (pronounced as CCR A minus rating with Stable outlook).
	
Based on the request of the Company vide its letter dated 
March 28, 2023, requesting CRISIL Ratings to withdraw the 
outstanding Corporate Credit Rating of Subex Limited, CRISIL 
vide its letter ref no. RL/GDS21072/317608/Corporate Credit 
Rating/0423/57907/96327563 dated April 21, 2023, has 
withdrawn the “CCR BBB+Negative” (pronounced as CCR 
triple B plus rating with Negative outlook) rating assigned to the 
Company.
30.	 INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
	
In accordance with the provision of Section 134(5)(e) of the 
Companies Act, 2013 and as per the provisions of the SEBI 
(LODR), Regulations, 2015, the Company has an Internal Control 
System, commensurate with the size, scale and complexity of its 
operations.
	
Such Internal Financial Controls were found to be adequate 
for a Company of this size. The controls are largely operating 
effectively since there has not been identification of any material 
weakness in the Company. The Directors have in the Directors 
Responsibility Statement under paragraph (e) of the Section 
confirmed the same to this effect. The Company has policies and 
procedures in place for ensuring proper and efficient conduct 
of its business, the safeguarding of its assets, the prevention and 
detection of frauds and errors, the accuracy and completeness of 
the accounting records and timely preparations, reliable financial 
information. The Company has adopted accounting policies 
which are in line with Indian Accounting Standards (“Ind AS”).
	
Pursuant to the provisions of Section 134(5)(f) of the Act, the 
Company during the year devised proper systems to ensure 
compliance with the provisions of all applicable laws. In effect, 
such a compliance system was largely found to be adequate 
and operating effectively. The Directors have in the Directors 
Responsibility Statement under paragraph (f) of the Section also 
confirmed the same to this effect.
	
The Internal Auditors monitor and evaluate the effectiveness 
and adequacy of the internal control system in the Company, 
its compliance with operating systems, accounting procedures 
and policies at all locations of the Company and its subsidiaries. 
Based on the report of Internal Auditors, process owners 
undertake corrective action in their respective areas and 
thereby strengthen the controls. Significant audit observations 
and corrective actions thereon are presented to the Audit 
Committee of the Board.
	
Subex is certified for ISO 9001:2015 (Quality Management 
System) and ISO 27001:2013 (Information Security Management 
System). Internal audits are conducted periodically for projects 
and support functions to adhere to these international standards. 
These audits are conducted across Bengaluru, UK and US 
locations to ensure processes are followed to provide a better 
customer experience. Summary of the audits are shared across 
organization to help understand strengths and weaknesses in the 
system. People’s involvement in organization process initiatives 
is one that approaches towards achieving better compliance, 
standardizing activities to consistently achieve better customer 
satisfaction.
	
This year Subex focused on additional security awareness 
programs and improve the existing business continuity controls 
owing to the pandemic. Additionally, we continued to identify 
and involve relevant stakeholders to review and align the 
processes to Subex’s Business objectives.
31.	 VIGIL MECHANISM/ WHISTLE BLOWER POLICY
	
The Company has implemented a vigil mechanism policy 
to deal with instances of fraud, leakage of unpublished price 
sensitive information and mismanagement, if any. The policy 
also provides for adequate safeguards against victimization of 
persons who use such a mechanism and makes provision for 
direct access to the Chairperson of the Audit Committee in all 
cases. The details of the policy are posted on the website of 
the Company under the link https://www.subex.com/investors/ 
shareholder-services/. There were no complaints received 
during the year 2022-23.

22
Subex Annual Report 2022-23
32.	 POLICY ON SEXUAL HARRASSMENT OF WOMEN AT 
WORKPLACE
	
The Company has zero tolerance towards sexual harassment 
at the workplace and towards this end, has adopted a policy in 
line with the provisions of the Sexual Harassment of Women at 
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and 
the Rules thereunder. All employees (permanent, contractual, 
temporary, trainees) are covered under the said policy. An 
Internal Complaints Committee (ICC) chaired by a senior 
female employee of the Company, has been set up to redress 
complaints received under this Act.
	
During the year under review, no complaints have been received 
by the Company.
33.	 RECLASSIFICATION OF PROMOTER/ PROMOTER GROUP:
	
During the financial year 2022-23, the Company vide e-mail 
dated July 29, 2022, had received request letters dated 
28th July, 2022 from Mr. Subash Menon, Mr. Sudeesh Yezhuvath, 
Promoters of the Company and Kivar Holdings Pvt. Ltd, member 
of the Promoter Group of the Company, to reclassify themselves 
from the existing “Promoters/Promoter Group category” to 
“Public category” of the Company, pursuant to Regulation 
31A of SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015. After analyzing the said request of 
reclassification and having discussed in detail, the Board of 
Directors of the company at their meeting held on August 8, 
2022, had favorably considered the request for reclassification 
and have accorded their approval to the said re-classification 
subject to the approval of the members of the Company and the 
other regulatory authorities, if any, in terms of Regulation 31A of 
SEBI (LODR) Regulations, 2015. Further, the shareholders of the 
Company at the 28th Annual General Meeting held on Monday, 
September 19, 2022, have approved the reclassification request 
received from Mr. Subash Menon, Mr. Sudeesh Yezhuvath and 
Kivar Holdings Private Limited, Persons belonging to Promoter 
& Promoter Group for reclassification from “Promoter/Promoter 
Group” category to “Public” category. 
	
Subsequently, the Company has filed an application dated 
October 17, 2022, with the BSE Limited and National Stock 
Exchange of India Limited. The Company also provided its 
responses to the queries raised by the respective exchange(s) 
and is awaiting the approval of the exchange(s).
34.	 DECLARATION FROM INDEPENDENT DIRECTORS
	
The Company has received declarations from all the 
Independent Directors of the Company confirming that they 
meet the criteria of independence as prescribed both under 
the Companies Act, 2013 and SEBI (Listing Obligations and 
Disclosure Requirements) Regulations, 2015.
35.	 RELATED PARTY TRANSACTIONS
	
All related party transactions that were entered into during 
the financial year were on an arm’s length basis and were in 
the ordinary course of business. There were no materially 
significant related party transactions made by the Company 
with its Promoters, Directors, Key Managerial Personnel or other 
designated persons which may have a potential conflict with the 
interest of the Company at large. Further, none of the Directors 
had any pecuniary relationships of transactions vis-à-vis the 
Company.
	
All related party transactions are placed before the Audit 
Committee and the Board for approval. Prior omnibus approval 
of the Audit committee is obtained for transactions which are 
of a foreseen and repetitive nature. A statement giving details of 
all related party transactions entered pursuant to the omnibus 
approval so granted, is placed before the Audit Committee and 
the Board of Directors for their review on a quarterly basis.
	
The Company has entered into sub-contracting arrangements 
with its subsidiaries, based on transfer pricing methodology, 
for development and enhancement of its products as well as 
marketing of its products by the subsidiaries across locations. 
The Company has also entered marketing arrangements with 
its subsidiaries wherein there is a cross-charge done by the 
subsidiaries towards its efforts for the same.
	
The Policy on Related party transactions as approved by the 
Board is uploaded on the Company’s website under the link 
https://www.subex.com/investors/shareholder-services/.
	
Particulars of Contracts or Arrangements with Related parties 
referred to in Section 188(1) in Form AOC 2 are enclosed to this 
report as “Annexure E”.
36.	 SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE 
REGULATORS OR COURTS
	
There were no significant and material order passed by the 
Regulators or Courts during the financial year 2022-23
37.	 ANNUAL RETURN
	
A copy of the Annual Return of the Company for the Financial 
Year 2022-23, as required under Section 92(3) read with Section 
134(3)(a) of the Companies Act, 2013 and Rule 12 of the 
Companies (Management and Administration) Rules, 2014 shall 
be placed on the Company’s website at https://www.subex.
com/investors/announcement-filing/#disclosures.
38.	 LISTING WITH STOCK EXCHANGES
	
The Company has paid the Annual Listing Fees for the year 
2022-23 and 2023-24 to the Exchanges’ where the Company’s 
shares are listed i.e., the National Stock Exchange of India 
Limited (‘NSE’) and BSE Limited (‘BSE’).
39.	 MAINTENANCE OF COST RECORDS
	
Maintenance of cost records as specified by the Central 
Government under Section 148 (1) of the Companies Act, 2013, 
is not applicable to the Company as the Company operates out 
of a Special Economic Zone (SEZ).
40. 	INSOLVENCY AND BANKRUPTCY CODE
	
During the year, there was no application made or any 
proceeding pending under the Insolvency and Bankruptcy 
Code, 2016 (31 of 2016), hence the requirement to disclose the 
details of application made or proceeding pending at the end of 
financial year is not applicable.

23
Subex Annual Report 2022-23
41. DISCLOSURE UNDER RULE 8(5)(XII) OF THE COMPANIES 
(ACCOUNTS) RULES, 2014
	
During the year, there were no instances where your Company 
required the valuation for one time settlement or while taking 
the loan from the Banks or Financial institutions.
42.	 DIRECTORS’ RESPONSIBILITY STATEMENT
	
In accordance with the provision of Section 134(3)(c) of the 
Companies Act, 2013, the Board of Directors affirms:
a)	
In the preparation of the annual accounts for the financial 
year ended March 31, 2023, the applicable accounting 
standards have been followed along with proper 
explanation relating to material departures;
b)	
That the accounting policies have been selected and 
applied consistently and it has made judgments and 
estimates that are reasonable and prudent so as to give a 
true and fair view of the state of affairs of the Company as 
of March 31, 2023, and of the profit of the Company for the 
year ended on that date;
c)	
That proper and sufficient care has been taken for 
the maintenance of adequate accounting records in 
accordance with the provisions of the Companies Act, 
2013 for safeguarding the assets of the Company and for 
preventing and detecting fraud and other irregularities;
d)	
That the accounts for the year ended March 31, 2023, have 
been prepared on a going concern basis;
e)	
That internal financial controls have been laid down to 
be followed by the Company and such internal financial 
controls were adequate and were operating effectively;
f)	
That systems to ensure compliance with the provisions of 
all applicable laws were in place and such systems were 
adequate and operating effectively.
43.	 APPRECIATION/ACKNOWLEDGEMENTS
	
Your Directors thank the customers, vendors, investors, 
shareholders’ and bankers for their continued support during 
the year. We place on record our appreciation for the support 
/ co-operation extended by the various departments of 
Government of India, Government of Karnataka, Central and 
State Government authorities particularly SEZ authorities, 
Ministry of Corporate Affairs, Central Board of Direct Taxes, 
Central Board of Indirect Taxes and Customs, Banks, the Ministry 
of Commerce and Industry, Ministry of Labour and Employment, 
Reserve Bank of India, the Securities and Exchange Board of 
India, BSE Limited, National Stock Exchange of India Limited, 
National Securities Depository Limited, Central Depository 
Services (India) Limited, the National Company Law Tribunal, 
Bengaluru Bench and other State Government authorities and 
look forward to their support in all future endeavors.
	
Your Directors also wish to place on record their deep 
appreciation to Subexians at all levels for their hard work, 
solidarity, co-operation, and support, as they are instrumental in 
your Company scaling new heights, year after year.
For Subex Limited
Anil Singhvi
Chairman, Non-Executive, Non-Independent Director
Place: Bengaluru
Date: August 8, 2023

24
Subex Annual Report 2022-23
ANNEXURE A
Information as of March 31, 2023 pertaining to the Employee Stock Option Scheme of the Company
Sl. 
No
Particulars
ESOP 2018
1
a) Options granted as on March 31, 2023
2,61,38,500
b) Options granted during the year
Nil
2
Options vested as on March 31, 2023
2,08,55,308
3
Options exercised as on March 31, 2023
1,32,39,200
4
No. of shares arising as a result of exercise of options during the year ended March 31, 2023
NIL#
5
Options Lapsed as on March 31, 2023
50,17,842**
6
Exercise Price
` 6 to ` 20
7
Variation of terms of options
None
8
Money realized by exercise of options as on March 31, 2023
` 7,94,35,200
9
Total number of options in force
95,81,458
10
Employee wise details of options granted during the year under review to:
(i) Key managerial personnel
Nil
(ii) other employee receiving a grant in the year of option amounting to 5% or more of options granted 
during that year
Nil
(iii) identified employees who were granted option, during the year, equal to or exceeding 1% of the issued 
capital (excluding outstanding warrants and conversions) of the Company at the time of grant.
Nil
11
Diluted Earnings Per Share (EPS) pursuant to issue of shares on exercise of option calculated in accordance 
with Indian Accounting Standard (Ind AS) 33 ‘Earnings per share’
` (1.25)
12
Where the Company has calculated the employee compensation cost using the intrinsic value of 
the stock options, the difference between the employee compensation cost so computed and the 
employee compensation cost that shall have been recognized if it had used the fair value of the 
options.
The impact of this difference on profits and on EPS of the Company is:
N.A
13
Weighted-average exercise prices and weighted-average fair values of options separately for options whose 
exercise price either equals or exceeds or is less than the market price of the stock. (As per note 34 of the 
Standalone financials)
Refer note 34 of the Standalone
financials statements
14
Description of the method used during the year to estimate the fair values of options, including the following 
weighted-average information:
Black Scholes
Model
i. risk-free interest rate
Refer note 34 the Standalone
financials statements
ii. expected life
iii. expected volatility
iv. expected dividends
v. market price on grant date
**In accordance with the provisions of the ESOP Scheme 2018, lapsed options are reissued.
# There are no fresh equity shares arising out of exercise of options during the year ended March 31, 2023. Shares were transferred from the 
ESOP Trust against the exercise of options.
For Subex Limited	
        
Anil Singhvi	
        
Chairman, Non-Executive, Non-Independent Director            	
        
Place: Mumbai
Date: May 15, 2023	
        

25
Subex Annual Report 2022-23
ANNEXURE- B
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE
To,
Members of Subex Limited
We have examined the compliance of conditions of Corporate Governance by Subex Limited (“the Company”) having CIN: 
L85110KA1994PLC016663, for the purpose of certifying of the Corporate Governance under Regulation 17 to 27, clauses (b) to (i) of Regulation 
46(2) and paragraphs C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from the 
period April 01, 2022, to March 31, 2023. We have obtained all the information and explanations which to the best of our knowledge and belief 
were necessary for the purposes of certification.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to procedures 
and implementation thereof, adopted by the Company for ensuring the compliance with the conditions of Corporate Governance. It is neither 
an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied 
with the conditions of Corporate Governance as stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and 
paragraphs C, D and E of Schedule V of the Listing Regulations, as applicable of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015. 
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness 
with which the management has conducted the affairs of the Company.
Date: May 15, 2023  
Place: Bengaluru
UDIN: F007834E000304671 
For BMP & Co. LLP                                                
Company Secretaries
                                                                                                                                            
Pramod S M                                                                        
Partner                                                                  
FCS 7834 / CP No. 13784

26
Subex Annual Report 2022-23
ANNEXURE C
Form No. MR-3
SECRETARIAL AUDIT REPORT
[Pursuant to Sub Section (1) of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies 
(Appointment and Remuneration of Managerial Personnel) Rules, 2014] 
FOR THE FINANCIAL YEAR ENDED: MARCH 31, 2023
To,
The Members,
SUBEX LIMITED
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices 
by Subex Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for 
evaluating the corporate conducts/statutory compliances and expressing my opinion thereon. 
Based on our verification of the Company’s Books, Papers, Minute Books, Forms and Returns filed and other Records maintained by the 
company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of 
secretarial audit, we hereby report that in our opinion, the company has, during the financial year ended on March 31, 2023 (the audit period) 
complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism 
in place to the extent, in the manner and subject to the reporting made hereinafter: 
We have examined the books, papers, minute books, forms and returns filed, and other records maintained by the Company during the audit 
period according to the provisions of: 
i)	
The Companies Act, 2013 (the Act) and the rules made thereunder.
ii)	
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder.
iii)	
The Depositories Act, 1996 and the Regulations and Byelaws framed thereunder.
iv)	
Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment and 
Overseas Direct Investment. There was no External Commercial Borrowing by the Company during the period under review.
v)	
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a)	
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
b)	
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
c)	
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Not Applicable to the 
Company during the Audit Period).
d)	
The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
e)	
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2021 (Not Applicable to the Company 
during the Audit Period).
f)	
The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 
(Not Applicable to the Company during the Audit Period).
g)	
The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (Not Applicable to 
the Company during the Audit Period).
h)	
The Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993 regarding the 
Companies Act and dealing with client.
i)	
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (Not Applicable to the Company during 
the Audit Period).
j)	
The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; (Not Applicable to the Company during the 
Audit Period) and
k)	
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
vi)	
Other Laws Applicable Specifically to the Company namely:
a)	
Information Technology Act, 2000 and the rules made thereunder.

27
Subex Annual Report 2022-23
b)	
Special Economic Zones Act, 2005 and the rules made thereunder.
c)	
The Copyright Act, 1957.
We have also examined the compliance with the applicable clauses of the following:
a)	
Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meeting.
b)	
Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited.
We have not examined compliance by the Company with applicable financial laws, like direct and indirect tax laws, since the same have been 
subject to review by statutory financial audit and other designated professionals.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc., 
mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, and 
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried 
out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days 
in advance except with respect to those agenda items which the company deemed to be unpublished price sensitive information (UPSI), and 
a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful 
participation at the meeting.
As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous, and no dissenting 
views have been recorded.
We further report that based on the review of the compliance reports/ certificates of the Company Secretary which were taken on record 
by the Board of Directors, there are adequate systems and processes in the Company commensurate with the size and operations of the 
Company to monitor and ensure compliance with applicable laws, rules, regulations, and guidelines.
The following events / actions having a major bearing on the company’s affairs in pursuance of the above referred laws, rules, regulations, 
guidelines etc. during the audit period:
a)	
Application for re-classification of persons belonging to the category of Promoter/ Promoter Group to public was made to National Stock 
Exchange of India Limited and BSE Limited and awaiting for approvals.
For V. SREEDHARAN & ASSOCIATES
Company Secretaries
(Pradeep B. Kulkarni)
Partner
FCS: 7260; CP No. 7835 
Place: Bengaluru
Date: 15.05.2023
UDIN: F007260E000305833
Peer Review Certificate No: 589/2019
This report is to be read with our letter of even date which is annexed as Annexure - 1 and forms an integral part of this report.

28
Subex Annual Report 2022-23
‘Annexure - 1’
To, 
The Members,  
Subex Limited
Pritech Park – SEZ, Block -09, 4th Floor, B Wing
Survey No. 51 to 64/4, ORR, Bellandur Village, Varthur Hobli
Bangalore – 560103
Our report of even date is to be read along with this letter:
1.	
Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express an opinion on 
these secretarial records based on our audit.
2.	
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the 
contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. 
We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
3.	
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
4.	
Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening 
of events etc.
5.	
The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. 
Our examination was limited to the verification of procedures on test basis.
6.	
The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which 
the management has conducted the affairs of the company.
For V. SREEDHARAN & ASSOCIATES
(Pradeep B. Kulkarni)
Partner
FCS: 7260; CP No. 7835 
Place: Bengaluru
Date: 15.05.2023
UDIN Number: F007260E0003058333
Peer Review Certificate No. 589/2019

29
Subex Annual Report 2022-23
Secretarial compliance report of Subex Limited for the financial year ended March 31, 2023
[Pursuant to Regulation 24A of the Securities and Exchange Board of India 
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
We have conducted the review of the compliance of the applicable statutory provisions and the adherence to good corporate practices by 
Subex Limited (hereinafter referred as ‘the listed entity’), having its Registered Office at Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 
51-64/4, ORR, Bellandur Village, Varthur Hobli Bengaluru 560103.
Secretarial Review was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances 
and to provide our observations thereon.
Based on our verification of the listed entity’s books, papers, minutes books, forms and returns filed and other records maintained by the listed 
entity and also the information provided by the listed entity, its officers, agents and authorized representatives during the conduct of Secretarial 
Review, we hereby report that the listed entity has, during the review period covering the financial year ended on March 31, 2023 complied 
with the statutory provisions listed hereunder in the manner and subject to the reporting made hereinafter:
We have examined:
(a)	 all the documents and records made available to us and explanation provided by Subex Limited (“the listed entity”);
(b)	 the filings/ submissions made by the listed entity to the stock exchanges;
(c)	 website of the listed entity;
(d)	 any other document/ filing, as may be relevant, which has been relied upon to make this report;
for the year ended March 31, 2023 (‘Review Period’) in respect of compliance with the provisions of:
(a)	 the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars, guidelines issued thereunder; and
(b)	 the Securities Contracts (Regulation) Act, 1956 (“SCRA”), rules made thereunder and the Regulations, circulars, guidelines issued thereunder 
by the Securities and Exchange Board of India (“SEBI”);
The specific Regulations, whose provisions and the circulars / guidelines issued thereunder, have been examined, include: -
(a)	 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(b)	 The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
(c)	 Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(d)	 Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not Applicable to the Company during the Review 
Period).
(e)	 The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
(f)	
Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. (Not 
Applicable to the Company during the Review Period).
(g)	 Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(h)	 The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (Not Applicable to the 
Company during the Review Period).
Based on the above examination, we hereby report that, during the Review Period:
I.	
(a) 	 The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued thereunder.
(b)		 The listed entity was not required to take any action as there was no observations made by the Practicing Company Secretary 
(Secretarial Auditors) in previous reports.

30
Subex Annual Report 2022-23
II.	
Compliances related to resignation of statutory auditors from listed entities and their material subsidiaries as per SEBI Circular CIR/CFD/
CMD1/114/2019 dated 18th October, 2019:
Sl. No.
Particulars
Compliance Status
(Yes/No/ N.A)
Observations/ Remarks by PCS
1. 
Compliances with the following conditions while appointing / re-appointing an auditor.
i.	
If the auditor has resigned within 45 days from the end of a quarter 
of a financial year, the auditor before such resignation, has issued 
the limited review / audit report for such quarter; or
Not applicable
The auditors of the listed entity have not 
resigned during the Review Period.
ii.	
If the auditor has resigned after 45 days from the end of a quarter 
of a financial year, the auditor before such resignation, has issued 
the limited review / audit report for such quarter as well as the next 
quarter; or
Not applicable
iii. 	
If the auditor has signed the limited review/ audit report for the 
first three quarters of a financial year, the auditor before such 
resignation, has issued the limited review/ audit report for the last 
quarter of such financial year as well as the audit report for such 
financial year.
Not applicable
2.
Other conditions relating to resignation of statutory auditor
i.	
reporting of concerns by auditor with respect to the listed entity / its 
material subsidiary to the audit committee:
a.	
In case of any concern with the management of the 
listed entity/material subsidiary such as non-availability of 
information / non-cooperation by the management which 
has hampered the audit process, the auditor has approached 
the Chairman of the Audit Committee of the listed entity and 
the Audit Committee shall receive such concern directly and 
immediately without specifically waiting for the quarterly Audit 
Committee meetings.
b.	
In case the auditor proposes to resign, all concerns with 
respect to the proposed resignation, along with relevant 
documents has been brought to the notice of the Audit 
Committee. In cases where the proposed resignation is due 
to non-receipt of information / explanation from the Listed 
entity, the auditor has informed the Audit Committee the 
details of information/ explanation sought and not provided 
by the management, as applicable.
c. 	
The Audit Committee / Board of Directors, as the case may be, 
deliberated on the matter on receipt of such information from 
the auditor relating to the proposal to resign as mentioned 
above and communicate its views to the management and 
the auditor.
ii. 	
Disclaimer in case of non-receipt of information:
	
The auditor has provided an appropriate disclaimer in its audit 
report, which is in accordance with the Standards of Auditing as 
specified by ICAI / NFRA, in case where the listed entity/ its material 
subsidiary has not provided information as required by the auditor.
Not applicable
The Auditors of the listed entity have not 
reported any concerns during the Review 
Period.
3.
The listed entity / its material subsidiary has obtained information from 
the Auditor upon resignation, in the format as specified in Annexure- A in 
SEBI Circular CIR/CFD/CMD1/114/2019 dated 18th October, 2019.
Not applicable
The auditors of the listed entity have not 
resigned during the Review Period.

31
Subex Annual Report 2022-23
III.	
We hereby report that, during the Review Period the compliance status of the listed entity is appended as below:
Sr. 
No.
Particulars
Compliance Status
Observations/ remarks by PCS
1.
Secretarial Standards
The compliances of the listed entity are in accordance with the applicable 
Secretarial Standards (SS) issued by the Institute of Listed entity Secretaries 
India (ICSI) as notified by the Central Government under Section 118 (10) 
of the Companies Act, 2013 and mandatorily applicable.
Yes
NIL
2.
Adoption and timely updation of the Policies:
•	
All applicable policies under SEBI Regulations are adopted with the 
approval of board of directors of the listed entities.
•	
All the policies are in conformity with SEBI Regulations and has 
been reviewed & timely updated as per the regulations / circulars / 
guidelines issued by SEBI.
Yes
Yes
NIL
NIL
3.
Maintenance and disclosures on Website:
•	
The Listed entity is maintaining a functional website.
•	
Timely dissemination of the documents/ information under a 
separate section on the website.
•	
Web-links provided in annual corporate governance reports under 
Regulation 27(2) are accurate and specific which re-directs to the 
relevant document(s) / section of the website. 
Yes
Yes 
Yes
NIL
NIL
NIL
4.
Disqualification of Director:
•	
None of the Directors of the Listed entity are disqualified under 
Section 164 of Companies Act, 2013 as confirmed by the listed 
entity.
Yes
NIL
5.
Details related to Subsidiaries of listed entities have been examined w.r.t:
(a)	
Identification of material subsidiary companies. 
(b)	
Disclosure requirement of material as well as other subsidiaries. 
Yes
NIL
6.
Preservation of Documents:
The listed entity is preserving and maintaining records as prescribed under 
SEBI Regulations and disposal of records as per Policy of Preservation of 
Documents and Archival policy prescribed under SEBI LODR Regulations, 
2015.
Yes
NIL
7.
Performance Evaluation:
The listed entity has conducted performance evaluation of the Board, 
Independent Directors, and the Committees at the start of every financial 
year / during the financial year as prescribed in SEBI Regulations. 
Yes
Nil
8.
Related Party Transactions:
(a) 	
The listed entity has obtained prior approval of Audit Committee for 
all Related party transactions. 
(b) 	 In case no prior approval obtained, the listed entity shall provide 
detailed reasons along with confirmation whether the transactions 
were subsequently approved / ratified / rejected by the Audit 
committee.
Yes
Not Applicable
Nil
All related party transactions entered into 
by the listed entity during the Review 
Period were duly approved by the Audit 
Committee.
9.
Disclosure of events or information:
The listed entity has provided all the required disclosure(s) under 
Regulation 30 along with Schedule III of SEBI LODR Regulations, 2015 
within the time limits prescribed thereunder.
Yes
NIL
10.
Prohibition of Insider Trading:
The listed entity is in compliance with Regulation 3(5) & 3(6) of SEBI 
(Prohibition of Insider Trading) Regulations, 2015.
Yes
Nil

32
Subex Annual Report 2022-23
11.
Actions taken by SEBI or Stock Exchange(s), if any:
No Actions taken against the listed entity / its promoters / directors/ 
subsidiaries either by SEBI or by Stock Exchanges (including under the 
Standard Operating Procedures issued by SEBI through various circulars) 
under SEBI Regulations and circulars/ guidelines issued thereunder.
Yes
Nil
12.
Additional Non-compliances, if any:
No additional non-compliance observed for all SEBI regulation / circular 
/ guidance note etc.
Yes
Nil
For V. SREEDHARAN & ASSOCIATES
Company Secretaries
(Pradeep B. Kulkarni)
Partner
FCS: 7260; CP No. 7835
Place: Bengaluru
Date: 15.05.2023
UDIN: F007260D000386991
Peer Review Certificate No. 589/2019

33
Subex Annual Report 2022-23
Annexure- D
Particulars
(i) the ratio of the remuneration of each Director to 
the median remuneration of the employees of the 
Company for the financial year; *The remuneration 
paid also includes perquisites arising out of the 
exercise of ESOPs
Non-Executive Directors / Independent Director
Ratio to the median remuneration
Mr. Anil Singhvi
2.7 : 1
Ms. Nisha Dutt@
2.3 : 1
Ms. Poornima Prabhu
2.4 : 1
Mr. George Zacharias
1.9:1
Executive Directors
Ratio to the median remuneration
Mr. Vinod Kumar Padmanabhan#
30.38 : 1*
Mr. Shiva Shankar Naga Roddam$
13.98 : 1*
* The remuneration paid to Executive Directors also includes perquisites arising out of exercise of ESOPs.
@ Ms. Nisha Dutt was appointed as Chief Executive Officer of the Company with effect from May 02, 2023
# Mr Vinod Kumar Padmanabhan has resigned as Managing Director & CEO of the Company with effect 
from May 1, 2023
$ Mr. Shiva Shankar Naga Roddam has resigned as Whole-Time Director of the Company with effect from 
May 3, 2023
(ii) the percentage increase in remuneration of each 
Director, Chief Financial Officer, Chief Executive 
Officer, Company Secretary or Manager, if any, in 
the financial year
Directors, Chief Executive Officer, Chief Financial Officer and 
Company Secretary 
Percentage of increase in 
remuneration in the financial year
Mr. Anil Singhvi
Not applicable*
Ms. Nisha Dutt
Not applicable*
Ms. Poornima Prabhu
Not applicable*
Mr. George Zacharias
Not applicable*
Mr. Vinod Kumar Padmanabhan
NIL@
Mr. Shiva Shankar Naga Roddam
NIL#
Mr. Sumit Kumar
NIL
Mr. G V Krishnakanth 
12%
Note:
*Non-Executive Non-Independent and Independent Directors were not paid any remuneration except for 
commission for the FY 23.
@ Mr. Vinod Kumar Padmanabhan was paid a remuneration of ` 3,19,00,656 for the FY 23. The 
Remuneration paid also includes perquisites arising out of exercise of ESOPs.
# Mr. Shiva Shankar Naga Roddam was paid a remuneration of ` 1,46,77,071 for FY23.The Remuneration 
paid also includes perquisites arising out of exercise of ESOPs. He discontinued as a Director as well as 
Whole-time Director of the Company with effect from close of business hours on May 03, 2023. An 
amount of ` 1.5 Lakhs representing remuneration for the period February 07, 2023 to March 31, 2023 is 
recoverable from him.
(iii) the percentage increase in the median 
remuneration of employees in the financial year;
5%
(iv) the number of permanent employees on the 
rolls of Company;
677 employees as on March 31, 2023
(v) average percentiles increase already made 
in the salaries of employees other than the 
managerial personnel in the last financial year 
and its comparison with the percentile increase 
in the managerial remuneration and justification 
thereof and point out if there are any exceptional 
circumstances for increase in the managerial 
remuneration;
There was an average increase of 8% in the salaries of employees other than managerial personnel. There 
was no increase in the remuneration paid to the Managing Director & CEO and Whole-time Director & 
COO during the period under review. 
(vi) Affirmation that the remuneration is as per the 
remuneration policy of the Company.
The remuneration of Directors, Senior Management and Employees is as per the Remuneration Policy of 
the Company.

34
Subex Annual Report 2022-23
ANNEXURE- E
FORM AOC 2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and 
Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of 
Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.
1	
Details of contracts or arrangements or transactions not at arm’s length basis
1. 	 Name(s) of the related party and nature of relationship
NOT APPLICABLE
2.	 Nature of contracts/ arrangements/ transactions
3.	 Duration of the contracts/ arrangements/ transactions
4.	 Salient terms of the contracts or arrangements or transactions including the value, if any
5. 	 Justification for entering such contracts or arrangements or transactions
6. 	 Date(s) of approval by the Board
7. 	 Amount paid as advances, if any:
8. 	 Date on which the special resolution was passed in general meeting as required under 
first proviso to section 188
2.  	Details of material contracts or arrangement or transactions at arm’s length basis
(a) Name(s) of the related party and nature of relationship
(a)	Subex Technologies Limited
(b)	Subex (UK) Limited
(c)	Subex Americas Inc.
(d)	Subex (Asia Pacific) Pte Limited
(e)	Subex Inc.
(f)	Subex Middle East (FZE)
(g)	Subex Azure Holdings Inc
(h)	Subex Assurance LLP
(i)	 Subex Digital LLP
(j)	 Subex Bangladesh Private Limited
(k)	Subex Account Aggregator Services Private Limited
(All the aforementioned entities are subsidiaries of Subex 
Limited)
(b) Nature of contracts/ arrangements/ transactions
A. Sub-Contracting Transactions
•	 Subex (Asia Pacific) Pte. Ltd
•	 Subex Inc.
•	 Subex Middle East (FZE)
•	 Subex Americas Inc
•	 Subex Bangladesh Private Limited
•	 Subex (UK) Limited
•	 Subex Assurance LLP
•	 Subex Digital LLP
B. Marketing & Support Services Expense Transactions
•	 Subex (Asia Pacific) Pte. Ltd
•	 Subex Inc.
•	 Subex Middle East (FZE)
•	 Subex (UK) Limited
•	 Subex Americas Inc
•	 Subex Bangladesh Private Limited
•	 Subex Assurance LLP
•	 Subex Digital LLP
C. Royalty expense
•	 Subex Assurance LLP

35
Subex Annual Report 2022-23
D. Reimbursement of expenses
•	 Subex (UK) Limited
•	 Subex Middle East (FZE)
•	 Subex (Asia Pacific) Pte Ltd 
•	 Subex Assurance LLP
•	 Subex Digital LLP
•	 Subex Inc.
•	 Subex Americas Inc
•	 Subex Bangladesh Private Limited
•	 Subex Account Aggregator Services Private Limited
E. Share of profit/ (loss)
•	 Subex Assurance LLP
•	 Subex Digital LLP
F. Allocation of Employee Stock option expenses
•	 Subex Digital LLP
(c) Duration of the contracts/ arrangements/ transactions
The transactions mentioned in 2(b) above are continuing 
contracts.
(d) Salient terms of the contracts or arrangements or transactions including the value, if any:
A. Sub-Contracting Transactions
The subsidiary transfers a portion of the revenue generated by 
them to the ultimate holding Company
B. Marketing & Support Services Expense Transactions
The subsidiary transfers the cost incurred in earning the revenue 
to the ultimate holding Company
C. Royalty expense
Royalty paid by Subex Ltd to Subex Assurance LLP for the right 
to use of Developed Technology transferred under Business 
restructuring.
D. Reimbursement of expenses
Group entities incur cost on behalf of other entities for 
administrative convenience, which is then cross charged to the 
respective entity on cost-to-cost basis.
E. Reimbursement of ESOP expenses
The holding company transfers the ESOP expense incurred 
on pertaining to ESOPs held by the employees of respective 
subsidiaries.
F. Share of Profit/ (Loss)
Subex Assurance LLP and Subex Digital LLP transfers share of 
profit/ (loss) incurred during the year to the respective partners 
as per the partnership deed.
The details pertaining to the value of transactions, form part 
of the Related Party Schedule to the Standalone Financial 
Statements. (Note 31)
(e) Date(s) of approval by the Board, if any:
May 15, 2023
(f) Amount paid as advances, if any:
NA
For Subex Limited	
Anil Singhvi	
Chairman, Non-Executive, Non-Independent Director              
DIN:00239589	
Place: Mumbai
Date: May 15, 2023	
	

36
Subex Annual Report 2022-23
ANNEXURE- F
ANNUAL REPORT ON CSR ACTIVITIES
Sustainable practices have always been an integral part of Subex Limited. Corporate Social Responsibility is a large part of our overall sustainability 
policy encompassing social action. The Subex Charitable Trust is our primary social responsibility trust. The objectives are enabling education 
of eligible students from financially weaker sections of society, vocational training for women, amongst others.
OBJECTIVE AND SCOPE
The objective of the Corporate Social Responsibility (“CSR”) policy of Subex Limited (“the Company”) is to lay down guidelines to enable the 
Company to take the required measures to make a meaningful contribution to the society and other stakeholders. The Policy is available on 
https://www.subex.com/investors/shareholder-services/.
The CSR Activities of the Company will be focused on:
a) 	 eradicating extreme hunger and poverty; b) promotion of education; c) promoting gender equality and empowering women; d) reducing 
child mortality and improving maternal health; e) combating human immunodeficiency virus, acquired immune deficiency syndrome, 
malaria and other diseases; f) ensuring environmental sustainability; g) employment enhancing vocational skills; h) social business projects; 
i) contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government or the State Governments 
for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward 
classes, minorities and women; and j) such other matters as may be prescribed.
	
For more detail visit https://www.subex.com/social-responsibility/
1.	
CSR COMMITTEE & ITS COMPOSITION
To enable the Company to take required measures to make a meaningful contribution to society and other stakeholders, it has constituted the 
Corporate Social Responsibility Committee (CSR Committee) comprising of the following Directors as on March 31, 2023, and the Committee 
meets as and when required. The details of the composition of the Committee and the CSR Policy of the Company are available under 
https://www.subex.com/investors/shareholder-services/.
Sl. 
No.
Name of Director
Designation / Nature of 
Directorship
Number of meetings of 
CSR Committee held 
during  the year
Number of meetings of 
CSR Committee attended 
during the year
1
Mr. Anil Singhvi (Chairman)
Non-Executive, Non-Independent Director
0
N.A.
2
Ms. Nisha Dutt
Independent Director
0
N.A.
3
Mr. Vinod Kumar Padmanabhan
Managing Director & CEO
0
N.A.
4
Mr. Shiva Shankar Naga Roddam
Whole-Time Director & COO
0
N.A.
Note: The Board re-constituted the Committee with effect from May 08, 2023 pursuant to the changes in the Board of Directors
1.	
Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate 
Social responsibility Policy) Rules, 2014, if applicable.
	
Not applicable
2.	
Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) 
Rules, 2014 and amount required for set off for the financial year, if any
	
Not applicable
3.	
Average net profit of the Company as per section 135(5): Not applicable, as the Company has incurred an average net loss during the 
preceding 3 financial years.
4.	
(a) 	 Two percent of average net loss of the company as per section 135(5): Not Applicable
(b) 	 Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
(c) 	 Amount required to be set off for the financial year, if any: NIL
(d) 	 Total CSR obligation for the financial year (4a+4b+4c): NIL. for FY 2022-23

37
Subex Annual Report 2022-23
5.	
(a)	  CSR amount spent or unspent for the financial year: NIL
Total Amount Spent for the 
Financial Year (in `)
Amount Unspent (in `)
Total Amount transferred to Unspent CSR 
Account as per Section 135(6)
Amount transferred to any fund specified under Schedule VII as per 
second proviso to section 135(5)
Amount
Date of transfer
Name of the Fund
Amount
Date of transfer
NIL
NIL
NIL
NIL
NIL
Not applicable
(b) 	 Details of CSR amount spent against ongoing projects for the financial year ended March 31, 2023:
1
2
3
4
5
6
7
8
9
10
11
Sl. 
No
Name 
of the 
Project
Item from 
the list of 
activities in 
schedule 
VII to the 
Act.
Local 
area 
(Yes
/No).
Location of the 
project.
Project 
duration.
Amount 
allocated for 
the project
(in `).
Amount 
spent in the
current 
financial 
Year (in `)
Amount transferred 
to Unspent CSR 
Account for the 
project as per 
Section 135(6)
(in `).
Mode of 
Implementation 
- Direct (Yes/No)
Mode of Implementation 
- Through Implementing 
Agency
State
District
Name
CSR 
Registration no
Not applicable
(c) 	 Details of CSR amount spent against other than ongoing projects for the financial year: NIL
(d) 	 Amount spent in Administrative Overheads: Nil
(e)	 Amount spent on Impact Assessment, if applicable: Not applicable
(f)	
Total amount spent for the Financial Year (6b+6c+6d+6e): NIL
(g) 	 Excess amount for set off, if any: Nil
Sl. No.
Particular
Amount (in `)
(i)
Two percent of average net loss of the company as per section 135(5)
Not applicable, as the Company has incurred a
net loss during the preceding 3 financial years
(ii)
Total amount spent for the Financial Year
Not applicable
(iii)
Excess amount spent for the financial year [(ii)-(i)]
Not applicable
(iv)
Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any
Not applicable
(v)
Amount available for set off in succeeding financial years [(iii)-(iv)]
Not applicable
6.     (a)	 Details of Unspent CSR amount for the preceding three financial years:
Sl. No
Preceding Financial 
Year.
Amount transferred 
to Unspent CSR 
Account under 
section 135(6) (in `)
Amount spent in the 
reporting Financial 
Year (in `).
Amount transferred to any fund specified under 
Schedule VII as per section 135(6), if any.
Amount remaining 
to be spent in 
succeeding
financial years. (in `)
Name of the
Fund
Amount (in `).
Date of
transfer
1
Not applicable
2
3
4

38
Subex Annual Report 2022-23
(b) 	 Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): NA
1
2
3
4
5
6
7
8
9
Sl. No
Project ID.
Name of the 
Project.
Financial Year 
in which the 
project was 
commenced.
Project 
duration.
Total amount 
allocated for 
the project 
(in `).
Amount spent on 
the project in the 
reporting Financial 
Year (in `).
Cumulative amount 
spent at the end of 
reporting Financial 
Year. (in `)
Status of 
the project - 
Completed /
Ongoing.
1
Not applicable
2
3
TOTAL
7.	
In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the 
financial year.
	
(Asset-wise details).
(a) 	 Date of creation or acquisition of the capital asset(s).: Not applicable
(b) 	 Amount of CSR spent for creation or acquisition of capital asset.: NIL
(c) 	 Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.: NA
(d) 	 Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset): NA
8. 	 Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5).
The Company has incurred net losses during the preceding 3 financial years; hence there is no obligation for the Company to make CSR 
contribution for the financial year 2022-2023.
For Subex Limited
Anil Singhvi
Chairman, Non-Executive, Non-Independent Director 
Place: Bengaluru
Date: August 8, 2023
Note: The Company has incurred net losses during the preceding 3 financial years. Though it is not mandatory to incur any expenditure on 
CSR activities, the SCT has undertaken and contributed towards certain activities. Please refer Page 12 of the Annual Report for details.

39
Subex Annual Report 2022-23
REPORT ON CORPORATE GOVERNANCE
I.	
COMPANY’S PHILOSOPHY ON CODE OF 
CORPORATE GOVERNANCE
	
The Ideology of Corporate Governance is based on fairness, 
openness, professionalism, accountability and focuses on the 
sustainable success of the Company and building confidence 
of its various stakeholders, thereby paving a way for long 
term growth. The Company believes that good Corporate 
Governance emerges from the application of the best and sound 
management practices and compliance with the laws coupled 
with adherence to the highest standards of transparency 
and business ethics. Therefore, the situation, performance, 
ownership, and governance of the Company are equally 
important with respect to the structure, activities and policies 
of the organization. Subex Limited’s (‘Subex / the Company’) 
compliance with the Corporate Governance guidelines as 
stipulated by the Stock Exchanges and the Securities and 
Exchange Board of India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015 [“SEBI (LODR), Regulations, 
2015”] is described in this section.
	
For the success of the organization, we believe it requires highest 
standards of corporate behavior towards everyone we work 
with, the communities we touch and the environment on which 
we have an impact. This is our road to consistent, competitive, 
profitable and responsible growth and creating long-term value 
for our stakeholders, our people and our business partners. 
These principles have been the guiding force for our operations 
which we will endeavor in years to come.
	
The Company’s Corporate Governance philosophy is based on 
the following principles:
•	
Satisfy the spirit of the law and not just the letter of the law
•	
Be transparent and maintain high degree of disclosure 
levels
•	
Communicate externally, in a truthful manner, about how 
the Company is run internally
•	
Comply with the laws in all the countries in which the 
Company operates
	
Subex is committed to good Corporate Governance practices. 
Consistent with this commitment, Subex seeks to achieve a 
high level of responsibility and accountability in its internal 
systems and policies. Subex respects the inalienable rights of 
the shareholders to information on the performance of the 
Company and has always ensured transparency to stakeholders. 
The Company ensures, among others, the accountability of the 
Board of Directors and the importance of its decisions to all its 
participants viz., customers, employees, investors, regulatory 
bodies etc.
	
All details mentioned in this Report are as on March 31, 2023, 
unless otherwise stated. Material changes and events between 
the end of the financial year and date of the report are provided 
wherever required.
II.	 BOARD OF DIRECTORS
	
The Board of the Company is formed with an optimum 
combination of Executive and Non-Executive Directors, which 
not only meet the legal obligation but also make a diversified 
Board with a mixed blend of experiences, expertise, and 
professionals. As on March 31, 2023, the Board of Directors of 
Subex Limited comprises of six directors out of which two are 
Executive Directors, three are Independent Directors and one 
Non-Executive Director. The Independent Directors satisfy the 
criteria of independence specified in the Act and as laid down 
under Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015. 
They also meet the criteria for their appointment formulated 
by the Nomination & Remuneration Committee (‘NRC’) as 
approved by the Board. The Chairman of the Board is Non-
Executive Director and is not related to the Managing Director & 
Chief Executive Officer (‘CEO’) of the Company.
	
Director’s Profile:
	
The Board of Directors is composed of highly renowned 
professionals drawn from diverse fields, who bring with them 
wide range of skill and experience to the Board, which enhances 
the quality of the Board’s decision-making process.
	
The brief profile of the Company’s Board of Directors is as 
under:
	
Mr. Anil Singhvi, Chairman, Non-Executive, Non-Independent 
Director is a Chartered Accountant and has over three decades 
of experience in the corporate sector and has rich expertise in 
financial, strategic planning for business and related aspects. 
Apart from Subex Limited he is also on the board of reputed 
companies like Shree Digvijay Cement Co. Limited, IDFC Limited, 
Assets Care & Reconstruction Enterprise Limited, to name a few.
	
Mr. Vinod Kumar Padmanabhan, Managing Director & CEO 
has over two decades of experience in the corporate world and 
has spearheaded several initiatives that helped the Company 
engage with its customer as a long-term strategic partner. He 
is also involved in the field of sales, customer interaction and 
negotiation wherever needed. Since April 01, 2018, he has been 
instrumental in ramping up Subex’s operations in Africa, Eastern 
Europe and the Middle East. He has been successful in meeting 
the top industry heads and has been a part of several discussion 
forums which has added value to the company in attracting the 
business talents and major business dealings.
	
Ms. Poornima Prabhu, Independent Director holds a Bachelor 
of Arts 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 Of Counsel at J. Sagar 
Associates. She has rich experience in corporate law, including 
mergers and acquisitions, divestment and litigation settlement. 
She has been instrumental on Board and helps to ensure the 
good governance aspect with respect to conduct of Board 
meetings by giving valuable suggestions to major decision-
making aspects of the Board and Committees.

40
Subex Annual Report 2022-23
	
Ms. Nisha Dutt, Independent Director holds a Master’s in 
Business Administration and provides her expertise to the 
management in devising the business management, strategic 
plans and adds value towards solving the management related 
queries. She has played a vital role as the CEO of Intellecap 
and was responsible for front - ending the conceptualization 
programmes.
	
Mr. George Zacharias, Independent Director has over three 
decades of diverse and successful work experience. He holds a 
graduate degree in Chemical Engineering and a PG Diploma in 
Business Management. He has worked with reputed companies 
across and assists the management in decision making process 
concerning with the business strategy and operational matters. 
He has served on reputed companies like Yahoo! Netherlands 
B.V., Mindtree Ltd to name a few and is currently serving as an 
Independent Director on the Board of Matrimony.com.
	
Mr. Shiva Shankar Naga Roddam is the Whole-Time Director & 
Chief Operating Officer and is responsible for Sales, Marketing, 
Engineering & Delivery of Subex Group. He has over two 
decades of experience in Telecommunications, Cloud and 
PaaS. He comes with extensive international experience 
and ability to scale businesses in competitive environments, 
particularly around the SaaS space. He holds a degree in 
Business Management with specialization in Sales & Marketing. 
He has been instrumental in bringing great business deals and 
has added value to the Company.
	
Details of appointments/ re-appointments/ resignations:
i.	
The members at the 28th AGM approved the re-appointment 
of Mr. Anil Singhvi, Director liable to retire by rotation, as the 
Non-Executive, Non-Independent Director of the Company
ii.	
The members at the 28th AGM approved the re-appointment 
of Ms. Poornima Prabhu as an Independent Director of the 
Company for a period of 5 (five) years with effect from July 
28, 2022.
iii.	
Mr. Vinod Kumar Padmanabhan at the Board Meeting held 
on April 17, 2023 had requested for early retirement from 
the position of Managing Director & Chief Executive Officer 
of the Company which would have been otherwise valid 
till March 31, 2024. The Board of Directors took note of 
it and reluctantly accepted his request. Mr. Vinod Kumar 
Padmanabhan continued as the Managing Director & Chief 
Executive Officer of the Company till close of business 
hours on May 1, 2023 and is currently serving on the Board 
of the Company as Non-Executive, Non- Independent 
Director.
iv.	
Consequent to the resignation of Mr. Vinod Kumar 
Padmanabhan from the position of Managing Director & Chief 
Executive Officer of the Company, the Board of Directors on 
the recommendation of the Nomination & Remuneration 
Committee at their meetings held on April 17, 2023 appointed 
Ms. Nisha Dutt as the Chief Executive Officer of the Company. 
Ms. Nisha Dutt had been on the Board of Directors of the 
Company since 2015 as Independent Director. She resigned 
from her current role as the Independent Director and 
assumed the role of Chief Executive Officer of the Company 
with effect from May 2, 2023.
v.	
The Board of Directors, at its meeting held on February 
3, 2023, based on the recommendation of Nomination 
& Remuneration Committee had re-appointed Mr. Shiva 
Shankar Naga Roddam, as the Whole-Time director of the 
company for a further period of 3 (three) years, with effect 
from February 7, 2023 to February 6, 2026, subject to the 
approval of the Members. The Company proposed the 
special resolution for obtaining the shareholders’ approval 
vide Postal Ballot Notice dated February 3, 2023. However, 
the Special resolution proposed in the Postal Ballot notice 
dated February 3, 2023 was not passed by requisite 
majority. Consequently, Mr. Shiva Shankar Naga Roddam 
discontinued as a Director as well as Whole-time Director 
of the Company with effect from close of business hours 
on May 03, 2023.
vi.	
The Board of Directors at its meeting held on August 8, 
2023, based on the recommendation of Nomination & 
Remuneration Committee has appointed Mr. Rupinder 
Goel and Ms. Archana Muthappa as Additional Directors 
(Category: Non-Executive, Independent) on the Board of 
the Company for a period of 3 (three) years commencing 
from August 8, 2023, subject to the approval of the 
shareholders of the Company by way of a Special 
Resolution. The said agenda forms a part of the Notice 
of the 29th Annual General Meeting which is being placed 
before the shareholders for their approval.
A.	
Board Process:
	
The Board meets at regular intervals or at least once in each 
quarter to discuss and decide on Company / Business policy 
and strategy apart from other Board business specifically 
reserved for its attention to ensure that it exercises full control 
over significant strategic, financial, operational and compliance 
matters. The Board / Committee Meetings are pre-scheduled 
and informed to the Directors well in advance to facilitate them 
to plan their schedule and to ensure meaningful participation in 
the meetings. However, in case of a special and urgent business 
need, the Board’s approval is taken by passing resolutions by 
circulation, as permitted by law, which are noted and confirmed 
in the subsequent Board Meeting.
	
The agenda items along with notes and information thereto 
(except for the price sensitive information, which is either 
placed at the meeting or sent just before meeting) as provided in 
Secretarial Standard (SS-1) on “Meeting of the Board of Directors” 
read with SEBI (LODR) Regulations, 2015 and Companies 
Act, 2013 (“Act”), are circulated to all Board Members well in 
advance before the Board Meetings. Additional agenda in the 
form of ‘Other Business” are included with the permission 
of the Chairman and with the consent of the majority of the 
Independent Directors present at the meeting.

41
Subex Annual Report 2022-23
B.	
Details of attendance of Board of Directors and other directorship/committee positions, etc. as on March 31, 2023:
Director
Position & Category
No. of 
Board 
Meetings
Held
No. of 
Board 
Meetings 
Attended
Last AGM 
Attended
Directorships^ 
held in 
other public 
companies 
No. of 
Committees 
in Which the 
Director is 
Chairman #
No. of 
Committees 
in Which the 
Director Is 
Member #
Mr. Anil Singhvi
Chairman, Non-Executive, 
Non-Independent Director
5
5
Yes
5
2
3
Mr. Vinod Kumar Padmanabhan
Managing Director & 
Chief Executive Officer 
[Executive/ WTD]
5
5
Yes
1
-
-
Ms. Nisha Dutt
Independent Director
5
5
Yes
-
-
-
Ms. Poornima Prabhu
Independent Director
5
5
Yes
-
-
-
Mr. George Zacharias
Independent Director
5
5
Yes
1
-
1
Mr. Shiva Shankar Naga Roddam
Whole-Time Director & 
COO [Executive/ WTD]
5
5
Yes
1
-
-
	
Details of Directorships along with category held by Directors in other Listed Entities**:
Name of the Director
Name of the Listed Entity
Category of Directorship
Mr. Vinod Kumar Padmanabhan
Nil
Nil
Mr. Anil Singhvi
IDFC Limited
Non-Executive, Independent Director
Shree Digvijay Cement Co Limited
Executive Director
Ms. Nisha Dutt
Nil
Nil
Ms. Poornima Prabhu
Nil
Nil
Mr. George Zacharias
Matrimony.com Limited
Non-Executive, Independent Director
Mr. Shiva Shankar Naga Roddam
Nil
Nil
	
Notes:
	
^ For the purpose of reckoning Directorship /Committees position on which a Director can serve, all public limited companies, whether listed or not, have 
been included and all other companies including Subex Limited, private limited companies, foreign companies, and companies under Section 8 of the 
Companies Act, 2013, have been excluded.
	
# For the purpose of considering the limit of Committee membership and chairpersonship of a director, membership and chairpersonship of Audit Committee 
and Stakeholders Relationship Committee of public companies have been considered. Excludes the membership & chairpersonship in Subex Limited.
	
** Regulation 17A of the Listing Regulations provides for the inclusion of only equity listed entities for reckoning the directorship in the listed entity, hence 
directorships held in debt listed entities have not been considered for reporting as above
C.	
Number and Dates of Board Meetings:
	
Details of meetings of the Board held during the financial year 
2022-23 are as follows:
Sl. No
Board Meeting Number
Date of the Board Meeting
1.
No. 1/2022-23
April 5, 2022
2.
No. 2/2022-23
May 30, 2022
3.
No. 3/2022-23
August 8, 2022
4.
No. 4/2022-23
November 14, 2022
5.
No. 5/2022-23
February 3, 2023
D.	
Disclosure of relationships between directors inter-se:
	
There are no inter- se relationships between the Board members.
E.	
Details of Shareholding of Executive and Non-Executive 
Directors:
Name of the Director
No. of Shares 
Held as at 
March 31, 2023
% of equity
Mr. Anil Singhvi
60,000
0.011
Ms. Nisha Dutt
NIL
NA
Ms. Poornima Prabhu
NIL
NA
Mr. Vinod Kumar Padmanabhan
5,00,000
0.089
Mr. George Zacharias
NIL
NA
Mr. Shiva Shankar Naga Roddam
6,50,000
0.116
	
There are no convertible instruments held by the Executive and 
Non-Executive directors of the Company.

42
Subex Annual Report 2022-23
F.	
Term of Board Membership and Selection process:
	
The Board, on recommendations of the Nomination & 
Remuneration Committee of the Board [“NRC”], considers the 
appointment and reappointment of Directors. Section 149(10) 
of the Companies Act, 2013, provides that an Independent 
Director shall hold office up to five consecutive years on the 
Board of a Company, not liable to retire by rotation, and shall be 
eligible for re-appointment for a further term at a maximum of 
five years on passing of a special resolution by the Shareholders. 
Section 152 of the Companies Act, 2013, states that one-third 
of the Board members other than Independent Directors who 
are subject to retire by rotation, shall retire every year and are 
eligible for re-appointment, if approved by the Shareholders. 
The Non-Executive Non-Independent Director, Managing 
Director & Chief Executive Officer and the Whole-time Director 
of the Company are liable to retire by rotation and eligible for 
re-appointment, if approved by the Shareholders.
	
Recommending any new member on the Board is the 
responsibility of the NRC which consists of a majority of 
Independent Directors. Given the existing composition of 
the Board, the tenure as well as the years left of the existing 
members to serve on the Board, and the need for new domain 
expertise is reviewed by the NRC for the appointment of new 
member on the Board. When such a need becomes apparent, 
the NRC reviews potential candidates in terms of their expertise, 
attributes, personal and professional backgrounds, and their 
ability to attend meetings in India. It then places the details of 
shortlisted candidates to the Board for its consideration. If the 
Board approves, the person is appointed as an Additional Director 
of the Company and subject to the approval of Shareholders at 
the next general meeting they are appointed as Independent 
Director / Non-Executive Non-Independent Director / Executive 
Director, as the case may be.
G.	
Familiarization Programme for Independent Directors
	
Pursuant to Regulation 25(7) of the SEBI (LODR) Regulations, 
2015, 
the 
familiarization 
programme 
aims 
to 
provide 
independent directors with the industry scenario, the socio-
economic environment in which the Company operates, the 
business model, the operational and financial performance of 
the Company, significant developments to enable them to take 
well informed decisions in a timely manner. The familiarization 
programme also seeks to update the directors on the roles, 
responsibilities, rights and duties under the Companies Act, 2013 
and other statutes. Details of the familiarization programme 
imparted to independent directors can be accessed at 
https://www.subex.com/shareholder-services/.
	
Core Skills/Expertise/Competencies of the Board of Directors
	
The Board of Directors comprises of highly renowned 
professionals drawn from diverse fields. They bring with them 
a wide range of skills and experience to the Board, which 
enhances the quality of the Board’s decision-making process.
	
The following are the core skills, expertise and competencies 
for effective functioning of the Company which are currently 
available with the Board:
Competencies
/ Skills
Description
Finance and 
Governance
Financial 
management, 
Capital 
allocation, 
accounting, financial reporting, Compliance, best 
practices in governance, ethics and values to 
enhance the value of the stakeholders
Strategy
Management 
decisions, 
branding, 
operational 
integration, 
understanding 
diverse 
business 
environments, economic conditions and regulatory 
framework
Sales and 
marketing
Developing strategies for increasing market share, 
Sales growth, expanding global markets and 
enhance reputation of the organisation
Personnel and 
Leadership
People practices and policies, geographic, cultural 
and economic conditions and driving strengths and 
talent, succession planning, risk management and 
long-term growth.
	
The details of Directors of the Company who possess those skills/expertise/competencies are as given below:
Skills/ expertise/ competencies
Mr. Anil Singhvi
Ms. Nisha Dutt
Ms. Poornima 
Prabhu
Mr. Vinod Kumar 
Padmanabhan
Mr. George 
Zacharias
Mr. Shiva Shankar 
Naga Roddam
Finance - Financial management, Capital 
allocation, accounting, financial reporting


-

-

Governance - best practices in governance, 
ethics and values






Strategy - operational integration, 
understanding diverse business 
environments, economic conditions






Decision making - Management decisions, 
branding


-



Sales and marketing

-
-

-

Personnel and Leadership







43
Subex Annual Report 2022-23
H.	
Independent Directors and Declaration of Independence
	
As on March 31, 2023, the Company has three Independent 
Directors including two Women Independent Directors on 
the Board. All the Independent Directors satisfy the criteria of 
Independence as laid down in the Companies Act, 2013 and the 
SEBI (LODR) Regulation, 2015.
	
Considering the requirement of skill sets on the Board, eminent 
people having an independent standing in their respective 
profession, and who can effectively contribute to the Company’s 
business and policy decisions are considered by the NRC of 
the Company, for appointment as Independent Director on 
the Board. The NRC, inter alia, considers skills, qualifications, 
positive attributes, area of expertise, number of Directorship(s) 
and Membership(s) held in other companies by such persons, in 
accordance with Company’s policies on selection of Directors.
	
In terms of Regulation 25(8) of Listing Regulations, the 
Independent Directors have confirmed that they are not 
aware of any circumstance or situation that exists or may be 
reasonably anticipated that could impair or impact their ability 
to discharge their duties. All Independent Directors have given 
declarations that they meet the criteria of Independence as laid 
down under section 149(6) of the Companies Act, 2013 and 
Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015. Based 
on the declarations received from the Independent Directors, 
the Board of Directors has confirmed that they meet the criteria 
of independence as mentioned under Regulation 16(1)(b) of the 
SEBI (LODR) Regulations, 2015 and Section 149(6) of the Act and 
that they are independent of the management.
I.	
Directors Remuneration
	
The Company has a policy for the remuneration of Directors 
including Independent Directors. The remuneration policy lays 
down principles and parameters to ensure that remuneration 
is competitive, reasonable, and in line with corporate and 
individual performance. The Executive Director is appointed by 
Shareholders’ resolution which includes their remuneration to be 
paid to them which is in line with the statutory requirements and 
Company’s policies. The annual remuneration is recommended 
by the Nomination & Remuneration Committee to the Board 
for its consideration. While recommending remuneration, the 
committee also takes into account corporate performance 
in a given year and individual performance parameters. The 
remuneration is within the limits approved by Shareholders. 
Perquisites and retirement benefits are paid in accordance 
with the Company’s compensation policies, as applicable to all 
employees. Independent Directors are entitled to receive sitting 
fees and reimbursement of any expenses for attending meetings 
of the Board and its Committees. The Remuneration paid by the 
Company is in conformity with the provisions of the Companies 
Act, 2013, and has been considered and approved by the Board 
and the Shareholders. The Company has not granted any stock 
options to Independent Directors.
	
The members at the 27th AGM of the Company approved the 
payment of remuneration by way of commission to Non-
Executive and/Independent Directors, a sum not exceeding 1% 
per annum of the net profits of the Company. In any financial 
year, if the company has no profits or its profits are inadequate, 
the company can pay remuneration to its Non-Executive and/ 
Independent Directors in accordance with Part II, Section II of 
Schedule V.
	
Details of the remuneration paid to the Directors (Executive/ 
Non-Executive/Independent Directors) as required under the 
SEBI (LODR) Regulation, 2015 as well as under the Companies 
Act, 2013 are provided as part of this report.
III.	 AUDIT COMMITTEE
	
The constitution of the Audit Committee complies with the 
requirement under Section 177 of the Companies Act, 2013 
and Regulation 18 of SEBI (LODR) Regulations. Ms. Nisha Dutt, 
Chairperson of the Audit Committee was present at the 28th 
Annual General Meeting. The Company Secretary acts as the 
Secretary to the Committee. The Chief Financial Officer, the 
Senior Management, the Statutory Auditors and the Internal 
Auditors are invited to attend all the meetings of the Committee.
A.	
Terms of Reference
	
The Audit Committee has, inter alia, the following mandate 
as prescribed under Part C of Schedule II of The SEBI (LODR) 
Regulations, 2015 and Section 177 of the Companies Act, 2013 
some of which are:
1.	
Overseeing of the Company’s financial reporting process 
and the disclosure of its financial information to ensure that 
the financial statement is correct, sufficient and credible.
2.	
Recommending to the Board, the appointment, re-
appointment, terms of appointment or reappointment and, 
if required, the replacement or removal of the statutory 
auditor and their remuneration.
3.	
Approving the payment to be made to the statutory auditors 
for any other services rendered by the statutory auditors.
4.	
Reviewing, with the management, the annual financial 
statements and auditors’ report thereon before submission 
to the board for approval, with particular reference to:
a)	
Matters required to be included in the Director’s 
Responsibility Statement to be included in the Board’s 
Report in terms of clause (c) of sub-section 3 of 
section 134 of the Companies Act, 2013.
b)	
Changes, if any, in accounting policies and practices 
and reasons for the same.
c)	
Major accounting entries involving estimates based on 
the exercise of judgment by management.
d)	
Significant 
adjustments 
made 
in 
the 
financial 
statements arising out of audit findings.
e)	
Compliance with listing and other legal requirements 
relating to financial statements.
f)	
Disclosure of any related party transactions.
g)	
Modified opinions in the draft audit report.
5.	
Reviewing, with the management, the quarterly financial 
statements before submission to the board for approval.

44
Subex Annual Report 2022-23
6.	
Reviewing, with the management, the statement of uses / 
application of funds raised through an issue (public issue, 
rights issue, preferential issue, etc.), the statement of funds 
utilized for purposes other than those stated in the offer 
document / prospectus / notice and the report submitted 
by the monitoring agency monitoring the utilization of 
proceeds of a public or rights issue, and making appropriate 
recommendations to the board to take up steps in this 
matter;
7.	
Reviewing and monitoring the auditor’s independence and 
performance, and effectiveness of audit process;
8.	
Reviewing, with the management, performance of statutory 
and internal auditor’s adequacy of the internal control 
systems
9.	
Reviewing the adequacy of internal audit function, if any, 
including the structure of the internal audit department, 
staffing and seniority of the official heading the department, 
reporting structure coverage and frequency of internal 
audit
10.	 Discussing with internal auditors any significant findings 
and follow up there on
11.	 Reviewing the findings of any internal investigations by 
the internal auditors into matters where there is suspected 
fraud or irregularity or a failure of internal control systems 
of a material nature and reporting the matter to the board
12.	 Discussing with statutory auditors before the audit 
commences, about the nature and scope of audit as well 
as post-audit discussion to ascertain any area of concern
13.	 Looking into the reasons for substantial defaults in the 
payment to the depositors, debenture holders, shareholders 
(in case of nonpayment of declared dividends) and creditors
14.	 Overseeing the functioning of the whistle blower/ vigil 
mechanism which shall provide for adequate safeguards 
against victimization of employees and directors who avail 
of the vigil mechanism and to take action against repeated 
frivolous complaints filed by director or employee.
15.	 Powers to investigate any activity within its terms of 
reference or referred to it by the Board, have full access 
to information contained in the books of accounts, seek 
information from any   employee, obtain outside legal 
or other professional advice and secure attendance of 
outsiders with relevant expertise, if it considers necessary.
16.	 Carrying out any other function as mentioned in the terms 
of reference of the Audit Committee and as prescribed 
under the SEBI (LODR) Regulations, 2015, the Companies 
Act, 2013 and the Rules made thereunder and any other 
statutory/regulatory body from time to time.
17.	 Examination of the financial statement and the auditors’ 
report thereon;
18.	 Scrutinizing the inter-corporate loans and investments;
19.	 Valuation of undertakings or assets of the Company, 
wherever it is necessary;
20.	 Evaluating 
the 
internal 
financial 
controls 
and 
risk 
management systems;
21.	 Monitoring the end use of funds raised through public 
offers and related matters.
22.	 Approving the appointment of CFO (i.e., the Whole-Time 
Finance Director or any other person heading the finance 
function or discharging that function) after assessing the 
qualifications, experience and background, etc. of the 
candidate;
23.	 Calling for comments of the auditors about internal control 
systems, the scope of audit, including the observations 
of the auditors and review of financial statement before 
their submission to the Board and discussing any related 
issues with the internal and statutory auditors and the 
management of the Company, if any
24.	 Approval or any subsequent modification of transactions of 
the Company with related parties.
25.	 Approval / recommendation to the Board of the transactions 
other than transactions referred to in Section 188.
26.	 Omnibus approval of the related party transactions 
proposed to be entered into by the Company subject to 
the provisions of the Companies Act 2013.
27.	 Ratification of the transactions upto Rs.1 crore entered into 
by a director or officer of the Company without obtaining 
prior approval of the Audit Committee.
28.	 Reviewing the utilization of loans and/ or advances from/ 
investment by the holding company in the subsidiary 
exceeding Rs.100 crore or 10% of the asset size of the 
subsidiary, whichever is lower including existing loans / 
advances / investments.
29.	 Considering and commenting on the rationale, cost-
benefits and impact of schemes involving merger, 
demerger, amalgamation etc., on the listed entity and its 
shareholders.
	
The 
Audit 
Committee 
charter 
containing 
terms 
of 
reference is also available on the Company’s website at 
https://www.subex.com/investors/shareholder-services/.
B.	
Composition of the Audit Committee as on March 31, 2023
Sl. 
No
Name of the Director
Category
1.
Ms. Nisha Dutt (Chairperson)
Independent Director
2.
Mr. Anil Singhvi
Non-Executive, 
Non-Independent Director
3.
Ms. Poornima Prabhu
Independent Director
4.
Mr. George Zacharias
Independent Director
	
Note: The Board re-constituted the Committee with effect from May 03, 
2023 pursuant to the changes in the Board of Directors

45
Subex Annual Report 2022-23
C.	
Meetings and Attendance of the Committee during the Year
	
During the financial year 2022-23, the following meetings of the 
Audit Committee were held:
Sl. 
No
Meeting No.
Date of the meeting
1.
No. 1/2022-23
May 30, 2022*
2.
No. 2/2022-23
August 8, 2022*
3.
No. 3/2022-23
November 14, 2022 *
4.
No. 4/2022-23
February 3, 2023*
	
*dates on which the Quarterly/Half Yearly/Year ended results for the 
financial year 2022-23 were considered.
	
The Attendance of the directors at the Audit Committee 
Meetings during the Financial Year 2022-23 are as follows:
Name of the Director
No. of Audit 
Committee 
Meetings Held
No. of Audit 
Committee 
Meetings Attended
Ms. Nisha Dutt (Chairperson)
4
4
Mr. Anil Singhvi
4
4
Ms. Poornima Prabhu
4
4
Mr. George Zacharias
4
4
	
The minutes of the meetings of the Audit Committee are placed 
before and noted by the Board. All recommendations made by 
the Audit Committee were accepted by the Board of Directors 
of the Company during the financial year 2022- 2023.
IV.	 NOMINATION & REMUNERATION COMMITTEE 
	
The Nomination & Remuneration Committee has been 
constituted as required under Section 178 of the Act and 
Regulation 19 of SEBI (LODR) Regulations, 2015. The Nomination 
& Remuneration Committee comprises of three directors out of 
which two are Independent directors including chairperson and 
one is Non-Executive Non-Independent director.
	
The Nomination & Remuneration Committee has, inter alia, the 
following mandate as prescribed under Part C of Schedule II of 
The SEBI (LODR) Regulations, 2015:
A.	
Terms of Reference
1.	
Formulation of the criteria for determining qualifications, 
positive attributes and independence of a director, KMP or 
other employees and recommend to the Board of Directors 
a policy relating to the appointment & remuneration of the 
directors, key managerial personnel and other employees;
2.	
For every appointment of an independent director, the 
Nomination and Remuneration Committee shall evaluate 
the balance of skills, knowledge and experience on the Board 
and on the basis of such evaluation, prepare a description of 
the role and capabilities required of an independent director. 
The person recommended to the Board for appointment as 
an independent director shall have the capabilities identified 
in such description. For the purpose of identifying suitable 
candidates, the Committee may:
a)	
use the services of an external agencies, if required;
b)	
consider candidates from a wide range of backgrounds, 
having due regard to diversity; and
c)	
consider the time commitments of the candidates.
3.	
Formulation of  criteria  for  evaluation  of  performance 
of independent directors and  the  board  of  directors 
and specifying the manner for effective evaluation of 
performance of Board, its committees and individual 
directors to be carried out either by the Board, the 
Committee or by an independent external agency and 
review its implementation and compliance.
4.	
Devising a policy on diversity of board of directors;
5.	
Identifying persons who are qualified to become directors 
and who may be appointed in senior management in 
accordance with the criteria laid down and recommend to 
the board of directors their appointment, remuneration and 
removal.
6.	
Develop and recommend to the Board succession plan 
for the key positions in the Company (the “Succession 
Plan”), to review the Succession Plan periodically, develop 
and evaluate potential candidates for executive positions 
and recommend to the Board any changes to, and 
any candidates for succession under, the Succession 
Plan and to perform a consultative and advisory role for 
any appointment requiring Board approval for the top 
management positions of the Company.
7.	
Administer the Company’s equity incentive plans, including 
the review and grant of options to eligible employees under 
the plans and the terms and conditions applicable to such 
options, subject to the provisions of each plan.
8.	
Deciding on whether to extend or continue the term of 
appointment of the independent director, on the basis 
of the report of performance evaluation of independent 
directors.
9.	
Recommend to the Board, all remuneration, in whatever 
form, payable to senior management.
10.	 Carrying out any other function as prescribed under the 
SEBI (LODR) Regulations, 2015, the Companies Act, 2013 
and the Rules made thereunder and any other statutory/ 
regulatory body from time to time.
	
The Nomination & Remuneration Committee charter containing 
terms of reference is also available on the Company’s website at 
https://www.subex.com/investors/shareholder-services/.
B.	
Composition of the Nomination & Remuneration Committee 
as on March 31, 2023 is as follows:
Sl. 
No
Name of the Director
Category
1
Ms. Poornima Prabhu 
(Chairperson)
Independent Director
2
Mr. Anil Singhvi
Non-Executive, 
Non-Independent Director
3.
Ms. Nisha Dutt
Independent Director
	
Note: The Board re-constituted the Committee with effect from May 03, 
2023 pursuant to the changes in the Board of Directors

46
Subex Annual Report 2022-23
C.	
Meetings and Attendance of the Committee during the Year
	
During the financial year 2022-23, the following meetings of the 
Nomination & Remuneration Committee are held:
Sl. 
No
Meeting No.
Date of the meeting
1.
No. 1/ 2022-23
May 9, 2022
2.
No. 2/ 2022-23
November 14, 2022
3.
No. 3/ 2022-23
December 9, 2022
4.
No. 4/ 2022-23
February 3, 2023
	
Ms. Poornima Prabhu, Chairperson of the Nomination & 
Remuneration Committee was present at the 28th Annual 
General Meeting.
	
Attendance of the members of the Nomination & Remuneration 
Committee meetings during the Financial Year 2022-23 were as 
follows:
Name of the Director
No. of Nomination 
& Remuneration 
Committee 
Meetings Held
No. of Nomination 
& Remuneration 
Committee 
Meetings Attended
Ms. Poornima Prabhu
4
4
Mr. Anil Singhvi
4
4
Ms. Nisha Dutt
4
4
	
The minutes of the meetings of the Nomination and 
Remuneration Committee are placed before and noted by 
the Board. All recommendations made by the Nomination 
and Remuneration Committee were accepted by the Board of 
Directors of the Company during the financial year 2022-2023.
D.	
Performance Evaluation
	
Pursuant to the provisions of the Companies Act, 2013 and 
Regulation 25 of the SEBI (LODR) Regulations, 2015, the Board 
has carried out the annual performance evaluation of its own 
performance, the directors individually, as well as the evaluation 
of all the Committees of the Board. The Committee formulated 
the criteria for evaluation of the Chairman, Board of Directors, 
Members of the Committee and Individual Directors and the 
evaluation is conducted accordingly. The evaluation criteria 
included aspects related to competency of directors, strategy 
and performance evaluation, governance, independence, 
effectiveness, structure of the board/committee, level of 
engagement and contribution, independence of judgement etc. 
The performance evaluation of the independent directors was 
carried out by the entire Board. The performance evaluation of 
the Chairman and non-independent directors was carried out 
by the independent directors. The directors expressed their 
satisfaction with the evaluation process and its results, which 
reflected in the overall management of the Board and its 
committees with the Company.
E.	
Remuneration Policy
	
The Remuneration Policy provides the framework to attract, 
motivate and retain qualified and expert individuals that the 
Company needs in order to achieve its strategic and operational 
objectives. The Remuneration policy is devised in accordance 
with Section 178(3) and 178(4) of the Companies Act, 2013 and is 
available on the website of the Company at https://www.subex.
com/investors/shareholder-services/. The Company follows 
a compensation mix of fixed pay, benefits and performance-
based variable pay and sharing of wealth through the Company’s 
stock options. Individual performance pay is determined by the 
combination of individual and business performance of the 
Company. The Company pays remuneration by way of salary, 
benefits, perquisites and allowances (fixed component) and 
performance incentives (variable component) to its Executive 
Directors and Key Managerial Personnel.
F.	
Remuneration of Directors
	
Pecuniary relationships or transactions
	
During the year under review, there was no pecuniary 
relationship or transactions between the Company and any of 
its Non-Executive Directors apart from sitting fees, commission 
and reimbursement of expenses incurred by them to attend the 
meetings of the Company.
	
Non-Executive Directors’ compensation and disclosures
	
The Non-Executive Directors are paid sitting fees for attending 
the meetings of the Board and Committees of the Board. During 
the year under review, the Company paid the sitting fee to Non-
Executive Director for attending meetings of the Board, Audit, 
Nomination and Remuneration, Stakeholders Relationship and 
Risk Management Committee.
	
In compliance with the provisions of the Act and SEBI (LODR) 
Regulations, 2015, the Non-Executive Directors including 
Independent Directors are also paid a commission, the amount 
whereof is recommended by the NRC and approved by the 
Board. The shareholders of the Company at its 27th Annual 
General Meeting held on July 9, 2021, had approved payment 
of commission to the Non-Executive Directors of the Company 
for each year commencing from financial year 2021. No Stock 
option has been granted to the Non-Executive Directors.
	
The details of the Commission and sitting fees paid/ payable 
to Non-Executive Directors for FY 2022-23 are given below:
(` in Lakhs)
Name of the Director
Sitting fees
Commission# 
(Relating to FY 
2022-23)
Mr. Anil Singhvi
19.00
9.00
Ms. Nisha Dutt
15.00
9.00
Ms. Poornima Prabhu
17.00
9.00
Mr. George Zacharias
11.00
9.00
	
# The Board at its meeting held on May 15, 2023 approved an amount 
of ` 36 lakhs be paid to the Independent Director and Non-Executive 
Director as Commission for the Financial Year 2022-23.
	
Remuneration of Executive Directors:
	
The compensation paid to the Executive Directors were 
within the limits approved by the Shareholders. The elements 
of the total compensation are approved by the Nomination & 
Remuneration Committee within the overall limits specified 
under the Companies Act, 2013. The elements of compensation 

47
Subex Annual Report 2022-23
of the Executive Directors include the fixed compensation, 
variable compensation in the form of annual incentive, benefits, 
work related facilities and perquisites. The Nomination & 
Remuneration Committee determines the annual variable 
pay compensation in the form of annual incentive and annual 
increment for the Executive Directors based on Company’s and 
individual’s performance as against the pre agreed objectives for 
the year.
	
Details of Remuneration of Executive Directors during the 
year are given below:
	
(` in Lakhs)
Particulars of Remuneration
Mr. Vinod 
Kumar 
Padmanabhan
Mr. Shiva 
Shankar Naga 
Roddam
Salary as per provisions contained 
in Section 17(1) of the Income Tax 
Act, 1961
174.09
74.30
Allowances and perquisites
136.28
68.51
Contribution to Retiral Funds
8.64
3.96
Total
319.01
146.77
Options Granted during the year
0
0
Options exercised during the year
5,00,000
1,50,000
No. of Shares held (as on March 
31, 2023)
5,00,000
6,50,000
Term of Service Contract
From April 01,
2021 till March
31, 2024*
From February 
01, 2021 till
February 06,
2023**
Notice Period
3 months
3 months
*	
Mr. Vinod Kumar Padmanabhan at the Board Meeting held 
on April 17, 2023 had requested for early retirement from 
the position of Managing Director & Chief Executive Officer 
of the Company which would have been otherwise valid 
till March 31, 2024. The Board of Directors took note of 
it and reluctantly accepted his request. Mr. Vinod Kumar 
Padmanabhan continued as the Managing Director & Chief 
Executive Officer of the Company till close of business hours 
on May 1, 2023 and is currently serving on the Board of the 
Company as Non-Executive, Non- Independent Director.  
**	
The Board of Directors, at its meeting held on February 
3, 2023, based on the recommendation of Nomination 
& Remuneration Committee had re-appointed Mr. Shiva 
Shankar Naga Roddam, as the Whole-Time director of the 
company for a further period of 3 (three) years, with effect 
from February 7, 2023 to February 6, 2026, subject to the 
approval of the Members. The Company proposed the 
special resolution for obtaining the shareholders’ approval 
vide Postal Ballot Notice dated February 3, 2023. However, 
the Special resolution proposed in the Postal Ballot notice 
dated February 3, 2023 was not passed by requisite 
majority. Consequently, Mr. Shiva Shankar Naga Roddam 
discontinued as a Director as well as Whole-time Director 
of the Company with effect from close of business hours 
on May 03, 2023. Accordingly an amount of ` 1.5 Lakhs 
representing remuneration for the period February 07, 2023 
to March 31, 2023 is recoverable from him.
Notes:
i)	
Salary includes fixed pay and performance linked variable pay
ii)	
In view of no profits / inadequate profit as computed in accordance 
with Section 198 of the Act, the Managing Director and CEO/ 
Whole-time Director and COO have been paid remuneration in 
accordance with Part II of Section II of Schedule V of the Act for the 
year ended March 31, 2023.
iii)	
Remuneration includes value of perquisites arising out of the 
exercise of employee stock options.
iv)	
The retirement benefit shall include benefits such as provident fund 
and gratuity.
G.	
Directors and Officers Insurance
	
Pursuant to requirement under Regulation 25(10) of SEBI (LODR) 
Regulations, 2015, the Company has undertaken Directors and 
Officers Insurance (‘D and O’ insurance) for all its Directors, 
including Independent Directors for such quantum and risks as 
determined by the Board of Directors of the Company.
V.	 STAKEHOLDERS RELATIONSHIP COMMITTEE
	
The Stakeholders Relationship Committee is responsible 
for addressing the investor complaints and grievances. The 
Committee meets on a periodic basis to address the investor 
complaints like transfer/ transmission of shares, non-receipt 
of annual report, non-receipt of declared dividends, issue of 
new/duplicate certificates, general meetings etc. Details of 
grievances of the investors are provided in the “Shareholders’ 
Information” section of this Annual Report. The committee 
has been constituted in accordance with Section 178 of the 
Companies Act, 2013 and Regulation 20 of the SEBI (LODR) 
Regulations, 2015. The Company Secretary acts as secretary of 
the Committee. 
A.	
Composition of the Stakeholders Relationship Committee as 
on March 31, 2023:
Sl. 
No
Name of the Director
Category
1
Mr. Anil Singhvi (Chairman)
Non-Executive, 
Non-Independent Director
2
Ms. Poornima Prabhu
Independent Director
3.
Mr. Vinod Kumar Padmanabhan
Managing Director & CEO
	
Note: The Board re-constituted the Committee with effect from May 08, 
2023 pursuant to the changes in the Board of Directors
B.	
Meetings and Attendance of the Committee during the Year
	
During the financial year 2022-23, the following meetings of the 
Stakeholders Relationship Committee were held:
Sl. 
No
Meeting No.
Date of the meeting
1.
No. 1/2022-23
May 30, 2022
2.
No. 2/2022-23
August 8, 2022
3.
No. 3/2022-23
November 14, 2022
4.
No. 4/2022-23
February 3, 2023

48
Subex Annual Report 2022-23
	
Attendance of the Directors at the Stakeholders Relationship 
Committee Meetings for the Financial Year 2022-23 are as 
follows:
Name of the Director
No. of 
Stakeholders 
Relationship 
Committee 
Meetings Held
No. of 
Stakeholders 
Relationship 
Committee 
Meetings Attended
Mr. Anil Singhvi
4
4
Ms. Poornima Prabhu
4
4
Mr. Vinod Kumar Padmanabhan
4
4
	
Mr. Anil Singhvi, Chairman of the Committee attended the last 
Annual General Meeting of the Company held on September 
19, 2022, and addressed the queries of the shareholders. 
The committee expresses satisfaction with the Company’s 
performance in dealing with investor grievances and its share 
transfer system. The details of the complaints received and 
resolved during the financial year ended March 31, 2023 are as 
follows
Name of the Non-Executive Director 
heading the Committee
Mr. Anil Singhvi, 
Chairman, Non-Executive, 
Non-Independent Director
Name and designation of the 
Compliance Officer
Mr. G V Krishnakanth, 
Company Secretary
Number of shareholders complaints 
pending at the beginning of the year
Nil
Number of shareholders 
complaints received during the year
36
Number of shareholders 
complaints redressed during the year.
36
Number of shareholders complaints 
not solved to the satisfaction of the 
shareholders
Nil
Number of shareholders complaints 
pending at end of the year
Nil
VI.	 ESOP COMMITTEE (Compensation Committee)
	
During the financial year 2018-19, the ESOP Committee 
(Compensation Committee) of the Board was dissolved and 
all powers of the Committee were vested in the Nomination & 
Remuneration Committee of the Board of Directors.
	
The Company has instituted Employee Stock Option Schemes 
in line with the Securities and Exchange Board of India (Share 
Based Employee Benefits) Regulations, 2014 and as amended 
from time to time. The Committee grants and administers 
options under the stock options schemes to eligible employees. 
Details of the Employee Stock Options are available as 
‘Annexure A’ to the Board’s Report.
VII.	CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
	
To enable the Company to take required measures to make a 
meaningful contribution to society and other stakeholders, it 
has constituted the Corporate Social Responsibility Committee 
(“CSR Committee”). The CSR Committee has, inter alia, the 
following mandate:
i.	
formulate and recommend to the Board of Directors of 
the Company, a Corporate Social Responsibility Policy 
which shall indicate the activities to be undertaken by the 
Company as specified in Schedule VII of The Companies 
Act, 2013;
ii.	
recommend the amount of expenditure to be incurred on 
the activities referred to in clause (i); and
iii.	
monitor the Corporate Social Responsibility Policy of the 
Company from time to time.
A.	
Composition of the CSR Committee as on March 31, 2023
Sl. 
No
Name of the Director
Category
1
Mr. Anil Singhvi (Chairman)
Non-Executive, 
Non-Independent Director
2
Ms. Nisha Dutt
Independent Director
3.
Mr. Vinod Kumar 
Padmanabhan
Managing Director & CEO
4.
Mr. Shiva Shankar Naga 
Roddam
Whole-Time Director & COO
	
Note: The Board re-constituted the Committee with effect from May 08, 
2023 pursuant to the changes in the Board of Directors
B.	
Meetings and Attendance of the Committee during the Year 
2022-23
	
There were no meetings of the Committee held during the 
financial year under consideration.
	
Pursuant to the provisions of Section 198 of the Companies Act, 
2013, the Company has incurred losses during the preceding 
three financial years and hence no amounts were required 
to be allocated / contributed for undertaking CSR activities. 
The Company had voluntarily constituted a Corporate Social 
Responsibility Committee although the criteria under section 135 
of Companies Act, 2013 was not met and the Subex Charitable 
Trust (SCT) was voluntarily set up to undertake welfare activities 
for the under privileged and the needy in the society. SCT is 
managed by trustees elected amongst the employees of the 
Company. The details of the activities conducted during the 
year have been provided page 12 of the Annual Report..
	
The  CSR   Charter   and   the   Policy   of   the   Company 
are 
available 
on 
the 
website 
of 
the 
Company 
at 
https://www.subex.com/investors/shareholder-services/.
VIII. RISK MANAGEMENT COMMITTEE
	
To ensure that the Company is taking appropriate measures 
to achieve prudent balance between risk and reward in both 
ongoing and new business activities, it has constituted a Risk 
Management Committee to review the internal financial 
controls amongst other matters. The said Committee has also 
within its scope, the evaluation of significant risk exposures of 
the Company and to assess Management’s actions to mitigate 
the exposures in a timely manner. The Company considers 
activities at all levels of the organization, i.e. Enterprise level, 
Division level, Business Unit level and Subsidiary level in the risk 

49
Subex Annual Report 2022-23
management framework. All these components are interrelated 
and drive Enterprise-Wide Risk Management with focus on three 
key elements i.e. Risk Assessment, Risk Management and Risk 
Monitoring.
A.	
Terms of Reference
	
The Roles and responsibility of the Risk Management Committee 
has, inter alia, the following mandate as prescribed under Part D 
of Schedule II of The SEBI (LODR) Regulations, 2015 :
1.	
To formulate a detailed risk management policy which shall 
include:
(a)	 A framework for identification of internal and external 
risks specifically faced by the listed entity, in particular 
including financial, operational, sectoral, sustainability 
(particularly, ESG related risks), information, cyber 
security risks or any other risk as may be determined 
by the Committee.
(b)	 Measures for risk mitigation including systems and 
processes for internal control of identified risks.
(c)	 Business continuity plan.
2.	
To ensure that appropriate methodology, processes 
and systems are in place to monitor and evaluate risks 
associated with the business of the Company;
3.	
To monitor and oversee implementation of the risk 
management policy, including evaluating the adequacy of 
risk management systems;
4.	
To monitor and review risk management plan and such 
other functions as it may deem fit including cyber security.
5.	
To periodically review the risk management policy, at least 
once in two years, including by considering the changing 
industry dynamics and evolving complexity;
6.	
To keep the board of directors informed about the nature 
and content of its discussions, recommendations and 
actions to be taken;
7.	
The appointment, removal and terms of remuneration of 
the Chief Risk Officer (if any) shall be subject to review by 
the Risk Management Committee.
B.	
Composition of the Risk Management Committee as on March 
31, 2023
Sl. 
No
Name of the Director
Category
1.
Mr. Anil Singhvi (Chairman)
Non-Executive, 
Non-Independent Director
2.
Ms. Nisha Dutt
Independent Director
3.
Mr. Vinod Kumar Padmanabhan
Managing Director & CEO
4.
Mr. George Zacharias
Independent Director
	
Note: The Board re-constituted the Committee with effect from May 03, 
2023 pursuant to the changes in the Board of Directors
C.	
Meetings and Attendance during the Year
	
During the financial year 2022-23, the following meetings of the 
Risk Management Committee were held
Sl. 
No
Meeting No.
Date of the meeting
1.
No. 1/2022-23
May 30, 2022
2.
No. 2/2022-23
November 14, 2022
Name of the Director
No. of Risk 
Management 
Committee 
Meetings Held
No. of Risk 
Management 
Committee 
Meetings 
attended
Mr. Anil Singhvi
2
2
Ms. Nisha Dutt
2
2
Mr. Vinod Kumar Padmanabhan
2
2
Mr. George Zacharias
2
2
IX.	 SENIOR MANAGEMENT
	
The Nomination & Remuneration Committee at its meeting 
held on October 28, 2021, had identified the persons occupying 
the position of Chief Executive Officer, Chief Operating Officer, 
Chief Human Resources Officer, Chief Financial Officer, Chief 
Technology Officer and Company Secretary & Compliance 
Officer as its Senior Management Personnel.
X.	 MEETING OF INDEPENDENT DIRECTORS
	
During the year under review, the Independent Directors met 
once on February 03, 2023, inter alia, to:
•	
Review the performance of the Non-Independent Directors 
and the Board of Directors as a whole;
•	
Review the performance of the Chairperson of the listed 
entity, taking into account the views of Executive Directors 
and
	
Non-Executive Directors;
•	
Assess the quality, quantity and timeliness of flow of 
information between the Management of the listed entity 
and the Board of Directors that is necessary for the Board 
to effectively and reasonably perform their duties.

50
Subex Annual Report 2022-23
XI.	 GENERAL BODY MEETINGS
A.	
Location and Time of the Last Three AGMs
Year
Date of AGM
Venue
Time
2019-20
September 25, 2020
Video Conference/Other Audio-Visual Means (Deemed Venue is at the Registered Office 
of the Company situated at Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 51-64/4, 
ORR, Bellandur Vlg, Varthur Hobli, Bangalore- 560103 )
3:00 PM
2020-21
July 09, 2021
Video Conference/Other Audio-Visual Means (Deemed Venue is at the Registered Office of 
the Company situated at Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 51-64/4, ORR, 
Bellandur Vlg, Varthur Hobli, Bangalore- 560103)
11.00 AM
2021-22
September 19, 2022
Video Conference/Other Audio-Visual Means (Deemed Venue is at the Registered Office of 
the Company situated at Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 51-64/4, ORR, 
Bellandur Vlg, Varthur Hobli, Bangalore- 560103)
11.00 AM
	
Details of the Special Resolutions passed at the Last Three AGMs:
Date of Annual 
General Meeting
No. of special 
resolutions passed
Details of Resolutions pertaining to
September 25, 2020
2
1.	
Appointment of Ms. Nisha Dutt as an Independent Director of the Company
2.	
Appointment of Mr. Shiva Shankar Naga Roddam as a Whole-Time Director of the Company
July 09, 2021
3
1.	
Revision in terms of appointment of Mr. Shiva Shankar Naga Roddam as a Whole-Time Director of the 
Company
2.	
Re-appointment of Mr. Vinod Kumar Padmanabhan as Managing Director & CEO of the Company
3.	
Payment of remuneration to the independent & non-executive directors by way of commission
September 19, 2022
1
1.	
Re-appointment of Ms. Poornima Prabhu as an Independent Director of the Company
B.	
Extraordinary General Meeting:
	
No Extraordinary General Meeting of the members was held 
during FY 2022-23
C. 	 Postal Ballot during year 2022- 23
	
There were no other meetings held during the year under review 
nor were any resolutions passed through postal ballot during the 
financial year 2022-23.
XII.	MEANS OF COMMUNICATION
A.	
Annual/Half Yearly and Quarterly Results
	
The annual audited /half yearly & quarterly un-audited results are 
generally published in all editions of Financial Express/ Business 
Standard (English) and Vishwavani (Kannada). The complete 
financial statements are posted on the Company’s website 
https://www.subex.com/ (click on investors/announcement-filing/
statutory-advertisement). Subex also regularly provides information 
to the Stock Exchanges as per the requirements of the SEBI (LODR) 
Regulations, 2015 and updates the website periodically to include 
information on new developments, press release and business 
opportunities and the same is displayed on the website of the 
Company under https://subex.com/newsroom/.
	
Being a Company with strong focus on green initiatives, Subex 
proposes to send all the shareholder communications such as 
the notice of General Meetings, Audited Financial Statements, 
Board’s Report, Auditors’ Report, etc., as done in the past, to its 
shareholders in electronic form by sending the said reports to 
the email addresses provided by them and made available to 
us by the Depositories. The Company during the said financial 
year 2022-23, had scheduled the Investor calls to discuss on 
the Earnings of the Company for relevant quarters which were 
scheduled on May 31, 2022, August 10, 2022 and November 16, 
2022 respectively.
	
The Company did not have any Institutional investors during the 
financial year and hence there were no presentations made to 
the institutional investors. The Management of the Company 
has interacted with Analysts and the details of the same are 
available on the website under the link https://www.subex.com/
investors/announcement-filing/#investor-analyst-call.
	
The transcripts pertaining to the Earning’s call held during the year 
are uploaded on the Company’s website under the link https://
www.subex.com/investors/announcement-filing/#investor-
analyst-call (click on investors/announcement-filing/investor-
analyst-call). Pursuant to General Circular No’s.14/2020, 17/2020, 
20/2020, 02/2021, 19/2021, 21/2021, 02/2022 and 10/2022 
dated April 08, 2020, April 13, 2020, May 05, 2020, January 13, 
2021, December 08, 2021, December 14, 2021, May 05, 2022 
and December 28, 2022 respectively, issued by the Ministry of 
Corporate Affairs (“collectively MCA Circulars”) and Circular Nos. 
SEBI/HO/CFD/CMD1/CIR/P/2020/79, SEBI/HO/CFD/CMD2/
CIR/P/2021/11, SEBI/HO/CFD/CMD2/CIR/P/2022/62 and SEBI/
HO/CFD/PoD-2/P/CIR/2023/4 dated May 12, 2020, January 15, 
2021, May 13, 2022 and January 5, 2023, respectively, issued 
by the Securities & Exchange Board of India (“SEBI Circulars”), 
companies have been allowed to hold AGM through Video 
Conferencing or Other Audio Visual Means (“VC/OAVM”). The 
said MCA Circulars and SEBI Circulars have dispensed with 
the requirement of printing and dispatch of annual reports to 
shareholders. Relaxation has been provided up to September 30, 
2023 from Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015, 
which requires sending hard copy of annual report containing 

51
Subex Annual Report 2022-23
salient features of all the documents prescribed in Section 136 
of the Companies Act, 2013 to the shareholders who have not 
registered their email addresses. However, in terms Regulation 
36(1)(c) of SEBI (LODR) Regulations, 2015, the Company shall 
send hard copy of full annual report to those shareholders who 
request for the same.
	
To support the “Green Initiative in Corporate Governance”, an 
initiative taken by the MCA, the Company has decided to send 
soft copies of Annual Report 2022-23 (including AGM Notice) 
to those shareholders whose email addresses are registered 
with the Depository Participants and / or with the Company’s 
Registrars & Transfer Agents.
	
In terms of the MCA Circulars and SEBI Circulars, the Company 
has taken measures to allow Members to vote through the 
mechanism of e-voting or other electronic modes in accordance 
with the provisions of the Companies Act, 2013 and rules made 
thereunder, without holding an AGM that requires physical 
presence of Members at a common venue.
	
With respect to detailed procedure for Remote e-voting or 
voting through electronic mode and attending the AGM through 
VC/OAVM, please refer the Notes and Instructions annexed to 
Notice of the 29th AGM.
XIII.	DISCLOSURES
A.	
RELATED PARTY TRANSACTIONS
	
All transactions entered with Related Parties as defined under 
The Companies Act, 2013 and Regulation 23 of the SEBI (LODR) 
Regulations, 2015 during the financial year were in the ordinary 
course of business and at an arm’s length pricing basis and do 
not attract the provisions of Section 188 of the Companies Act, 
2013. There were no materially significant transactions with 
related parties during the financial year which were in conflict 
with the interest of the Company. Suitable disclosures as 
required by Ind AS has been made in Note 31 to the Standalone 
and Note 32 to the Consolidated Financial Statements. The 
Board has approved a policy for related party transactions which 
has been uploaded on the Company’s website under the link at 
https://www.subex.com/investors/shareholder-services/.
	
None of the Independent Directors have any material pecuniary 
relationship or transactions with its Promoters, its Directors, 
its Senior Management or its subsidiaries which may affect 
their independence. The Company has received the relevant 
declarations in this regard from its Independent Directors.
B.	
DISCLOSURE BY LISTED ENTITY AND ITS SUBSIDIARIES OF 
“LOANS AND ADVANCES IN THE NATURE OF LOANS TO 
FIRMS / COMPANIES IN WHICH DIRECTORS ARE INTERESTED 
BY NAME AND AMOUNT”:
	
There were no loans and advances provided to firms/ companies 
in which Directors are interested.
C.	
COMPLIANCE WITH ACCOUNTING STANDARD
	
In the preparation of the financial statements, the Company 
has followed and adopted all relevant Accounting Standards 
notified by the Companies (Indian Accounting Standards) Rules, 
2015 (IND AS) specified under Section 133 of the Companies 
Act, 2013 read with relevant Rules made thereunder and other 
recognized accounting policies and practices. The Significant 
Accounting Policies which are consistently applied and followed 
by the Company to the extent applicable have been set out in 
the Notes to the Financial Statements.
D.	
INSIDER TRADING
	
Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 
2015 (‘Prohibition of Insider Trading Regulations’), the Company 
has formulated and adopted the ‘Code of Conduct to regulate, 
monitor and report trading by designated persons and immediate 
relatives of designated persons and Code of Practices and 
Procedures for Fair Disclosures of Unpublished Price Sensitive 
Information’ (‘Code’).
	
The said Code is applicable to all the Designated Persons, 
their immediate relatives, and subsidiaries of the Company, 
requires pre-clearance for dealing in the Company’s shares 
and prohibits trading in securities of the Company while 
in possession of unpublished price sensitive information 
in relation to the Company and during the period when 
the Trading Window is closed. The Code has also been 
uploaded on the Company’s website and can be accessed at 
https://www.subex.com/investors/shareholder-services/.
	
Pursuant to the above, the Company has put in place an 
adequate and effective system of internal controls to ensure 
compliance with the requirements of the Prohibition of Insider 
Trading Regulations, 2015.
	
The Code expressly lays down the guidelines and the procedures 
to be followed and disclosures to be made, while dealing with 
the shares of the Company.
E.	
DETAILS 
OF 
NON-COMPLIANCE 
BY 
THE 
COMPANY, 
PENALTIES, STRICTURES IMPOSED ON THE COMPANY BY THE 
STOCK EXCHANGES, SEBI OR ANY STATUTORY AUTHORITY 
ON ANY MATTER RELATED TO CAPITAL MARKETS
	
The Company has complied with all the requirements of the 
SEBI (LODR) Regulations, 2015 as well as regulations and 
guidelines of SEBI. There has been no non-compliance by the 
Company on any matter related to Capital Markets during the 
last three years. No penalties or strictures have been imposed 
on the Company by SEBI, Stock Exchanges or any statutory 
authority during the last three years relating to capital markets.
F.	
VIGIL MECHANISM AND WHISTLE BLOWER MECHANISM
	
With the rapid expansion of business in terms of volume, value 
and geography, various risks associated with the business have 
also increased considerably. One such risk identified is the risk 
of fraud & misconduct. The Companies Act, 2013 and the SEBI 
(LODR) Regulations, 2015 require all the listed companies to 
institutionalize the vigil mechanism and whistle blower policy. 
The Company since its inception believes in honest and ethical 
conduct from all the employees and others who are associated 
directly and indirectly with the Company. The Audit Committee 
is also committed to ensure a fraud-free work environment. The 
policy provides a platform to all the employees, vendors and 
customers to report any suspected or confirmed incident of 
fraud/misconduct.

52
Subex Annual Report 2022-23
	
Adequate safeguards have been provided in the policy to 
prevent victimization of anyone who is using this platform and 
direct access to the Chairperson of the Audit Committee at 
whistleblower@subex.com is also available in exceptional cases 
and no personnel has been denied access to the audit committee 
during the said financial year. This policy is applicable to all the 
directors, employees, vendors and customers of the Company. 
The policy is also available on the website of the Company at 
https://www.subex.com/investors/shareholder-services/.
I.	
DISCLOSURE OF COMMODITY PRICE RISKS AND COMMODITY 
HEDGING ACTIVITIES/LIQUIDITY
	
The Company does not deal in commodity and hence 
disclosure relating to commodity price risks and commodity 
hedging activities is not applicable. The Company is exposed 
to foreign exchange risk on account of import and export 
transactions entered. The Company follows a currency hedging 
policy to limit impact of exchange volatility on net receivables. 
Hedging strategies are decided and monitored periodically by 
the Risk Management Committee of the Board convened on a 
regular basis.
J.	
DETAILS OF UTILIZATION OF FUNDS RAISED THROUGH 
PREFERENTIAL ALLOTMENT OR QUALIFIED INSTITUTIONS 
PLACEMENT AS SPECIFIED UNDER REGULATION 32 (7A).
	
There were no funds raised by the Company through Preferential 
allotment or qualified institutional placement as specified under 
the above-mentioned regulation during the financial year 
2022-23.
K.	
CEO/CFO CERTIFICATION
	
The Company has obtained a certificate from the CEO/CFO as 
required by Regulation 17(8) (Part B of Schedule II) of the SEBI 
(LODR) Regulations, 2015 and the same forms a part of this 
report as Annexure 1.
L.	
A CERTIFICATE FROM A COMPANY SECRETARY IN PRACTICE 
THAT NONE OF THE DIRECTORS ON THE BOARD OF THE 
COMPANY HAVE BEEN DEBARRED OR DISQUALIFIED FROM 
BEING APPOINTED OR CONTINUING AS DIRECTORS OF 
COMPANIES BY THE BOARD/MINISTRY OF CORPORATE 
AFFAIRS OR ANY SUCH STATUTORY AUTHORITY.
	
A Certificate from the Practicing Company Secretary is received 
by the Company stating that none of the directors on the board 
of the Company have been debarred or disqualified from being 
appointed or continuing as directors of companies by the board/ 
ministry of corporate affairs or any such statutory authority and 
the same is annexed to this report as Annexure 2.
M.	 DETAILS OF FEES PAID BY THE LISTED ENTITY AND ITS 
SUBSIDIARIES, ON A CONSOLIDATED BASIS, TO THE 
STATUTORY AUDITOR AND ALL ENTITIES IN THE NETWORK 
FIRM/NETWORK ENTITY OF WHICH THE STATUTORY 
AUDITOR IS A PART.
	
Fee disclosures as required by Clause 10(k), Part C, Schedule V of 
the Securities and Exchange Board of India (Listing Obligations 
and Disclosure Requirements) Regulations, 2015 is given below.
	
The total fees for all services paid by Subex Limited and its 
subsidiaries, on a consolidated basis, to M/s. S.R. Batliboi & 
Associates LLP, Statutory Auditors and other firms in the network 
entity of which the statutory auditor is a part, as included in the 
consolidated financial statements of the Company for the year 
ended March 31, 2023, is as follows:
	
(` in Lakhs)
Fees for audit and related services paid to S.R. Batliboi 
& Associates LLP
88
Other fees paid to S.R. Batliboi & Associates LLP and 
Affiliate firms and to entities of the network of which 
the statutory auditor is a part.
-
Total fees
88
N.	
DISCLOSURES IN RELATION TO THE SEXUAL HARASSMENT 
OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION 
AND REDRESSAL) ACT, 2013
	
The Company has an Internal Complaints Committee (“the 
ICC”) which meets regularly to discuss and monitor if there is 
any sexual harassment in the workplace and resolves the issues 
if any. During the financial year under consideration, the ICC did 
not receive any complaints.
O.	
CODE OF CONDUCT
	
In compliance with Regulation 17(5) of the SEBI (LODR) 
Regulations, 2015, the Company has adopted a Code of 
Conduct (the ‘Code’). This Code is applicable to the Members 
of the Board, Senior Management Personnel and all employees 
G.	
POLICY ON ‘MATERIAL’ SUBSIDIARY COMPANIES
	
A policy on materiality of subsidiaries has been formulated and 
the same has been posted on the website of the Company under 
the link https://www.subex.com/investors/shareholder-services/.
	
The Annual Financial Statements of material subsidiaries are 
tabled before the Audit committee and the Board.
H.	
DETAILS OF MATERIAL SUBSIDIARIES OF THE COMPANY
Sr. 
No.
Name of Material Subsidiary
Date of Incorporation
Place of Incorporation
Name of Auditors
Date of Appointment 
of Auditors
1.
Subex (UK) Limited
30.03.2001
London, RoC of 
England and Wales
Ensors Accountants LLP, 
Registered in England and Wales
09.09.2008
2.
Subex (Asia Pacific) Pte Limited
29.09.2003
Singapore
MGI N RAJAN ASSOCIATES
20.03.2007
3.
Subex Assurance LLP
05.04.2017
Bangalore, India
S.R. Batliboi & Associates LLP
05.04.2017

53
Subex Annual Report 2022-23
of the Company and its subsidiaries. The Code lays down 
the standard of conduct which is expected to be followed by 
the Board of Directors and the designated employees in their 
business dealings particularly on matters relating to integrity 
in the workplace, in business practices and in dealing with 
stakeholders. The Code gives guidance through examples on 
the expected behavior from an employee in a given situation 
and the reporting structure.
	
During the said financial year there were no changes made to the 
Code. All the members of the Board and the Senior Management 
Personnel have affirmed compliance to the Code, as at March 
31, 2023. A declaration to this effect, signed by the Managing 
Director & CEO forms part of this report as Annexure 3. The 
Code has been posted on the Company’s website under the link 
https://www.subex.com/investors/shareholder-services/. 
Q.	 RECOMMENDATION OF THE COMMITTEES
	
The minutes of the meetings of all the Committees are placed 
before and noted by the Board. There were no instances in the 
financial year 2022-23, where the Board has not accepted any 
recommendations of any Committees of the Board which is 
mandatorily required.
R.	
MANAGEMENT DISCUSSION AND ANALYSIS
	
The Management Discussion and Analysis is presented in a 
separate section forming part of the Annual Report.
S.	
GENERAL SHAREHOLDER INFORMATION
	
General shareholder information is provided in the “Shareholders’ 
Information” Section of the Annual Report.
T.	
COMPLIANCE 
WITH 
CORPORATE 
GOVERNANCE 
REQUIREMENTS AND PRACTISING COMPANY SECRETARIES 
CERTIFICATE
	
The Company has complied with disclosure requirements, 
wherever applicable, as specified in clauses (b) to (i) of sub 
regulation (2) of Regulation 46 of SEBI (LODR) Regulations, 2015 
and Regulation 17 to 27 of SEBI (LODR) Regulations, 2015.
	
The certificate with regard to compliance of conditions on 
Corporate Governance as per Clause E of Schedule V of the 
SEBI (LODR) Regulations, 2015 forms part of the Board’s Report.
U.	
DETAILS OF COMPLIANCE WITH MANDATORY REQUIREMENTS 
AND ADOPTION OF NON-MANDATORY REQUIREMENTS
	
The Company is compliant with all the mandatory requirements 
of SEBI (LODR) Regulations, 2015 for the financial year 2022-23.
	
The following non-mandatory requirements under Part E of 
Schedule II of SEBI (LODR) Regulations, 2015 to the extent they 
have been adopted are mentioned below:
I.	
The Board
	
The Company appointed Mr. Anil Singhvi, Non- Independent 
Director (Non-Executive, Non-Independent Director w.e.f. June 
18, 2020) as the Non-Executive Chairman of the Company at its 
meeting held on May 25, 2017. The Company reimburses the 
expenses incurred by the Chairman for discharge of his duties 
that are attributable to the Company on a regular basis pursuant 
to the provisions of Regulation 27(1) of SEBI (LODR) Regulation, 
2015.
II.	
Shareholders’ Rights
	
The Company communicates with investors regularly through 
emails, telephone calls and face-to-face meetings. The 
Company publishes the quarterly/half-yearly/annual financial 
results in leading business newspaper(s) and are also posted on 
the Company’s website.
III.	 Modified opinion(s) in Audit Report
	
The Company did not receive any Modified Opinion in the Audit 
Report of the Financial Statements during the financial year.
IV.	 Reporting of Internal Auditors
	
The Internal Auditors report to the Audit Committee of the 
Board of Directors and are requested to be present as invitees at 
the Audit Committee meetings held every quarter.
For Subex Limited	
For Subex Limited
Anil Singhvi	
Nisha Dutt
Chairman, Non-Executive, Non-Independent Director	
CEO
DIN: 00239589	
Place: Bengaluru	
Place: Bengaluru	
Date: August 8, 2023	
Date: August 8, 2023	

54
Subex Annual Report 2022-23
ANNEXURE 1
CEO and CFO certification in terms of Regulation 17 (8) of the SEBI (LODR) Regulations, 2015
To,
The Board of Directors
Subex Limited
Dear Sirs,
CEO/CFO Certification in terms of Regulation 17 (8) of the SEBI (LODR) Regulations, 2015
In terms of Regulation 17 (8) of the SEBI (LODR) Regulations, 2015, we hereby certify to the Board of Directors that:
A)	
We have reviewed the financial statements and the cash flow statement of the Company for the year ended March 31, 2023 and to the 
best of our knowledge and belief:
i)	
These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be 
misleading;
ii)	
These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting 
standards, applicable laws and regulations.
B)	
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, 
illegal or violative of the Company’s Code of Conduct.
C)	
We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the 
effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors and the 
Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have 
taken or propose to take to rectify these deficiencies.
D)	
We have indicated to the auditors and the Audit Committee
i)	
Significant changes in internal control, if any, over financial reporting during the year;
ii)	
Significant changes in accounting policies during the year, if any, and that the same has been disclosed in the notes to the financial 
statements; and
iii)	
Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an 
employee having a significant role in the Company’s internal control system over financial reporting wherever needed.
For Subex Limited	
For Subex Limited
Nisha Dutt	
Sumit Kumar
CEO	
Chief Financial Officer
Date: August 08, 2023	
Date: August 08, 2023
Place: Bengaluru	
Place: Bengaluru

55
Subex Annual Report 2022-23
ANNEXURE 2
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS 
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI 
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To, 
The Members of
Subex Limited
CIN L85110KA1994PLC016663
Pritech Park - SEZ, Block-09, 4th Floor, 
B Wing, Sy No. 51-64/4, ORR, Bellandur Vlg, 
Varthur Hobli Bengaluru-560103
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Subex Limited  having CIN - 
L85110KA1994PLC016663 and having registered office at Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 51-64/4, ORR, Bellandur Vlg, 
Varthur Hobli Bangalore Karnataka 560103 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of 
issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of 
India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at 
the portal www.mca.gov.in) as considered necessary and explanations furnished to  us by the Company & its officers, we hereby certify that 
none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March 2023 have been debarred 
or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of 
Corporate Affairs, or any such other Statutory Authority.
Sl No.
Name of the Director
DIN
Designation
1.
Anil Chandanmal Singhvi
00239589
Chairman - Non-Executive, Non-Independent Director
2.
Nisha Dutt
06465957
Non-Executive, Independent Director
3.
Poornima Kamalaksh Prabhu
03114937
Non-Executive, Independent Director
4.
Vinod Kumar Padmanabhan
06563872
Executive Director, MD & CEO
5.
George Zacharias
00162570
Non-Executive, Independent Director
6.
Shiva Shankar Naga Roddam
07212118
Executive Director
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the 
Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future 
viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
	
	
For BMP & Co. LLP
	
Company Secretaries 
Date: May 15, 2023	
Pramod S M	
	
Place: Bengaluru	
Partner
UDIN: F007834E000304680 	
FCS 7834/ CP No. 13784

56
Subex Annual Report 2022-23
ANNEXURE 3
DECLARATION BY THE CEO UNDER CLAUSE D OF SCHEDULE V OF THE SEBI (LODR) REGULATIONS, 2015 REGARDING ADHERENCE TO 
THE CODE OF CONDUCT
To,
The Members of Subex Limited
In accordance with Clause D of Schedule V of the SEBI (LODR) Regulations, 2015, I hereby confirm that, all the Directors and the Senior 
Management personnel including me, have affirmed compliance to their respective Codes of Conduct, as applicable for the Financial Year 
ended March 31, 2023.
	
For Subex Limited
	
Nisha Dutt
Place: Bengaluru	
Chief Executive Officer
Date: August 8, 2023

57
Subex Annual Report 2022-23
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
SECTION A: GENERAL DISCLOSURES
I. 	
Details of the listed entity
1: Corporate Identity Number (CIN) of the Listed Entity
L85110KA1994PLC016663
2: Name of the Listed Entity
Subex Limited
3: Year of incorporation
1994
4: Registered office address
Pritech Park-SEZ, Block-9, 4th floor, B Wing, Survey No. 51-64/4, Outer Ring 
Road, Bellandur Village,  Varthur Hobli, Bengaluru- 560 103
5: Corporate address
Pritech Park-SEZ, Block-9, 4th floor, B Wing, Survey No. 51-64/4, Outer Ring 
Road, Bellandur Village,  Varthur Hobli, Bengaluru- 560 103
6: E-mail
investorrelations@subex.com
7: Telephone
08037451377
8: Website
https://www.subex.com/
9: Financial year for which reporting is being done
Financial Year 2022-2023
10: Name of the Stock Exchange(s) where shares are listed
BSE Limited and The National Stock Exchange of India Limited
11: Paid-up Capital
` 281 Crores
12: Name and contact details (telephone, email address) of the person who 
may be contacted in case of any queries on the BRSR report
G V Krishnakanth
Company Secretary & Compliance Officer 
Contact: 9900590024
Email: krishnakanth.gv@subex.com
13: Reporting boundary - Are the disclosures under this report made on a 
standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for 
the entity and all the entities which form a part of its consolidated financial 
statements, taken together)
The information against the disclosures provided in this report by Subex 
Limited are presented on a standalone basis for our operations in India, 
unless specifically indicated otherwise. These disclosures pertain solely to 
our performance within the Indian market.
II. 	
Products/services
14. 	 Details of business activities (accounting for 90% of the turnover):
S.No.
Description of Main Activity
Description of Business Activity
% of Turnover of the entity
1
Services, and related activities
62099
99%
2
IT Software
62099
1%
15. 	 Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S.No.
Product/Service
NIC Code
% of total Turnover contributed
1
Sub-contracting services
62099
71%
2
Managed services
62099
9%
3
Support services
62099
9%
4
Implementation and customisation
62099
6%
5
Support services
62099
4%
6
Sale of license
62099
1%
III. 	 Operations
16. 	 Number of locations where plants and/or operations/offices of the entity are situated:
Location
Number of plants
Number of offices
Total
National
0
1
1
International
0
6
6

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Subex Annual Report 2022-23
17. 	 Markets served by the entity:
a. 	
Number of locations
Locations
Number
National (No. of States)
1
International (No. of Countries)
6
b. 	 What is the contribution of exports as a percentage of the total turnover of the entity?
94%
c. 	 A brief on types of customers
Subex Limited is a trusted partner to many of the world’s leading telecommunications companies. The Company provides solutions / products which 
are useful in Revenue Assurance. Fraud Management, Network Analytics, Data Integrity Management and Partner Lifecycle Management.
IV. 	 Employees
18. 	 Details as at the end of Financial Year:
a. 	
Employees and workers (including differently abled):
S.No.
Particulars
Total (A)
Male
Female
No.(B)
%(B/A)
No. (C)
%(C/A)
EMPLOYEES
1
Permanent (D)
677
461
68.09%
216
31.91%
2
Other than Permanent (E)
84
49
58.33%
35
41.67%
3
Total employees (D + E)
761
510
67.02%
251
32.98%
WORKERS
4
Permanent (F)
0
0
0
0
0
0
Other than Permanent (G)
0
0
0
0
0
6
Total workers (F + G)
0
0
0
0
0
b. 	 Differently abled Employees and workers:
S.No.
Particulars
Total (A)
Male
Female
No.(B)
%(B/A)
No. (C)
%(C/A)
DIFFERENTLY ABLED EMPLOYEES
1
Permanent (D)
0
0
0
0
0
2
Other than Permanent (E)
0
0
0
0
0
3
Total differently abled employees (D + E)
0
0
0
0
0
DIFFERENTLY ABLED WORKERS
4
Permanent (F)
0
0
0
0
0
5
Other than Permanent (G)
0
0
0
0
0
6
Total differently abled workers (F + G)
0
0
0
0
0
19. 	 Participation/Inclusion/Representation of women
Total (A)
No. and percentage of Females
No.(B)
%(B/A)
Board of Directors
6
2
33.33%
Key Management Personnel
4
0
0%

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Subex Annual Report 2022-23
20. 	 Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY- 2023
(Turnover rate in current FY)
FY- 2022
(Turnover rate in previous FY)
FY- 2021
(Turnover rate in the year prior to the 
previous FY)
Male
Female
Total
Male
Female
Total
Male
Female
Total
Permanent Employees
42.1%
32.3%
39%
40.8%
43.5%
41.6%
5.2%
6.7%
5.6%
Permanent Workers
0
0
0
0
0
0
0
0
0
V. 	 Holding, Subsidiary and Associate Companies (including joint ventures)
21. 	 (a) 	 Names of holding / subsidiary / associate companies / joint ventures
S.No.
Name of the holding / subsidiary / associate 
companies / joint ventures (A)
Indicate whether 
holding/ Subsidiary/ 
Associate/ Joint Venture
% of shares 
held by 
listed entity
Does the entity indicated at column A, 
participate in the Business Responsibility 
initiatives of the listed entity? (Yes/No)
1
Subex Assurance LLP 
Subsidiary
100%
No
2
Subex Digital LLP
Subsidiary
100%
No
3
Subex Technologies Limited
Subsidiary
100%
No
4
Subex Americas Inc.
Subsidiary
100%
No
5
Subex (UK) Limited
Subsidiary
100%
No
6
Subex Middle East (FZE)
Subsidiary
100%
No
7
Subex Bangladesh Private Limited
Subsidiary
100%
No
8
Subex Azure Holdings Inc.
Subsidiary
100%
No
9
Subex (Asia Pacific) Pte Limited
Subsidiary
100%
No
10
Subex Inc.
Subsidiary
100%
No
11
Subex Account Aggregator Services Private Limited
Subsidiary
100%
No
VI. 	 CSR Details
22.   (i) 	 Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)
No.
(ii) 	 Turnover (in `)
` 273.52 Crores
(iii) 	 Net worth (in `)
` 423.87 Crores

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Subex Annual Report 2022-23
VII. 	 Transparency and Disclosures Compliances
23. 	 Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:
Stakeholder 
group from 
whom complaint 
is received
Grievance Redressal Mechanism in Place 
(Yes/No) (If Yes, then provide web-link for 
grievance redress policy)
FY- 2023 Current Financial Year
FY- 2022 Previous Financial Year
Number of 
complaints 
filed during 
the year
Number of 
complaints 
pending 
resolution 
at close of 
the year
Remarks
Number of 
complaints 
filed during 
the year
Number of 
complaints 
pending 
resolution 
at close of 
the year
Remarks
Communities
Yes. https://www.subex.com/pdf/investors/
Corporate-Governance/Subex-Global-Whistle-
blowing-Policy.pdf
-
-
-
-
Investors 
(other than 
shareholders)
Not Applicable 
Shareholders
Yes. investorrelations@subex.com & 
https://scores.gov.in/scores/
36
0
166
0
Employees and 
workers
Yes. https://www.subex.com/pdf/investors/
Corporate-Governance/Subex-Global-Whistle-
blowing-Policy.pdf. 
0
0
0
0
Customers
Yes, Given the enterprise B2B nature of our business, we have support teams which are put in place to proactively address any 
customer issues. These complaints are addressed as per the process laid down.
Value Chain 
Partners
Yes. https://www.subex.com/pdf/investors/Corporate-Governance/Subex-Global-Whistle-blowing-Policy.pdf. Also we have support 
teams which are put in place to proactively address any customer issues. These complaints are addressed as per the process laid down.
Other (please 
specify)
Not Applicable
24. 	 Overview of the entity’s material responsible business conduct issues
	
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present 
a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial 
implications, as per the following format
S.No.
Material issue 
identified
Indicate 
whether risk or 
opportunity (R/O)
Rationale for identifying the risk / 
opportunity
In case of risk, approach to 
adapt or mitigate
Financial implications of 
the risk or opportunity 
(Indicate positive or 
negative implications)
1
Increasing incidents 
of cybersecurity 
threats and data 
breaches   
Opportunity / Risk
Opportunity
•	
Increasing revenue from our 
cybersecurity products
•	
Being recognised as a leader 
in the cybersecurity space will 
increase client confidence.
Risk
•	
Reputational risk and liability 
in case of cyber security 
incidents.
At Subex, we are committed to 
be seen as a leader in the cyber 
security space. Our employees 
are constantly trained on the 
emerging technologies so that 
we are well placed to address 
changes due to evolution of 
technology. We are also building 
a strong suite of cyber security 
products which can help address 
these threats for our clients.
Positive: 
Be 
recognised 
as a leading player in 
cybersecurity space, to win 
new client contracts and 
add new revenue streams.
2
Changing 
expectations of 
workplace
Opportunity / Risk
Opportunity
•	
Creating a great employee 
experience in all our workplaces 
to attract talent globally.
•	
Recruiting a world class talent 
pool that is capable of delivering 
projects productively.
Risk
•	
Increasing 
preferences 
for 
work from home opportunities 
can hamper our ability to 
attract and retain best talent.  
We have various employee 
friendly initiatives at our 
workplaces to ensure well being 
of employees.
Positive: Improved 
employee morale will 
improve productivity and 
increase revenues.

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Subex Annual Report 2022-23
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC 
Principles and Core Elements.
The National Guidelines on Responsible Business Conduct (NGRBC) released by the Ministry of Corporate Affairs has updated and adopted 
nine areas of Business Responsibility. These are briefly as under:
P1
Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent and accountable
P2
Businesses should provide goods and services in a manner that is sustainable and safe
P3
Businesses should respect and promote the well-being of all employees, including those in their value chains
P4
Businesses should respect the interests of and be responsive to all its stakeholders
P5
Businesses should respect and promote human rights
P6
Businesses should respect and make efforts to protect and restore the environment
P7
Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent
P8
Businesses should promote inclusive growth and equitable development
P9
Businesses should engage with and provide value to their consumers in a responsible manner
Disclosure Questions
P1
P2
P3
P4
P5
P6
P7
P8
P9
Policy And Management Processes
1. a. Whether your entity’s policy/policies cover 
each principle and its core elements of the 
NGRBCs. (Yes/No)
Yes
b. Has the policy been approved by the Board? 
(Yes/No)
Yes
c. Web Link of the Policies, if available
https://www.subex.com/investors/shareholder-services/
2. Whether the entity has translated the policy into 
procedures. (Yes / No)
Yes
3. Do the enlisted policies extend to your value 
chain partners? (Yes/No)
Yes
4. Name of the national and international codes/
certifications/labels/ 
standards 
(e.g. 
Forest 
Stewardship 
Council, 
Fairtrade, 
Rainforest 
Alliance, Trustea) standards (e.g. SA 8000, OHSAS, 
ISO, BIS) adopted by your entity and mapped to 
each principle.
ISO
ISO
Relevant 
Labour 
laws
ISO
Relevant 
Labour 
laws
EMS as 
part of 
ISO
Relevant 
Legal 
laws
Relevant 
Legal 
laws
ISO 
27001:2013
5. Specific commitments, goals and targets set by 
the entity with defined timelines, if any.
Subex Limited is committed to taking proactive steps towards environmental sustainability. We have set a 
specific and ambitious goal to achieve Net-Zero emissions by the year 2035. This target encompasses all 
aspects of emissions, including Scope 1, Scope 2, and Scope 3 emissions. 
6. Performance of the entity against the specific 
commitments, goals and targets along-with 
reasons in case the same are not met.
At Subex Limited, we consider the performance against our specific commitments, goals, and targets as 
an integral part of our sustainability journey. We follow a structured approach to review and monitor the 
progress of each principle and associated objectives, which is led by various committees as applicable, and 
overseen by our Management and Board of Directors.
Governance, leadership and oversight
7: Statement by director responsible for the 
business responsibility report, highlighting ESG 
related challenges, targets and achievements 
(listed entity has flexibility regarding the placement 
of this disclosure)
The Company is committed to integrating environmental, social and governance (ESG) principles into its 
businesses which is central to improving the quality of life of the stakeholders it serves. The Company is 
committed to conducting beneficial and fair business practices to benefit the labour force, human capital and 
the communities it serves. It provides employees and business associates with working conditions that are 
clean, safe, healthy and fair.
However, as with any commitment, challenges are inevitable. The complexity of the business landscape, 
evolving regulations, and external factors sometimes pose hurdles. Yet, we view these challenges as 
opportunities to innovate, collaborate, and improve. By addressing these challenges head-on, we learn, 
adapt, and reinforce our commitment to ESG principles.  
Our dedication to ESG principles is reflected not only in our words but in our actions. We are committed 
to transparently sharing our progress, challenges, and successes as we strive to create lasting value for our 
stakeholders while leaving a positive impact on society and the environment.  
Thank you for your trust and support as we continue on this important journey.

62
Subex Annual Report 2022-23
8: Details of the highest authority responsible for 
implementation and oversight of the Business 
Responsibility policy (ies).
At Subex Limited, the implementation and oversight of our Business Responsibility policies are entrusted 
to our Chief Executive Officer. 
9: Does the entity have a specified Committee 
of the Board/ Director responsible for decision 
making on sustainability related issues? (Yes / No). 
If yes, provide details.
No, Subex Limited does not have a specified Committee of the Board or Director solely dedicated to 
sustainability-related issues. 
The Board provides valuable direction and guidance to the Management team to ensure that safety and 
sustainability aspects are thoroughly considered in all new strategic initiatives, budget allocations, audit 
actions, and improvement plans.  
10: Details of Review of NGRBCs by the Company:
Subject for Review
Indicate whether review was undertaken by Director 
/ Committee of the Board/ Any other Committee
Frequency (Annually/ Half yearly/ Quarterly/ Any 
other – please specify)
P1
P2
P3
P4
P5
P6
P7
P8
P9
P1
P2
P3
P4
P5
P6
P7
P8
P9
Performance against above policies and 
follow up action
As a practice, policies on Business Responsibility of 
the Company are reviewed periodically or on a need 
basis by the Senior Leadership Team including the 
CEO. During the review, the efficacy of the policies 
is reviewed and necessary changes to policies & 
procedures are implemented
Half yearly
Compliance with statutory requirements of 
relevance to the principles, and, rectification 
of any non-compliances
The Company is in compliance with the existing 
regulations as applicable and a Statutory Compliance 
Certificate on applicable laws is provided to the Board 
of Directors
Half yearly
P1
P2
P3
P4
P5
P6
P7
P8
P9
11. Has the entity carried out independent assessment/ 
evaluation of the working of its policies by an external 
agency? (Yes/No). If yes, provide name of the agency.
The Company has various policies in place which are reviewed from time to time by the Board, 
its Committees and Senior Management. Further, the above policies and processes may be 
subject to regulatory compliances and changes, as applicable.
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and 
decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are expected to be disclosed by 
every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities which aspire to progress to a 
higher level in their quest to be socially, environmentally and ethically responsible.
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.
Essential Indicators
1. 	
Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Segment
Total number of 
training and awareness 
programmes held
Topics / principles covered under the training and its 
impact
% age of persons in respective 
category covered by the awareness 
programmes
Board of Directors
During the year, the Board of Directors of the Company invested their time on various updates pertaining to the business, 
regulations, environmental, social, governance etc. These topics comprise insights on the said Principles
Key Managerial Personnel
1
All training are done through our online portal. It is 
mandatory for all employees to attend available trainings 
on an ongoing process for their career progression
1. Code of Conduct
2. Whistleblower Policy
3. Prevention of Sexual Harassment at the Workplace
100%
Employees other than 
BoD and KMPs
1
All training are done through our online portal. It is 
mandatory for all employees to attend available trainings 
on an ongoing process for their career progression
1. Code of Conduct
2. Whistleblower Policy
3. Prevention of Sexual Harassment at the Workplace
100%
Workers
Not Applicable

63
Subex Annual Report 2022-23
2. 	 Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors 
/ KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format (Note: the entity 
shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) 
Regulations, 2015 and as disclosed on the entity’s website):
There have been no proceedings against the company by  regulators/ law enforcement agencies/ judicial institutions in the financial year. 
3. 	 Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary 
action has been appealed.
Not Applicable
4. 	 Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the 
policy.
Yes, Subex Limited has a stringent anti-corruption and anti-bribery policy that reflects our unwavering commitment to ethical business practices. We 
maintain a zero-tolerance stance toward any form of non-conformity with our Code of Conduct, which is a comprehensive framework guiding the 
behaviour of our employees across all locations.  
Our Code of Conduct and Whistle Blower policy have been designed to encompass a wide spectrum of stakeholders, including employees, contractors, 
suppliers, and other relevant parties. These policies set clear guidelines and expectations for preventing corruption, bribery, and unethical practices 
within our operations. Our employees are expected to uphold the highest standards of integrity and transparency in all their interactions, both within the 
organization and with external stakeholders. The Code of Conduct emphasizes the importance of fairness, honesty, and accountability in our business 
dealings.  
Through these policies and practices, Subex Limited strives to foster a culture of ethical behaviour, integrity, and responsible business conduct, ensuring 
that our operations are aligned with the highest standards of compliance and transparency.  
Weblink to anti corruption or anti bribery policy - https://www.subex.com/investors/shareholder-services/
5. 	 Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the 
charges of bribery/ corruption:
There have been no cases involving disciplinary action taken by any law enforcement agency for the charges of bribery / corruption against directors / KMP 
/ employees / workers that have been brought to our attention for the current financial year as well as for the previous year.
6. 	 Details of complaints with regard to conflict of interest:
At Subex Limited, we are fully committed to addressing issues related to conflicts of interest with the utmost seriousness and dedication. We understand 
the importance of maintaining an environment free from such concerns and continuously strive to take proactive measures to prevent and manage 
conflicts of interest.  
7. 	
Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law 
enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
NIL
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
Essential Indicators
1. 	
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts 
of product and processes to total R&D and capex investments made by the entity, respectively.
NIL
2 	
Does the entity have procedures in place for sustainable sourcing?
Yes. The Company has developed process for vendor selection. This includes various principles and guidelines such as Safety, Health and Environment 
Policy, Legal Compliance, adherence to Code of Conduct, etc.
3 	
Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics 
(including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Yes, all types of waste which are generated in-house are handed over to the authorized vendor for recycling. Subex is based in a technology park and all 
the environment related reports are submitted to the prescribed authority by the Owner of the park. Subex co-operates with the owner and the vendors 
towards ensuring the timely recycling of waste. Being environmentally cautious and waste sensitive, over 93% of the waste is managed, with less than 7% 
going into landfills.

64
Subex Annual Report 2022-23
4 	
Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste collection plan is 
in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address 
the same
No
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
Essential Indicators
1. 	
a. 	
Details of measures for the well-being of employees:
Category
% of employees covered by
Total (A)
Health insurance
Accident insurance
Maternity benefits
Paternity Benefits
Day Care facilities
Number 
(B)
% (B/A)
Number 
(C)
% (C/A)
Number 
(D)
% (D/A)
Number 
(E)
% (E/A)
Number 
(F)
% (F/A)
Permanent employees
Male
461
461
100%
461
100%
0
0%
461
100%
0
0%
Female
216
216
100%
216
100%
216
100%
0
0%
0
0%
Total
677
677
100%
677
100%
216
100%
461
100%
0
0%
Other than Permanent employees
Male
49
49
100%
0
0%
0
0%
49
100%
0
0%
Female
35
35
100%
0
0%
35
100%
0
0%
0
0%
Total
84
84
100%
0
0%
35
100%
49
100%
0
0%
b. 	 Details of measures for the well-being of workers:
Category
% of workers covered by
Total (A)
Health insurance
Accident insurance
Maternity benefits
Paternity Benefits
Day Care facilities
Number 
(B)
% (B/A)
Number 
(C)
% (C/A)
Number 
(D)
% (D/A)
Number 
(E)
% (E/A)
Number 
(F)
% (F/A)
Permanent workers
Male
0
0
0%
0
0%
0
0%
0
0%
0
0%
Female
0
0
0%
0
0%
0
0%
0
0%
0
0%
Total
0
0
0%
0
0%
0
0%
0
0%
0
0%
Other than Permanent workers
Male
0
0
0%
0
0%
0
0%
0
0%
0
0%
Female
0
0
0%
0
0%
0
0%
0
0%
0
0%
Total
0
0
0%
0
0%
0
0%
0
0%
0
0%
2. 	 Details of retirement benefits, for Current FY and Previous Financial Year.
Benefits
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
No. of employees 
covered as a % of 
total employees
No. of workers 
covered as a % of 
total workers
Deducted and 
deposited with the 
authority (Y/N/N.A.)
No. of employees 
covered as a % of 
total employees
No. of workers 
covered as a % of 
total workers
Deducted and 
deposited with the 
authority (Y/N/N.A.)
PF
89.1%
0
Y
97.2%
0
Y
Gratuity
89%
0
Y
97.2%
0
Y
ESI
Not Applicable
3. 	 Accessibility of workplaces
	
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of 
Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, Subex Limited is committed to ensuring inclusivity and accessibility for all employees, including those with disabilities, in alignment with the 
requirements outlined in the Rights of Persons with Disabilities Act, 2016. Our premises, located within a tech park, have been selected to provide a 
conducive environment for all individuals, including differently abled employees and workers.

65
Subex Annual Report 2022-23
4. 	 Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the 
policy.
Yes. The Company is governed by the Code of Conduct whereby all the employees and those eligible are provided with equal opportunities. The Company 
is committed to an inclusive work culture without any discrimination on the grounds of race, caste, religion, colour, marital status, gender, sex, age, 
nationality, ethnic origin, disability and such other grounds as prescribed and protected by the applicable laws.
5. 	 Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees
Permanent workers
Gender
Return to work rate
Retention rate
Return to work rate
Retention rate
Male
100%
100%
NA
NA
Female
100%
100%
NA
NA
Total
6. 	 Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details 
of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Workers
NA
Other than Permanent Workers
NA
Permanent Employees
Yes. We have a Global redressal policy which is accessible by all employees of the company
Other than Permanent Employees
7. 	
Membership of employees and worker in association(s) or Unions recognised by the listed entity:
None of our employees are part of any employee union or association. 
8. 	 Details of training given to employees and workers:
Category
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Total (A)
On Health and safety 
measures
On Skill upgradation
Total (D)
On Health and safety 
measures
On Skill upgradation
No. (B)
% (B/A)
No. (C)
% (C/A)
No. (E)
% (E/D)
No. (F)
% (F/D)
Employees
Male
461
461
100%
461
100%
142
142
100%
142
100%
Female
216
216
100%
216
100%
64
64
100%
64
100%
Total
677
677
100%
677
100%
206
206
100%
206
100%
Workers
Male
0
0
0%
0
0%
0
0
0%
0
0%
Female
0
0
0%
0
0%
0
0
0%
0
0%
Total
0
0
0%
0
0%
0
0
0%
0
0%
9. 	 Details of performance and career development reviews of employees and worker:
Category
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Total (A)
No. (B)
% (B / A)
Total (C)
No. (D)
% (D / C)
Employees
Male
461
461
100%
142
142
100%
Female
216
216
100%
64
64
100%
Total
677
677
100%
206
206
100%
Workers
Male
0
0
0%
0
0
0%
Female
0
0
0%
0
0
0%
Total
0
0
0%
0
0
0%

66
Subex Annual Report 2022-23
10: 	 Health and safety management system:
a. 	
Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the coverage 
such system?
No, the nature of our business does not involve inherent occupational health and safety hazards, however we are committed to prioritising the well-
being of our employees. We carry out relevant trainings from time to time.
b. 	 What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?
Not Applicable
c. 	 Whether you have processes for workers to report the work related hazards and to remove themselves from such risks. (Y/N)
Not Applicable
d. 	 Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Not Applicable
11. 	 Details of safety related incidents, in the following format:
There were no instances of safety related incidents at Subex Limited
12. 	 Describe the measures taken by the entity to ensure a safe and healthy work place.
Subex Limited is committed to fostering a safe and healthy work environment through a range of initiatives. These include proactive measures such as 
mental health sessions, emotional wellness sessions, yoga sessions, financial wellness programs, oral wellness programs, and managing sessions. These 
initiatives aim to promote the overall well-being of our employees and contribute to a positive workplace atmosphere.
13. 	 Number of Complaints on the following made by employees and workers:
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Filed during the 
year
Pending resolution 
at the end of year
Remarks
Filed during the 
year
Pending resolution 
at the end of year
Remarks
Working Conditions
0
0
0
0
Health & Safety
0
0
0
0
14. 	 Assessments for the year:
% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health & Safety Practices
Even though we have not formally conducted any assessment, since we are based in a tech park, the 
premises meets all required regulatory guidelines
Working Conditions
15. 	 Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns 
arising from assessments of health & safety practices and working conditions.
Subex Limited does not have any safety-related incidents or significant risks/concerns related to health and safety practices and working conditions that 
require corrective action. Our commitment to maintaining a safe and healthy work environment remains steadfast, and we continue to uphold rigorous 
standards to prevent incidents and address any concerns promptly.

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Subex Annual Report 2022-23
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
Essential Indicators
1. 	
Describe the processes for identifying key stakeholder groups of the entity
At Subex Limited, we recognize the significance of engaging with a diverse range of stakeholders who play a pivotal role in shaping our operations and 
influencing our decisions. Our process for identifying key stakeholder groups is structured to encompass both internal and external stakeholders who hold 
a direct impact on our company.  
Our engagement strategy begins by categorizing stakeholders into internal and external groups. This segmentation helps us understand the distinct 
perspectives and expectations of each group, enabling us to tailor our engagement efforts accordingly.  
For our internal stakeholders, which include our employees, we prioritize fostering a positive work environment, providing growth opportunities, and 
ensuring their well-being. We acknowledge that their dedication and contributions are vital to our success, and we are committed to creating an inclusive 
and supportive workplace for them.  
Externally, we have identified key stakeholder groups that hold immediate influence on our operations. These groups encompass shareholders, customers, 
communities, suppliers, partners, and vendors. We recognize the importance of transparent communication and engagement with these stakeholders to 
build strong relationships, understand their needs, and address their concerns effectively.
2. 	 List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Stakeholder Group
Whether 
identified as 
Vulnerable & 
Marginalized 
Group (Yes/No)
Channels of communication (Email, SMS, 
Newspaper, Pamphlets, Advertisement, 
Community Meetings, Notice Board, 
Website), Other
Frequency of 
engagement 
(Annually/ Half 
yearly/ Quarterly 
/ others – please 
specify)
Purpose and scope of engagement 
including key topics and concerns 
raised during such engagement
Shareholders
No
Annual General Meeting, Shareholder meets, 
email, Stock Exchange intimations, investor/ 
analysts meet/ conference calls, annual 
report, quarterly results, media releases and 
Company/SE website
Ongoing
Share price appreciation, dividends, 
profitability 
and 
financial 
stability, 
growth prospects
Employees
No
Senior leaders’ communication/talk / forum, 
Employee Communication, goal setting 
and 
performance 
appraisal 
meetings/ 
review, wellness initiatives, engagement 
survey, email, intranet, websites, poster 
campaigns, circulars, quarterly publication 
and newsletters
Ongoing
Responsible 
Care, 
innovation, 
operational efficiencies, improvement 
areas, long- term strategy plans, training 
and awareness, brand communication, 
health, safety and engagement initiatives
Customers
No
Website, distributor / direct customer, senior 
leader-customer meets / visits, customer 
plant visits, Dealer’s meet, trade body 
membership, 
complaints 
management, 
helpdesk, conferences, customer surveys.
Ongoing
Product 
quality 
and 
availability, 
responsiveness to needs, after sales 
service, 
responsible 
guidelines 
/ 
manufacturing, 
climate 
change 
disclosures, Safety awareness.
Suppliers / Partners
No
Prequalification/  vetting, communication 
and partnership meets, plant visits, MoU 
and framework agreements, professional 
networks, contract management/ review, on 
site presentations, satisfaction surveys
Ongoing
Quality, timely delivery and payments, 
ESG 
consideration 
(sustainability, 
safety checks, compliances, ethical 
behaviour), 
collaboration 
and 
digitalisation opportunities
Communities
No
Meets of community / local authorities 
/ location heads, community projects, 
partnership with local charities, volunteerism, 
seminars/ conferences, CSR Partner’s meet
Ongoing
Community 
development, 
disaster 
relief, Education, Skill development, etc.

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Subex Annual Report 2022-23
PRINCIPLE 5 Businesses should respect and promote human rights
Essential Indicators
1. 	
Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:
Category
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Total (A)
No. of employees / 
workers covered (B)
% (B / A)
Total (C)
No. of employees / 
workers covered (D)
% (D / C)
Employees
Permanent
677
677
100%
206
206
100%
Other than Permanent
84
84
100%
6
6
100%
Total Employees
761
761
100%
212
212
100%
Workers
Permanent
0
0
0%
0
0
0%
Other than Permanent
0
0
0%
0
0
0%
Total Workers
0
0
0%
0
0
0%
2. 	 Details of minimum wages paid to employees and workers, in the following format:
Category
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Total (A)
Equal to Minimum 
Wage
More than Minimum 
Wage
Total (D)
Equal to Minimum 
Wage
More than Minimum 
Wage
No. (B)
% (B/A)
No. (C)
% (C/A)
No. (E)
% (E/D)
No. (F)
% (F/D)
Employees
Permanent
Male
461
0
0%
461
100%
142
0
0%
142
100%
Female
216
0
0%
216
100%
64
0
0%
64
100%
Other than Permanent
Male
49
0
0%
49
100%
2
0
0%
2
100%
Female
35
0
0%
35
100%
4
0
0%
4
100%
Workers
Permanent
Male
0
0
0%
0
0%
0
0
0%
0
0%
Female
0
0
0%
0
0%
0
0
0%
0
0%
Other than Permanent
Male
0
0
0%
0
0%
0
0
0%
0
0%
Female
0
0
0%
0
0%
0
0
0%
0
0%
3. 	 Details of remuneration/salary/wages, in the following format:
Male
Female
Number
Median remuneration/ salary/ 
wages of respective category
Number
Median remuneration/ salary/ 
wages of respective category
Board of Directors (BoD)*
6
` 3,17,50,000
2
-*-
Key Managerial Personnel**
4
` 1,65,00,000
0
-
Employees other than BoD and KMP
457
` 12,00,000
216
` 8,50,000
Workers
Not Applicable
	
*Only Executive Directors are considered for median calculation.
	
Note : Details include persons who are Executive Directors holding the positions of Managing Director and Whole Time Director.
	

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Subex Annual Report 2022-23
4. 	 Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by 
the business? (Yes/No)
Yes, at Subex Limited, we take human rights impacts and issues seriously and have established a dedicated focal point to address them effectively. Our 
approach to addressing human rights impacts is guided by our global grievance policy, which ensures that we uphold human rights standards across our 
operations.
5. 	 Describe the internal mechanisms in place to redress grievances related to human rights issues.
At Subex Limited, we are fully committed to addressing human rights issues and grievances in a prompt, fair, and effective manner. To ensure that 
individuals who are affected by our operations have a reliable and transparent channel to voice their concerns, we have established internal mechanisms 
guided by our global grievance policy.
6. 	 Number of Complaints on the following made by employees and workers:
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Filed during 
the year
Pending resolution at 
the end of year
Remarks
Filed during 
the year
Pending resolution at 
the end of year
Remarks
Sexual Harassment
0
0
0
0
Discrimination at workplace
0
0
0
0
Child Labour
0
0
0
0
Forced Labour/Involuntary Labour
0
0
0
0
Wages
0
0
0
0
Other human rights related issues
0
0
0
0
7. 	
Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
At Subex Limited, we are committed to fostering a work environment that is inclusive, respectful, and free from discrimination and harassment. We 
recognize the importance of preventing adverse consequences for complainants in cases of discrimination and harassment, and we have implemented 
robust mechanisms to achieve this goal.  Our comprehensive policies, including the Prevention of Sexual Harassment at Workplace policy, Grievance 
policy, and Equal Employment policy, are integral to our commitment to addressing discrimination and harassment. These policies provide clear guidelines 
for promoting a safe and respectful workplace, preventing discriminatory practices, and addressing any grievances that may arise.
8. 	 Do human rights requirements form part of your business agreements and contracts? (Yes/No)
No, currently human rights requirements are not explicitly incorporated into our business agreements and contracts. However, we recognize the 
importance of upholding human rights across our value chain and actively encourage our partners and stakeholders to comply with human rights 
standards.	
9. 	 Assessments for the year:
% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Child labour
100%
Forced/involuntary labour
100%
Sexual harassment
100%
Discrimination at workplace
100%
Wages
100%
10. 	 Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at 
Question 9 above.
No corrective actions are required as no significant risks or concerns were identified from the assessments conducted in response to Question 9.

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Subex Annual Report 2022-23
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
Essential Indicators
1. 	
Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter
FY-2023
Current Financial Year
FY-2022
Previous Financial Year
Total electricity consumption (A)
504 GJ
453.60 GJ
Total fuel consumption (B)
957.25 GJ
861.53 GJ
Energy consumption through other sources (C)
0 GJ
0 GJ
Total energy consumption (A+B+C)
1461.25 GJ
1315.13 GJ
Energy intensity per rupee of turnover (Total energy consumption/ turnover in rupees) 
5.34 GJ/Cr
19.24 GJ/Cr
Energy intensity (optional) – the relevant metric may be selected by the entity
NA
2. 	 Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) 
Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets 
have not been achieved, provide the remedial action taken, if any.
Not Applicable
3. 	 Provide details of the following disclosures related to water, in the following format:
Parameter
FY-2023
Current Financial Year
FY-2022
Previous Financial Year
Water withdrawal by source (in kilolitres)
(i) Surface water
0
0
(ii) Groundwater
4500
4000
(iii)Third party water
0
0
(iv)Seawater / desalinated water
0
0
(v)Others
0
0
Total volume of water withdrawal(in kilolitres) (i + ii + iii + iv + v)
4500
4000
Total volume of water consumption (in kilolitres)
4500
4000
Water intensity per rupee of turnover (Water consumed / turnover)
16.45Kl/Cr
58.51 Kl/Cr
Water intensity (optional) – the relevant metric may be selected by the entity
NA
4. 	 Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
Not Applicable
5. 	 Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Not Applicable
6. 	 Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
Parameter
Unit
FY-2023
Current Financial Year
FY-2022
Previous Financial Year
Total Scope 1 Emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, 
SF6, NF3, if available)
tCO2e
66.91
60.219
Total Scope 2 Emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, 
PFCs, SF6, NF3, if available)
tCO2e
100.10
90.09
Total Scope 1 and Scope 2 emissions per rupee of turnover
tCO2e/INR 
Crore
0.61
2.20
Total Scope 1 and Scope 2 emission intensity (optional) – the relevant metric 
may be selected by the entity
NA

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Subex Annual Report 2022-23
7. 	
Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
While Subex Limited occupies a rented space in a tech park, we are in constant discussion with builder of the facility to reduce Greenhouse Gas (GHG) 
emissions associated with the building. These efforts align with our commitment to environmental sustainability and contribute to the reduction of our 
carbon footprint.
8. 	 Provide details related to waste management by the entity, in the following format:
(a) 	 Total Waste generated (in metric tonnes)
Parameter
FY-2023
Current Financial Year
FY-2022
 Previous Financial Year
Total Waste generated (in metric tonnes)
Plastic waste (A)
All relevant types of waste which are generated in-house are handed over to 
the authorized vendor for recycling. Subex is based in a technology park and 
all the environment related reports are submitted to the prescribed authority 
by the Owner of the park. Subex co-operates with the owner and the vendors 
towards ensuring the timely recycling of waste. 
E-waste (B)
Bio-medical waste (C)
Construction and demolition waste (D)
Battery waste (E)
Radioactive waste (F)
Other Hazardous waste. Please specify, if any (G)
Other Non-hazardous waste generated (H). Please specify, if any. 
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G + H)
9. 	 Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to 
reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.
As a software product Company, the impact that the Company has on the environment from its own operations is relatively low when compared to 
companies in other industries. However, the Company recognizes that it still has a role to play in reducing the impact that global business has on the 
environment. Subex is committed to following the best practices to reduce utilization of power, natural resources like water and limited E-Waste disposal, 
executed through government recognized agencies. Though Subex does not fall under the category of manufacturing products and services impacting 
the environment, we implement few of the best practices with minimal investments through a five-year plan - agreement with an industry stalwart having 
expertise in energy conservation. This investment thereby results in monetary benefits / savings month on month, helping us recover the invested amount 
in few months, ensuring continued savings through this initiative. 
Subex aims to reduce its impact on the environment by: 
1.	
Monitoring the level of water and energy used along with the waste produced. 
2.	
Targeting a reduction in the use of plastics, electricity and water, along with an increase in amount of waste that is recycled/ reused etc. 
3.	
Increasing the awareness on environment safety and engagement of employees in such measures. 
4.	
Adopting sustainable practices designed to ensure the health and safety of Subex’s employees, stakeholders, and the environment. 
5.	
Operating its business in compliance of applicable environmental laws and regulations.
10. 	 If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, 
wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please 
specify details in the following format:
Not Applicable
11. 	 Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:
Not Applicable
12. 	 Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control 
of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide 
details of all such non-compliances, in the following format:
Not Applicable

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Subex Annual Report 2022-23
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and 
transparent
Essential Indicators
1.	
a. 	
Number of affiliations with trade and industry chambers/ associations.
3
b. 	 List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a 
member of/ affiliated to.
S. 
No.
Name of the trade and industry chambers/ associations
Reach of trade and industry chambers/ associations 
(State/National)
1
FKCCI (Federation of Karnataka Chambers of Commerce and Industry)
State
2
Confederation of Indian Industry (CII)
National
3
Karnataka and DSCI (Data Security Council of India)
State
2. 	 Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the entity, based on adverse 
orders from regulatory authorities.
Name of authority
Brief of the case
Corrective action taken
Not applicable. No action needed. 
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development
Essential Indicators
1. 	
Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.
Not Applicable
2. 	 Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the 
following format:
Not Applicable
3. 	 Describe the mechanisms to receive and redress grievances of the community.
At Subex Limited, we value the input and concerns of the communities in which we operate and are committed to maintaining open lines of communication 
with community leaders. We have established a mechanism that enables us to engage with community leaders to understand their concerns and address 
them effectively.  Our engagement with community leaders serves as a platform for us to learn from their insights and feedback, and to collaboratively 
explore solutions to any issues that may arise. This approach helps us foster positive relationships and contribute to the well-being of the communities 
we are a part of. More details can be found at https://www.subex.com/pdf/investors/Corporate-Governance/Subex-Global-Whistle-blowing-Policy.pdf
4. 	 Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY-2023
Current Financial Year
FY-2022
Previous Financial Year
Directly sourced from MSMEs/ small producers
9
14
Sourced directly from within the district and neighbouring districts
Data not available
Data not available

73
Subex Annual Report 2022-23
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
Essential Indicators
1. 	
Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
At Subex Limited, we are dedicated to delivering exceptional products and services to our customers and value their feedback as an important source of 
improvement. We have established user-friendly mechanisms to receive and respond to consumer complaints and feedback effectively.  
Customers seeking to connect with us can utilize our ‘Contact Us’ page on our official website. Additionally, we have set up an email address, 
info@subex.com, through which customers can communicate their queries, complaints, and suggestions.  
We take all customer feedback seriously and are committed to responding promptly and professionally. Our customer support teams are well-equipped to 
address a wide range of inquiries, and we ensure that each communication is acknowledged and addressed in a timely manner.
2. 	 Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
Not applicable as the Company does not have specific consumer product or product range  
3. 	 Number of consumer complaints in respect of the following:
FY-2023 Current Financial Year
FY-2022 Previous Financial Year
Received 
during the year
Pending 
resolution at 
end of year
Remarks
Received 
during the year
Pending 
resolution at 
end of year
Remarks
Data privacy
0
0
0
0
Advertising
0
0
0
0
Cyber-security
0
0
0
0
Delivery of essential services
0
0
0
0
Restrictive Trade Practices
0
0
0
0
Unfair Trade Practices
0
0
0
0
Other
0
0
0
0
4. 	 Details of instances of product recalls on account of safety issues:
Not Applicable as there have been no instances of product recalls on account of safety issues. 
5. 	 Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of 
the policy.
Yes. Subex views security as a multi-dimensional matrix that covers privacy, security and risk mitigation through Subex Security Policy, Subex Risk 
Assessment Strategy and Subex Data Privacy Policy. 
6. 	 Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber 
security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on 
safety of products / services.
Not Applicable

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Subex Annual Report 2022-23
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
Subex Limited (“Subex” or “the Company”) has its Equity Shares listed 
on the National Stock Exchange of India Limited (“NSE”) and the BSE 
Limited (“BSE”).
The management of Subex is committed to transparency and 
disclosure. In keeping with that commitment, we are pleased to 
disclose hereunder information about the Company, its business, 
operations, outlook, risks and financial condition.
The financial statements of the Company have been prepared in 
compliance with the requirements of the Companies Act, 2013 and the 
Indian Accounting Standards (Ind AS) notified under the Companies 
(Indian Accounting Standards) Rules, 2015 (including amendments 
thereto). The management of Subex accepts responsibility for the 
integrity and objectivity of these financial statements, as well as for 
various estimates and judgments used therein. The estimates and 
judgments relating to the financial statements have been made on a 
prudent and reasonable basis, in order that the financial statements 
reflect the form and substance of transactions in a true and fair 
manner, and reasonably present the state of affairs and profits/ losses 
for the year under review.
In addition to the historical information contained herein, the 
following discussion may include forward looking statements which 
involve risks and uncertainties, including but not limited to the risks 
inherent in the Company’s growth strategy, dependency on certain 
clients, dependency on availability of qualified technical personnel 
and other factors discussed in this report.
COMPANY OVERVIEW
We build industry leading software products and solutions to help 
businesses create connected experiences in their digital ecosystems. 
With AI at the core, Subex is now helping Communications Service 
Providers (“CSP”) reimagine a future of providing seamless, intelligent, 
connected experiences to their customers. Our strength lies in 
understanding the dynamic needs of the telco market and leveraging 
emerging technologies like AI, ML, Blockchain, and more, to build 
scalable solutions to help telcos thrive in a competitive environment. 
Towards this, we have created state-of-the-art solutions covering the 
areas of privacy, security, identity, intelligence, and risk mitigation, all 
of which help CSPs build a robust ecosystem of trust. Our revenue 
contributing pie consists of licensing, professional services related to 
installations and configuration activity, annual support contracts and 
managed services.
Through HyperSense, an AI-first line of offerings, Subex empowers 
CSPs and enterprise customers to make faster and better decisions 
by leveraging Artificial Intelligence (AI) across the data value chain.
“The Subex Advantage” comes from our 25+ years of experience in 
enabling 3/4th of the largest 50 CSPs globally achieve competitive 
advantage. Being truly a global company, we have more than 300 
installations across 90+ countries.
We have a global presence, employing over 1000+ people, with 
headquarters in Bengaluru, India and offices in Singapore, UK, US, 
UAE and Bangladesh.
More information on (a) an overview of the telecom industry (b) our 
products (c) Opportunities and challenges and (d) our revenue model 
is discussed below.
TELECOMS IN THE GLOBAL MACRO CONTEXT
As of the end of 2022, the global number of mobile service subscribers 
exceeded 5.4 billion, with approximately 4.4 billion individuals also 
using mobile internet services. Over the past five years, there has 
been a significant reduction in the gap between mobile internet users 
and overall mobile subscribers, declining from 50% in 2017 to 41% in 
2022 on average. Nevertheless, despite this progress, the remaining 
disparity requires immediate attention from all stakeholders.
The mobile industry has become a crucial contributor to the global 
economy, generating 5% of the global GDP in 2022. This amounted 
to $5.2 trillion of added economic value and supported approximately 
28 million jobs across the broader mobile ecosystem. Looking ahead, 
the adoption of 5G technology will play a pivotal role in driving future 
mobile innovation and services. With ongoing deployments and 
increased adoption, 5G is projected to reach a 17% adoption rate in 
the current year and is anticipated to rise to 54% by 2030, equivalent 
to approximately 5.3 billion connections.
By 2030, 5G technology is expected to contribute nearly $1 trillion 
to the global economy, benefitting various industries. The impact 
of this technology will be widespread, bringing advantages and 
advancements to multiple sectors. It is crucial to acknowledge the 
potential transformative effects of 5G and the opportunities it presents 
for economic growth and development.
Key trends shaping the mobile ecosystem
5G consumer monetisation comes into focus
In the year 2023, approximately 30 new markets are set to introduce 
5G services. It is particularly noteworthy that many of these markets 
will be in developing regions across Africa and Asia, indicating 
that the adoption of 5G is becoming a global trend. As the scale 
of 5G adoption expands, there will be an increasing emphasis on 
monetization strategies. Mobile operators will concentrate their 
marketing efforts on highlighting the connection between mobile 
devices, 5G technology, and new digital services. Additionally, these 
operators will extend their 5G fixed wireless access (FWA) offerings to 
reach new areas.
In markets where the predominant fixed broadband technology is 
DSL (Digital Subscriber Line), there is likely to be a greater growth in 
5G FWA penetration. Moreover, markets characterized by low fixed 
broadband penetration, but rising incomes will also experience faster-
than-average growth in terms of 5G adoption.
Private 5G builds momentum
The resurgence of private wireless solutions can be attributed to 
the advanced capabilities of 5G technology, which have expanded 
deployment possibilities beyond niche applications. Multiple 
industries find private wireless networks particularly well-suited for 
their operations. Additionally, the transport and logistics sector is 
projected to witness significant growth in private network adoption 
due to 5G’s enhancements in capacity, latency, and reliability, 

75
Subex Annual Report 2022-23
enabling the facilitation of new use cases within a private wireless 
environment.
To achieve widespread adoption and scalability of private networks, 
it is crucial for solutions to become more affordable and easier to 
install and operate. This demand for cost-effective implementation 
has led to a rising interest in pre-integrated solutions that come with 
the necessary supporting infrastructure. By offering streamlined 
and comprehensive solutions, organizations aim to simplify the 
deployment process and reduce complexities associated with private 
wireless networks, ultimately driving their broader adoption.
Mobile industry shifts towards circularity
Sustainability has evolved from being solely a matter of corporate 
social responsibility to becoming a fundamental strategic priority 
across the telecoms ecosystem. Industry stakeholders are now 
embracing a model that emphasizes the sharing, leasing, reusing, 
repairing, refurbishing, and recycling of existing materials and products 
as a central aspect of production, service offerings, and consumption. 
This circular approach is crucial for enabling networks to operate in 
a more sustainable and energy-efficient manner, while also driving 
the industry towards achieving its climate objectives. By prioritizing 
sustainability and adopting circular practices, the telecoms industry 
can make significant progress towards reducing its environmental 
impact and achieving its climate-related goals.
The metaverse continues to gain traction
The momentum surrounding the metaverse is steadily increasing, 
supported by advancements in enabling technologies such as 5G, 
AI, and wearables. Key stakeholders and players in the ecosystem 
are displaying a growing interest, resulting in the development of 
essential foundations for the progression of the metaverse. These 
building blocks include content and applications, standards, and 
devices, which will be central to the activities taking place in 2023.
Beyond providing connectivity, the metaverse presents operators with 
opportunities for new revenue streams. This highlights the importance 
of innovation and partnerships in identifying use cases and network 
requirements that align with the metaverse concept. Operators must 
actively seek out novel approaches and collaborate with various 
stakeholders to fully harness the potential of the metaverse and 
capitalize on its emerging possibilities.
Fintech presents opportunities for mobile industry players
Fintech has revolutionized the delivery of financial services to both 
consumers and businesses, fundamentally transforming the industry. 
While investor sentiments experienced a significant decline in 2022 
following a year of record funding, the underlying drivers of growth, 
such as robust demand, digitally-centered lifestyles, and supportive 
regulations, remain strong. The fintech market remains fragmented, 
but its positive long-term growth prospects increase the likelihood of 
consolidation and attract interest from established financial institutions 
and companies in diverse sectors, including mobile ecosystem 
players. These entities are keen to capitalize on the opportunities 
presented by fintech through strategic investments, collaborations, 
and partnerships, recognizing the potential for synergy and mutual 
benefit.
OUR PORTFOLIO
For over two decades, Subex has held an eminent position as the 
undisputed market leader in the realm of Risk Management solutions 
for the telecom industry. Throughout our illustrious journey, we 
have remained resolute in our pursuit of unrivaled excellence and 
unwavering commitment to innovation, rendering us an esteemed 
and trusted name in the domain. Our portfolio stands as a testament 
to our unwavering dedication, encompassing a comprehensive array 
of avant-garde solutions tailored to empower telecom operators in 
crafting seamless and unparalleled connected experiences for their 
discerning clientele.
In the ever-evolving world of telecommunications, connectivity lies at 
the heart of all interactions. Subex, a pioneering telecom AI solutions 
provider, envisions a future where the telecom industry leverages 
the power of connectivity to revolutionize customer experiences, 
enhance operational efficiency, and pave the way for unprecedented 
growth. By focusing on creating connected experiences within the 
telecom sector, Subex aims to shape a vibrant landscape where 
communication knows no bounds.
HyperSense
HyperSense is Subex’s cutting-edge AI-first line of offerings, 
revolutionizing the way businesses harness the power of artificial 
intelligence. With HyperSense, Subex has ingeniously crafted a suite 
of AI-driven solutions that cater to the evolving needs of organizations 
across diverse sectors. These offerings not only demonstrate Subex’s 
commitment to staying at the forefront of technological innovation 
but also serve as a testament to their dedication to empowering 
businesses with intelligent, data-driven decisions. HyperSense is 
poised to drive enhanced operational efficiencies, predictive insights, 
and proactive risk management, making it an indispensable asset for 
any enterprise seeking to thrive in the era of AI transformation.
Business Assurance
HyperSense Business Assurance system based on Active Risk 
Intelligence (ARI) provides the most comprehensive AI/ML tooling in 
the Business Assurance industry from over 25 years of implementation 
experience. It enables telcos to work on a dynamic risk marketplace 
and entails collaboration & knowledge management to enhance risk 
mitigation and improve decision making. The ARI suite enables AI-
driven predictive and prescriptive business insights for CxOs (Opco 
& group) across verticals (Marketing, finance, sales, network, etc.). 
With a product history spanning over two decades, Subex’s Business 
Assurance is the culmination of the operational experience of being 
deployed in over 80+ sites globally.
Fraud Management
Built on 25+ years of domain expertise, the HyperSense Fraud 
Management system is the only AI-first fraud management system 
for telcos enabling them to effectively combat fraud and security 
risks by leveraging AI in every step of the fraud management process. 
With a state-of-the-art AI engine at the core, it helps risk professionals 
increase business-coverage, accuracy, and precision and enables 
them to use AI in a sustained manner. With Subex’s comprehensive 
fraud management system, operators can detect more than 350 
types of fraud in all telecom environments.

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Subex Annual Report 2022-23
NETWORK ANALYTICS
Enterprise Asset Management
Subex’s Enterprise Asset Management provides CSPs with the 
necessary framework and controls to make the best use of their assets, 
thereby helping manage network Capex efficiently and maximizing 
asset ROI. The solution ties the assets’ financial parameters to its 
current utilization and location, creates a 360-degree view of the 
asset, generates accurate reports for audits, and calculates the 
return on assets. Also, it simplifies field audits, provides near real-time 
capacity views, recommendations to optimize network utilization and 
optimizes P2R (Plan-to-retire) and cash-to-cash cycle for assets and 
improves overall operational efficiency.
Data Integrity Management
Subex is the pioneer of data integrity management, with over a 
decade of experience in data integrity transformations with the 
world’s leading service providers. Data Integrity Management is the 
industry’s first solution for improving the quality of data that drives 
critical service provider processes, resulting in lower costs and higher 
service profitability.
Partner Ecosystem Management
A platform to manage all aspects of the digital and traditional 
partnerships that will allow CSPs to accelerate their digital services 
portfolio expansion.
Partner Lifecycle Management
Subex Partner Lifecycle Management allows CSPs to significantly 
reduce time to market for new services and enhance existing services 
by quickly onboarding new partners to the ecosystem. The solution 
optimizes OPEX through workflow-based onboarding process 
interfaces with configurable KPIs to allow quick partner onboarding. 
CSPs can assess partner health by scoring them on different 
parameters and monitor their performance to ensure a value-driven 
partner ecosystem. The partner portal empowers partners with 
complete business visibility through access to dashboards and reports 
and make informed decisions.
Digital Services Billing
Subex offers a domain - agnostic digital services billing solution that 
can bill and settle any event irrespective of the source and cater 
to Data, Content, IoT, M2M, and Utility billing requirements. Utilize 
configurable modeling capabilities that allow the creation of new 
revenue streams through configurations, thus allowing quicker 
settlements and bill roll outs.
Wholesale Billing and Routing
Subex’s Wholesale Billing and Routing solution enales you to get a 
holistic view of your entire range of partner relationships, covering 
services such as voice, SMS and Data, manage roaming, routing, 
content settlements, as well as MVNO and other B2B relationships. 
We drive efficiencies into your businesses via process automation 
to gain operational insight to support critical decision-making 
activities and enable you to achieve a competitive advantage. 
We cover Interconnect Billing & Settlement, Reconciliation and 
Dispute Management, OBR, Route Optimization, Contract Lifecycle 
Management.
Enterprise Billing
Subex offers a next-gen end-to-end enterprise billing system 
that provides unmatched rating and billing capabilities for CSPs. 
It’s a converged billing platform that covers partner onboarding, 
subscription management, service agnostic rating, and billing to 
financial reporting.
Roaming Settlements
Subex Roaming solution offers a 360-degree view of the roaming 
services and revenue management to improve profitability. It reduces 
the possibility of fraud by removing the likelihood of paying high cost 
traffic or lose inbound roaming revenue by supporting NRTRDE (Near 
Real-Time Roaming Data Exchange) and HUR (High Usage Report). 
Sectrio
The Sectrio suite of IoT-OT-IT and 5G cybersecurity solutions 
include:
•	
IoT-OT-IT 
Converged 
Security 
Suite: 
a 
comprehensive 
cybersecurity 
offering 
designed 
to 
secure 
converged 
environments 
from 
cross-stream 
threats. 
This 
includes 
technology-specific and technology - agnostic threats that can 
operate across environments to target devices, IT systems, and 
SCADA and ICS.
•	
Threat Intelligence: It offers specific threat intelligence that is 
relevant, actionable, and contextual to various businesses. This 
leads to reduced false positives, improved SecOps efficiency and 
improved threat hunting.
•	
5G Security: It offers comprehensive protection for 5G linked 
infrastructure and installations
In addition to the above, there are also modules for vulnerability 
management, threat management and micro segmentation.
IDcentral (Identity Analytics)
Today, each individual has multiple digital interactions which give 
rise to something known as a digital footprint. This digital footprint 
is a combination of various attributes like phone number, email ID, 
device info, social network data etc. that when put together form 
the digital identity of that individual. IDcentral specializes in bringing 
together these different attributes to create verifiable digital identities 
leveraging alternate sources of data. IDcentral is the next-generation 
digital identity analytics platform, that helps businesses across various 
domains to increase their profitability and reduce risk. It is one of the 
largest repositories of data in the world with access to 200 plus data 
points of 700 million individuals. IDcentral’s wide range of solutions 
include:
•	
Onboarding solutions: Enables document-less, presence-less, 
and secure online customer onboarding for enterprises. This 
includes solutions like locality verification using telecom CDR 
data, name/age/gender verification with government and 
telecom data, low touch verification, and risk prediction of 
MSISDN and email IDs using telecom and consortium data, AML 
+ PEP + Sanctions lists.
•	
Credit solutions: Enables credit processing for underserved 
population and provide early default warning. This includes 
solutions like income range prediction with telecom data, locality 

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Subex Annual Report 2022-23
verification with telecom data, alternate data credit scores, and 
early default vectors using telecom and consortium data.
•	
 Fraud solutions: Enables E-com, M-wallet, Fintechs in preventing 
various kinds of identity and transactional frauds by using 
advanced analytics on usage, device, behavioral, network, and 
telecom data. This includes addressing linked account abuse/
frauds, ATO frauds, CNP frauds, Card present frauds.
It acts as a one-stop shop for identity analytics solutions by harvesting 
data from multiple sources and adding layers of intelligence to enable 
the creation of a real-time frictionless digital identity.
Consulting & Advisory Services
Subex with its more than 25 years of experience in telecom domain, 
end-to-end encounter in defining strategy to execution and use of 
relevant tools that are compliant with global forums such as TM 
Forum and CFCA; is the right partner of choice in consulting and 
assessment services for global telcos.
Subex offers consulting and assessment services in the following 
domains:
Maturity Assessment & Improvement: Benchmarking of their Business 
Assurance (including Revenue Assurance, Fraud Management and 
other assurance areas) processes concerning global standards, 
and providing recommendations across strategies, people skills, 
processes, technologies, measurement and management reporting 
practices.
Functional Assessments: Gap analysis of existing RAFM functional 
processes, technology and provide the roadmap to close these gaps 
using “analyse, evaluate, assess and recommend” framework.
Risk Advisory & Management: Identify the risks in the revenue chain 
and plug leakages promptly, through regular assessment of the existing 
business and revenue streams. Subex’s custom framework is based 
on a thorough understanding of risks, creating a Risk Control Matrix 
utilizing relevant industry standards and developing comprehensive 
standard operating procedures.
Business process re-engineering: Review of the existing business 
processes, design and implementation of new business processes 
based on industry leading practices.
Transformation & Migration Assurance: Creation of assurance 
framework across the transformation or migration journey of OSS/
BSS systems. Subex can assist operators in providing the necessary 
support during the end-to-end migration process to avoid revenue/
cost leakages, negative customer experience, project delays and 
budget overruns.
Product and Service Margin Assurance: Assessment of the target 
market, holistic margin and profitability for the entire service and 
product catalogue.
Accounting Assurance: Formalization of secondary control universe 
which would be executed by Business Assurance teams to provide 
the assurance to CFO on the current revenue reporting across all 
revenue segments. This will also include an independent revenue 
computation to identify the gaps (if any).
Managed Services
Our Managed Services offerings are designed to drive outcome and 
protect revenues by enhancing customer experience. Pillared on 
four main aspects, i.e., Cost, Quality, Time-to-market and Capability, 
the engagement is aimed to provide rapid ROI, increase efficiency, 
and in-turn deliver maximum value. Driven by robust technology-led 
capabilities, Subex Managed Services offers a variety of engagement 
models providing complete flexibility to operators based on their 
business needs.
Subex Managed Services program is designed to add both strategic 
and tactical value to service providers’ operations and enable 
better customer experience while also enhancing their operational 
efficiency, service agility and profitability. With Subex at the helm of 
its operations, service providers can redirect critical resources at core 
business functions generating more revenue and saving costs.
Subex understands that no two service provider requirements are alike 
and hence offers the flexibility to pick and choose services based on:
•	
Scope of Operations: Ranging from standard operations to large 
scale transformational programs
•	
BSS / OSS Domains: Drawing from Subex’s established expertise 
on various BSS / OSS domains
•	
On-Site Support: High caliber, experienced resources to ensure 
functional continuity and high resource efficiency.
Creating a resilient telecom landscape by tracking threats and 
unlocking opportunity
Key Announcements in FY23
HyperSense named in 2022 Gartner® Market Guide for Multipersona 
Data Science and Machine Learning Platforms
Subex has been named in 2022 Gartner® Market Guide for 
Multipersona Data Science and Machine Learning Platforms (DSML). 
According to this Market Guide for Multipersona Data Science and 
Machine Learning Platforms, “Data science and machine learning 
are evolving rapidly with key trends such as augmentation and 
democratization. To support the needs of an increasingly diverse 
group of technical and nontechnical roles, data and analytics leaders 
should apply multipersona DSML platforms.
Ethio Telecom selects HyperSense Fraud Management
Subex announced that it has been selected by Ethio Telecom to 
deploy its Fraud Management solution. The solution, which is built 
on Subex’s AI orchestration platform, HyperSense, will replace 
Ethio Telecom’s existing legacy fraud management system, thereby 
enabling them to move from a traditional rules-based approach to an 
AI-first approach. This approach will, in-turn, enable them to detect 
new and unknown threats in real-time.
Unitel selects Subex for protection against telecom fraud
Subex announced that it has been selected by Asian telecommunications 
and internet major Unitel LLC to help the operator in its fight against 
fraud and digital crimes. As part of the agreement, Subex’s Signaling 
Security solution will help Unitel leverage signaling data for the early 
detection and mitigation of all types of fraud, thereby ensuring the 
prevention of any loss of information or revenue.

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Subex announced the showcase of its AI solutions at MWC. Subex 
showcased its award-winning platform, HyperSense AI, and its 
capabilities to cover many AI-related use cases. Towards this, Subex 
demonstrated its HyperSense AI-led solutions to drive growth, protect 
revenues, enhance profitability, optimize Capex and expand digital 
service offerings.
REVENUE MODEL
Our revenue generally comes from four streams: (1) licensing; (2) 
professional services related to installations and configuration 
activity; (3) annual support contracts; and (4) managed services.
We generally license our software products on per subscriber or per 
transaction basis. This means that when our customers experience 
growth, we can also expect to benefit from that growth. Typically, 
there are significant professional services revenues associated with 
each new software installation as well as with upgrades.
Our annual support contracts are generally priced as a function 
of the total license fees paid by the customer. Thus, our annual 
support contracts would also tend to experience growth when our 
customers experience growth. Importantly, annual support contract 
revenue tends to be recurring revenue.
Finally, we have been experiencing increased success with managed 
service revenue. Like annual support contracts, managed services 
provides a relatively predictable recurring revenue stream. At 
the same time, our managed service offering provides us with an 
opportunity to maintain a continuous touch point with the customer 
so we can better understand their needs and we have opportunity to 
educate them on our offerings and skills.
RISKS AND CONCERNS
As our valued investor, we are certain you understand our business 
environment, 
prevailing 
economic 
conditions, 
geo-political 
circumstances, and other specific risks that may affect our future 
business decisions and financial performance. It is not possible to 
detail out every risk since we operate in a very competitive and 
rapidly changing global environment. New risk factors emerge from 
time to time, the year 2020 was one of our most challenging years 
in recent times, just as it was for any other business since the global 
COVID-19 pandemic led to uncertainty and ambiguity across the 
globe. Similarly, in 2022, the impact of the Ukraine-Russia conflict on 
businesses has been significant, with decreased economic activity, 
disrupted supply chains, and increased risk and uncertainty. There 
could still be dramatic changes in the business. However, due to lack 
of precedents, we are unable to provide specific details on how this 
could impact Subex’s business. We are providing some information 
on several risks which we are aware of and they are stated herein: (a) 
reduction in consumer and business purchasing; (b) consolidation 
of our customer base; (c) dependence on communications, 
service providers as our major customers; (d) security; (e) improper 
disclosure of personal data could result in liability and harm to our 
reputation; (f) technology changes and obsolescence may impact 
our business; (g) recruiting and retention of personnel is challenging; 
(h) adequately protecting our intellectual property may not be 
possible; (i) allegations of infringement of third-party intellectual 
property poses risks; (j) variability of our quarterly operating results 
makes comparisons difficult; (k) non-compliance with statutory 
obligations may result in fines and penalties; (l) non-compliance 
with environmental regulations may lead to fines and penalties; (m) 
foreign exchange fluctuations may lead to variability in our revenue; 
(n) SEZ related taxation benefits may be uncertain; (o) failure to fulfill 
contractual obligation may lead to claims; and (p) debt obligations. 
Below, we will discuss each of these risks in some more detail. There 
are, of course, additional risks faced by us, which are not specified 
here.
Reduction in Consumer and Business Purchasing
We depend on our customers – primarily large communications 
service providers (“CSPs”). If our primary customers face reduced 
revenue, we will also face reduced revenue. CSPs primary customers 
are consumers and businesses. Of course, reductions in spending 
by consumers or businesses will reduce revenue of CSPs and this 
will result in decreased spending by the CSPs which means reduced 
revenue for us.
Additionally, the ongoing Ukraine-Russia conflicts has had a significant 
impact on businesses around the world. The conflict has resulted in a 
slowdown of global economic activity and has disrupted trade flows 
and made it difficult for businesses to operate in the affected regions. 
This geo-political conflict is ongoing and may lead to decreased 
revenue and profitability.
Consolidation in our customer base
CSPs 
have 
gone 
through 
considerable 
consolidation. 
The 
consolidation, or merger, of one CSP with another can have several 
impacts on us. First, it will simply reduce the overall size of the market; 
each consolidation effectively reduces the number of potential 
customers for our products. Secondly, it can and does happen 
that one of our existing customers can undergo a consolidation. In 
that event, the other party to the consolidation may already have 
competing products and the combined company may choose to 
continue with the use of the competing product rather than use 
our products/services. Of course, it can also happen that the two 
companies, when combined, choose to use our products which 
may have a positive impact on our revenue. Another possibility is that 
two existing customers merge. The consolidation of two customers 
will have an adverse effect on our revenue as the combined 
company attempts to reduce their consolidated spending. Finally, 
larger customers simply have more negotiating power leading to 
reduced prices for our products. The Company strives to have a 
deep penetration within the accounts that it serves so as to provide 
an edge over competitors and be a preferred choice during such 
consolidations.

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Subex Annual Report 2022-23
Dependence on the Communications Service Providers as our 
major customers
We mentioned above our customers are primarily CSPs. We are fully 
dependent on CSPs as our major customer base. As a result, we are 
fully susceptible to any downturns or negative changes in the CSP 
industry.
Security
You must be well aware that security threats are prevalent 
everywhere today. This is, perhaps, especially true in the technology 
industry where we participate. The security vulnerabilities take many 
forms. Hackers may attempt to compromise computer systems 
and networks. Fraudsters may attempt to steal the identity of our 
personnel to gain access to our computer systems, networks and 
even banking systems. Terror activity could have an adverse impact 
on our business. We may fail to adequately design our products 
leaving our customers exposed to hacking and other network 
vulnerabilities. Perhaps this concern – of failure to adequately design 
our products leading to exposure of our customer’s information is 
one of the largest concerns. If one of our customers faced a security 
breach allegedly as a result of use of our products, it would cause 
significant reputational risk to us and may lead to claims against us.
We devote significant resources to mitigate security threats including 
threats to our internal IT systems, with respect to our products and 
with respect to physical security of our buildings. But there cannot be 
any guarantee that these efforts will avoid security breaches.
Improper disclosure of personal data could result in liability and 
harm our reputation
You are probably aware of the global trend towards more sensitivity 
regarding improper disclosure of personal data. This global trend has 
a number of impact on us. There are additional laws and regulations 
in many jurisdictions. This not only leads to increased administrative 
costs of compliance and increased difficulties in doing business but 
violations of these laws and regulations involve higher and higher 
fines and penalties. At the same time, we are storing and processing 
increasingly large amounts of personal data which leads to increased 
potential exposure.
We take what we consider to be appropriate steps to provide for 
the security and protection of all data including personal data. But, 
despite these efforts, it is possible our practices may not prevent the 
improper disclosure of personal data. Improper disclosure of this 
information could harm our reputation, lead to legal exposure, lead to 
claims against us by customers including claims for indemnification 
or subject us to liability under laws that protect personal data, 
resulting in increased costs or loss of revenue.
It is important to note that our potential liability for customer financial 
damages associated with losses of personal data is generally not 
limited by limitation of liability provisions in customer contracts.
In addition to risks related to improper disclosure of personal data, 
new laws and regulations are being implemented. One significant 
new regulation is the European General Data Protection Regulation 
(“GDPR”) which went into full effect in May 2018. Compliance efforts 
related to these laws and regulations is significant and could be a 
distraction from other activities. Further, even without any actual 
improper disclosure of personal data, non-compliance could result in 
large fines. Still further, customer focus on these laws and regulations 
could delay or jeopardize sales and installations of Subex products.
Technology changes and obsolescence may impact our business
We experience rapid technological changes which could make 
our technology and services obsolete, less marketable or less 
competitive. These changes result in our need to continually improve 
the features, functionality, reliability and capability of our products 
which poses development challenges and expenses. We may not 
be able to adapt to these changes successfully or in a cost-effective 
way which may adversely affect our ability to compete and retain 
customers or market share.
While the rapid technological changes require us to change our 
products, launching new products is also a key element of our 
growth. An inability to bring new products with high demand to the 
market in a timely manner will reduce our growth and profitability.
We make strong efforts to put in place processes and methodologies 
to address these issues and to turn it into a strategic advantage 
by being in the forefront of technological evolution. For example, 
regular skill upgradation programs and training sessions that include 
attending global conferences and employing specialized consultants 
etc. are undertaken.
Recruiting and Retention of Personnel is challenging
Subex’s talent acquisition strategy is to hire candidates with the right 
competencies required by the business at the right time, a judicious 
mix of lateral hires and fresh graduates. We are an equal opportunity 
employer and focus on meritocracy at all stages of hiring, strictly 
based on role-mapping career architecture.
We have a robust process to source and select the best talent, both 
for entry-level roles as well as lateral hires, leveraging multiple social 
media platforms and events, channel partners, referral campaigns, 
campus placements, and internal job postings. We were successfully 
able to hire close to 330 Subexians under 100% TAT for vanilla, niche 
and strategic positions.
Our recruiters had been efficient in the hiring process and have been 
able to close on the requirements with minimal external/vendor 
support and quickly adapted to the hybrid workplace environment 
and executed virtual and in-person hiring processes while facilitating 
quick closure. The steps have been taken below to improve the 
quality of hire:
•	
Training & upskilling the recruitment team
•	
Streamline recruitment process
•	
POFU (Post offer follow up)
•	
Focused strategy on campus hiring’s adding premier institute 
like NIT, IIT, IIIT in the list.
Adequately protecting our Intellectual Property may not be 
possible
We operate in a global environment; protecting our proprietary 
technology in the many different jurisdictions we operate in, which is 
challenging. We depend on a combination of technical innovations, as 
well as copyrights and trade secrets for protection of our technology. 
We also maintain patent and trademark protection, as and where 
applicable and required. However, some jurisdictions have limited 

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Subex Annual Report 2022-23
laws protecting technologies and other jurisdictions, even if they 
have laws protecting technology related innovations, are curtailed by 
limited or difficult enforcement systems. Even in jurisdictions which 
are equipped with adequate laws and enforcement systems, detection 
of infringement of our rights may be difficult and even if detected, 
engaging in litigation to enforce our rights would be expensive.
Departure of our personnel, especially to a competitor, is a particular 
risk to our technology and intellectual property rights. We generally 
require all employees and advisors to sign agreements which require 
that our information be maintained as confidential during and after 
their employment/engagement. These agreements also assign or 
otherwise vest rights in the intellectual property developed by these 
employees and advisors to the company. Even so, these agreements 
may not effectively prevent disclosure of our information or effectively 
assign rights to us. Further, detection of violation of these agreements 
may be difficult and it may be difficult to enforce these agreements even 
when such violations are detected. Any exposure of our information 
by former employees or any failure to adequately have rights assigned 
to us, may have a material adverse effect on our business, financial 
condition, the results of our operations and our reputation.
Allegations of Infringement of Third- Party Intellectual Property 
poses Risks
We may face claims by third parties that our products infringe their 
intellectual property rights. Whether or not we ultimately prevail 
in any intellectual property dispute, defending the dispute may be 
expensive, it may distract our management and other key personnel 
and its outcome is uncertain. Further, if any of our products are 
found to infringe the intellectual property rights of others, or if we 
settle a claim in an adverse manner, it may restrict or prohibit further 
development, manufacture, and sale of our products. A loss or 
adverse settlement may require us to pay substantial sums of money 
in terms of damages. We may also be forced to seek licenses to 
continue to use the product that contains the specific intellectual 
property. These licenses may not be available on commercially 
acceptable terms or may not be available at all.
Furthermore, we are required to indemnify our customers against 
third-party claims of infringement of intellectual property arising out 
of our customers’ use of our products and services. Typically, our 
liability for such indemnification is not limited by limitation of liability 
provisions in our customer contracts.
Further, we are often in possession of proprietary information of our 
customers. This information may be wrongly used or disclosed or 
may be misappropriated by employees of the Company or others. 
This would result in a breach of our contractual obligations to our 
customers any such breach may subject us to a significant claim (s) 
from the customer for damages and may also significantly damage 
our reputation.
We have a consistent protocol of requiring NDAs before disclosure of 
our trade secrets/confidential information to third parties. Employees 
sign confidentiality terms as a part of their employment agreement.
Historically, we have not received any allegation of infringement of 
third-party intellectual property against our products nor our services. 
However, especially since we invest in and introduce new product 
lines, allegations of infringement of third-party intellectual property 
rights, against us or our customers with respect to our products or 
services, or any allegation of breach of our confidentiality obligations 
to our customers could arise and this could have a materially 
adverse impact on our business, financial condition the results of our 
operations and our reputation.
Variability of our Quarterly Operating Results makes comparisons 
difficult.
Our quarterly operating results have varied in the past due to reasons 
like seasonal pattern of hardware and software capital spending by 
customers, information technology, investment trends, achievement 
of milestones in the execution of projects, hiring of additional staff 
and timing and integration of acquired businesses. Hence, the past 
operating results and period to period comparisons may not indicate 
future performance. Our management is attempting to mitigate this 
risk through expansion of our client base geographically, increasing 
annuity revenue such as through managed services and also looking to 
grow revenues from Horizon 2 areas of IOT Security, ROC Insights etc.
Non-compliance with statutory obligations may result in fines and 
penalties
We face certain statutory obligations. Some of these obligations arise 
from the fact that we have registered with Special Economic Zone 
for software development activities and have availed Customs Duties 
and Goods and Service Tax exemptions. The non-fulfillment of export 
obligations or other non-compliance with statutory obligations may 
result in penalties as stipulated by the Government and this may 
have an impact on future profitability. The Company has team of in-
house attorneys and engages outside counsel/consultants on a need 
basis. An ongoing monitoring mechanism has been established with 
respect to applicable laws.
Certifications and compliance
Subex is certified for both Information Security and Quality 
Management System Periodic reviews and internal audits are carried 
out based on a defined program. These audits cover the Delivery 
and Corporate functions based on the scope of certification 
for management systems which is currently defined as per the 
requirements of ISO 27001:2013, GDPR and ISO 9001:2015. A system 
is in place to identify and manage process changes methodically. 
There is people involvement across organization in the activities 
of process development, implementation and reviews, there by 
achieving continual improvement. A centralized repository is in 
place to cover all policies, processes and controls, which is easily 
accessible to all employees to ensure strict process adherence.
Non-compliance with Environmental Regulations may lead to 
fines and penalties
Software development, being generally a pollution free industry, 
means we are not subject to significant environmental regulations. 
Nonetheless, 
non-compliance 
with 
applicable 
environment 
regulations may lead to significant fines and penalties. We do adhere 
to the guidelines for disposing of E-wastes as stipulated by the 
E-Waste (Management and Handling) Rules. Asset related to IT i.e 
Laptop, servers etc. are disposed to Authorized E-waste Vendor only

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Subex Annual Report 2022-23
Foreign Exchange Fluctuations may lead to variability in our 
revenue.
We have substantial exposure to foreign exchange related risks 
on account of revenue from export of software and outstanding 
liabilities. There is a natural hedge to the extent of expense incurred 
in same currency. Despite this, particularly given the volatility in the 
foreign exchange market, there could be significant variations. Our 
management is attempting to mitigate this risk through hedging by 
obtaining forward contracts against its revenue and receivables.
Failure to fulfill Contractual Obligation may lead to claims
We enter into contracts with our customers in the ordinary course of 
business, under which we are obligated to perform and act according 
to the contractual terms enumerated under them. Any failure to fulfill 
these contractual obligations may expose us to financial, reputational 
and other risks.
We are confident we have taken sufficient measures to assure it 
meets the contractual obligations under the customer contract. 
Nonetheless, there cannot be any assurance that a customer will not 
allege a breach by us of our obligations.
Debt Obligation
The Company did not have any debt obligation as on March 31, 2023.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
In accordance with the provision of Section 134(5)(e) of the 
Companies Act, 2013, and as per the provisions of the SEBI (LODR), 
Regulations, 2015, the Company has an Internal Control System, 
commensurate with the size, scale and complexity of its operations. 
Such Internal Financial Controls were found to be adequate for a 
Company of this size. The controls are largely operating effectively 
since there has not been identification of any material weakness 
in the Company. The Directors have in the Directors Responsibility 
Statement under paragraph (e) confirmed the same to this effect. The 
Company has policies and procedures in place for ensuring proper 
and efficient conduct of its business, the safeguarding of its assets, 
the prevention and detection of frauds and errors, the accuracy and 
completeness of the accounting records and timely preparations, 
reliable financial information. The Company has adopted accounting 
policies which are in line with Indian Accounting Standards (“Ind AS”).
Pursuant to the provisions of the Section 134(5)(f) of the Act, the 
Company during the year devised proper systems and continued 
to ensure compliance with the provisions of all applicable laws. 
Any matter that required attention was immediately dealt with. The 
compliance system was largely found to be adequate and operating 
effectively. The Directors have in the Directors Responsibility 
Statement under paragraph (f) confirmed the same to this effect.
The Internal Auditors monitor and evaluate the effectiveness and 
adequacy of internal control system in the Company, its compliance 
with operating systems, accounting procedures and policies at all 
locations of the Company and its subsidiaries. Based on the report 
of Internal Auditors, process owners undertake corrective action in 
their respective areas and thereby strengthen the controls. Significant 
audit observations and corrective actions thereon are presented to 
the Audit Committee of the Board.
Subex is certified for ISO 9001:2015 (Quality Management System) 
and ISO 27001:2013 (Information Security Management System). 
Internal audits are conducted periodically for projects and support 
functions to adhere to these international standards. These audits 
are conducted across Bengaluru, UK and US locations to ensure 
processes are followed to provide a better customer experience. 
Summary of the audits are shared across organization to help 
understand strengths and weaknesses in the system. People 
involvement in organization process initiatives is one that approaches 
towards achieving better compliance, standardizing activities to 
consistently achieve better customer satisfaction.
Subex conducts security awareness programs and improve the 
existing business continuity controls. Additionally, we continued to 
identify and involve relevant stakeholders to review and align the 
processes to Subex’s Business objectives.

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Subex Annual Report 2022-23
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
(` in Lakhs)
Financial Highlights/Year Ending 31st March
2022-23
2021-22
Consolidated
Standalone
Consolidated
Standalone
Revenue from operations
27,869
27,352
33,344
6,836
Total Income
28,685
27,594
34,381
6,842
Earnings Before Interest, Exceptional Items & Taxes (EBIT)
(4,464)
(4,552)
2526
(832)
Profit/(Loss) before tax
(3,906)
(7,699)
3,369
(447)
Tax expenses
1,215
(823)
1,270
(-)
Profit/ (Loss) after tax
(5,121)
(6,876)
2,099
(447)
Other comprehensive income
620
19
203
(3)
Equity dividend %
Nil
Nil
5%
5%
Share Capital
28,100
28,100
28,100
28,100
Reserves & Surplus
24,084
14,287
28,267
20,826
Net worth
52,184
42,387
56,357
48,926
Gross Property, Plant & equipment, right-of-use asset and other 
intangible assets
8,524
10,265
5,706
6,263
Net Property, Plant & equipment, right-of-use asset and other 
intangible assets
4,136
4,057
2,359
715
Total Assets
70,362
60,568
72,008
54,364
Key Financial Ratios (Consolidated)
2023
2022
Change
Return on Capital Employed (RoCE) %
(15.94%)
8.38%
(290%)
Return on Net Worth (RoNW)%
(9.44%)
3.77%
(350%)
Basic EPS (Rs/Share)
(0.93)
0.38
(342%)
Debtors’ turnover (Days)
123
107
14%
Inventory turnover (Days)
NA
Interest coverage ratio
(13.43)
16.91
(179%)
Current ratio
3.05
3.90
(22%)
Debt equity ratio
0.06
0.03
146%
Operating Profit Margin (%)
(11%)
10.54%
(204%)
Net Profit Margin (%) or sector-specific equivalent ratios, as applicable
(18.38%)
6.29%
(392%)
details of any change in Return on Net Worth as compared to the immediately previous 
financial year along with a detailed explanation thereof
The return on net worth has decreased mainly due to loss in the 
current year.
Key Financial Ratios (Standalone)
2023
2022
Change
Return on Capital Employed (RoCE) %
(17.20%)
(0.91%)
1790%
Return on Net Worth (RoNW)%
(15.06%)
(0.90%)
1573%
Basic EPS (Rs/Share)
(1.25)
(0.08)
1412%
Debtors’ turnover (Days)
111
213
(48%)
Inventory turnover (Days)
Not Applicable
Interest coverage ratio
(23.73)
(22.67)
5%
Current ratio
1.11
1.47
(24%)
Debt equity ratio
0.07
0.00
0.00%
Operating Profit Margin (%)
(24%)
(4%)
487%
Net Profit Margin (%) or sector-specific equivalent ratios, as applicable
(25.14%)
(6.54%)
284%
details of any change in Return on Net Worth as compared to the immediately previous 
financial year along with a detailed explanation thereof
The return on net worth has decreased mainly due to loss in the 
current year.

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Subex Annual Report 2022-23
COMMENTARY ON FINANCIAL STATEMENTS
Share Capital
As on March 31, 2023, the issued, subscribed and paid-up share 
capital of the Company was ` 281,00,14,675 (Rupees Two hundred 
and eighty one crores fourteen thousand six hundred and seventy 
five only) divided into 56,20,02,935 (Fifty six crores twenty lakhs 
two thousand nine hundred and thirty five only) equity shares of ` 5 
(Rupees five only) each. The Company has not allotted equity shares 
in FY 2022-23.
Reserves and Surplus
Securities premium
On standalone and consolidated basis, the balance of security 
premium as on March 31, 2022 amounted to ` 16,558 lakhs. During 
the year 2022-23, ` 26 lakhs has been transferred to securities 
premium on exercise of share options by employees. As on March 
31, 2023, the balance of security premium was ` 16,584 lakhs.
Retained Earnings
On a standalone basis, as on March 31, 2022, there was surplus 
balance in retained earnings amounting ` 135 lakhs. As on March 31, 
2023, the surplus balance has decreased to ` (6,722) Lakhs.
On a consolidated basis, as on March 31, 2022, there was surplus in 
retained earnings amounting ` 21,655 lakhs. As on March 31, 2023, 
the surplus balance has decreased to ` 16,573 Lakhs
Exchange differences on translating the financial statements of a 
foreign operation
During the year 2021-22, the balance of Foreign Currency Translation 
Reserve of ` (11,303) Lakhs has been included in the Reserves and 
Surplus to bring it in line with Schedule III of the Act.
During the year 2022-23, the balance of Foreign Currency Translation 
Reserve of ` (10,722) Lakhs has been included in the Reserves and 
Surplus to bring it in line with Schedule III of the Act.
Total equity attributable to equity holders of the company
On a standalone basis, the total equity attributable to equity holders of 
the Company is at ` 42,387 lakhs as on March 31, 2023, as compared 
to ` 48,926 lakhs as on March 31, 2022.
On a consolidated basis, the total equity attributable to equity holders 
of the Company has decreased to ` 52,184 lakhs as on March 31, 
2023 from ` 56,367 lakhs as on March 31, 2022. The movement was 
primarily on account of loss during the year and exchange gain on 
foreign currency translation.
Employee Stock Options Plan
Under the Subex Employees Stock Option Scheme-2018 Company 
has granted NIL options during the year ended March 31, 2023 as 
compared to 1,448,000 options during March 31, 2022. The net 
amount carried in respect of stock options outstanding on March 31, 
2023 amounts to ` 444 Lakhs (Previous year: ` 267 Lakhs).
Property, plant, equipment, right-of-use asset and other intangible 
assets
During the year, the Company added ` 4,080 Lakhs on consolidated 
basis and ` 4,529 Lakhs on standalone basis, to its gross block. The 
Company disposed-off certain assets no longer required. Also, the 
Company has classified land use-rights related net block to right- of-
use assets on account of adoption of Ind AS 116 – Leases. As on 
March 31, 2023, the balance in right-of-use asset stands at ` 3,158 
Lakhs on consolidated basis and ` 2,817 lakhs on standalone basis. 
Refer note 29 of consolidated financial statement and note 28 of 
standalone financial statement for further details.
The Company’s net block of property, plant and equipment, right-of- 
use asset and other intangible assets was ` 4,136 Lakhs (Previous year 
` 2,359 Lakhs) on consolidated basis and ` 4,057 lakhs (Previous year 
` 715 lakhs) on standalone basis.
Goodwill
On a consolidated basis, carrying value of goodwill as on March 31, 
2023 and March 31, 2022 stood at ` 34,409 lakhs .
Investments
On a standalone basis, the total investment value as on March 31, 
2023 and as on March 31, 2022 stood at ` 34,555 Lakhs and ` 42,761 
Lakhs respectively.
During the year 2022-23, the Company withdrew ` 9,200 lakhs from 
its investment in Subex Assurance LLP.
During the year 2022-23 and previous year 2021-22, there is no 
diminution in the carrying value of investment. in Subex Digital LLP, 
Subex Americas Inc. The carrying value of these investments stood 
at ` 1,869 Lakhs and ` 936 lakhs respectively.
Trade Receivables
The major customers of the Company are the telecom and cellular 
operators overseas and in India. The receivables are spread over a 
large customer base. There is no significant concentration of credit 
risk on a single customer.
All the debtors are generally considered good and realizable and 
necessary provision has been made for debts considered to be bad 
and doubtful. The level of sundry debtors is normal and is in tune 
with business trends requirements.
The management believes that the overall composition and 
condition of trade receivables is satisfactory post assessment of 
doubtful receivables. As on March 31, 2023, on a standalone basis 
trade receivable amounted to ` 10,883 lakhs (previous year; ` 5,824 
lakhs) net of provision for doubtful debts of ` 4,705 lakhs (previous 
year; ` 2,239 lakhs).
On a consolidated basis trade receivable amounted to ` 9,037 lakhs 
(previous year ` 9,681 lakhs) net of provision for doubtful debts of 
` 3,897 lakhs (previous year ` 1,834 lakhs).
Cash and Cash Equivalents
On a standalone basis, balance in current and deposit accounts 
stood at ` 2,448 lakhs as on March 31, 2023, as compared to ` 802 
lakhs as on March 31, 2022.
On a consolidated basis, balance in current, EEFC and deposit 
accounts stood at ` 5,238 lakhs as on March 31,2023 as compared 
to ` 8,539 lakhs as on March 31, 2022.

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Subex Annual Report 2022-23
Long-terms Loans and Advances
It represents rent deposit, electricity deposit, telephone deposits and 
employee advances of like nature.
Borrowings
On a consolidated basis, short-term borrowings as on March 31, 
2023 was Nil (Previous year Nil).
Income
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 are considered to 
constitute one segment and hence the Company has not made any 
additional segment disclosures.
Geographically, the Company earns income from export of software 
products and related services to USA, EMEA & Asia Pacific region.
Other Income
Other income consists of income derived by the Company from 
interest on deposits from banks, refund of research and development 
expense.
Expenditure
The employee benefits expenses decreased to ` 20,069 lakhs 
compared to previous year at ` 21,449 lakhs on consolidated basis. 
The decrease on consolidated basis was majorly on account of 
headcount reductions.
Operating Profits
During the year, on consolidated basis, the Company earned an 
Operating Profit/(loss) before interest, depreciation, tax, amortization 
and exceptional items of ` (3,065) Lakhs being 11% of total revenue as 
against ` 3,514 Lakhs at 10.5% total revenue during the previous year. 
Decrease is majorly on account of decrease in revenue largely due 
to contraction in Managed Services business and delivery revenue 
reduction.
On a standalone basis, the Company earned Operating profit / (loss) 
before Interest, depreciation, tax and exceptional items of ` (3,365) 
Lakhs (excluding other income and share of profit/loss from LLP’s) being 
12.3% of total income (excluding other income and share of profit/loss 
from LLP’s) as against ` 995 Lakhs at 14.6% during the previous year. 
Decrease in profit is majorly on account of decrease in revenue.
Interest
During the year ended March 31,2023, company recognized interest 
expense totaling to ` 258 Lakhs (Previous year: ` 194 Lakhs) on a 
consolidated basis and ` 230 lakhs (Previous year: ` 12 Lakhs) on a 
standalone basis.
For the year ended March 31, 2023, expenditure includes interest on 
Lease liability recognized as per Ind AS 116, Leases amounting ` 220 
Lakhs (Previous year ` 124 lakhs) and ` 199 Lakhs (Previous year ` 4 
lakhs) on a consolidated and standalone basis respectively.
Depreciation
During the year ended March 31, 2023, depreciation expense 
amounted to ` 1,399 Lakhs (Previous year ` 988 Lakhs) on 
consolidated basis and ` 1,187 Lakhs (Previous year ` 163 Lakhs) on 
standalone basis.
For the year ended March 31, 2023, depreciation and amortization 
include depreciation on right of use asset recognized as per Ind 
AS 116- Leases, amounting ` 830 Lakhs (Previous year ` 457 lakhs) 
and ` 661 Lakhs (Previous year ` 10 lakhs) on a consolidated and 
standalone basis respectively.
Tax Expense
For the year ended March 31, 2023, there was a tax reversal of ` 823 
lakhs (Previous year: tax expense of Nil) on a standalone basis.
During the year ended March 31, 2023, tax reversal includes deferred 
tax credit of ` 1,147 lakhs and provision for foreign WHT of ` 324 
lakhs.
On a consolidated basis, tax expense was ` 1,215 lakhs (previous year; 
` 1,270 lakhs).
Tax expense for the year March 31, 2023 includes tax charge of ` 89 
lakhs (Previous year ` 251 lakhs), deferred tax credit of ` 534 lakhs 
(Previous year ` 426 lakhs) and provision on Foreign tax credit of 
` 1,660 (Previous year ` 593 lakhs).
Net Profit
On consolidated basis, the net loss of the Company amounted to 
` (5,121) Lakhs as against a net profit of ` 2,099 Lakhs during the 
previous year. Total Comprehensive loss for the year is ` (4,501) Lakhs 
as compared to profit of ` 2,302 Lakhs during previous year.
On standalone basis, the net loss of the Company amounted to 
` 6,876 lakhs as against net profit of ` 447 Lakhs during the previous 
year. Total Comprehensive loss for the year is ` 6,857 Lakhs as 
compared to total comprehensive profit of ` 450 Lakhs during 
previous year.
Earnings per Share
Basic Earnings per share computed based on number of common 
stock outstanding, as on the Balance Sheet date is ` (0.93) per share 
(Previous year: ` 0.38 per share) on a consolidated basis and loss of 
` 1.25 per share [Previous year: ` 0.08 per share] on a standalone 
basis.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL 
RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED
Subexians
FY23 turned out to be a year of stabilisation as the overall corporate 
environment was impacted since the pandemic. We adopted to a 
hybrid way of working to enable all Subexians to work as effectively 
and productively as possible through this year.
Our endeavour was to enhance the Subexian experience throughout 
their lifecycle spanning recruitment, onboarding, performance, 
learning & growth and offboarding. As an organization, we take 
pride in ensuring the experience of each Subexian is positive and 
meaningful.
Our employees are spread across the globe and the larger centres 
are our offices located in Bengaluru, London, Denver, Dubai and 
Singapore. As of March 31, 2023, we had around 900+ full time 
Subexians on our rolls globally.

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Subex Annual Report 2022-23
Human Resources at Subex is centralized at our corporate 
headquarters in Bengaluru, with regional HR teams providing local 
support aligned to the global HR strategy. The function is a key 
enabler in the Company’s growth path by driving focused initiatives 
for talent development.
Our existing HR policies continue. Work from Home, Loan, Sabbatical, 
Certification, Team Outing are examples of a few policies which are 
employee focused. We recognized that remote working is a reality 
and the new way of working. 
The Subex Handbook
As we grow, it is imperative that we document the vast amount of 
information about Subex as an organization, and the work we do. 
We needed a central repository about Subex and its functions for 
the easy access and consumption of any Subexian, new or old. 
Addressing this need, we have put together a Subex Handbook, a 
ready reckoner for everything one needs to know about Subex, and 
this continues to be updated.
This Subex Handbook is a living repository and will undergo 
continuous updations.
Key hires for the year
Over the period of the last twelve months, we have hired senior 
executives from the industry to fuel our growth strategy and help 
take Subex to the next frontier of growth.  
Recruitment
Recruitment team was adaptable to execute virtual and in-person 
interviews considering the hybrid work environment. To add to the 
rigor and efficacy of the recruitment process, we initiated steps that 
would enable us to show measurable impact on the growth and 
quality of the workforce.
The well-established processes like leveraging social media 
platforms, attending social events to keep up the pace with industry 
insights, Coffee with the Hiring Manager, Post- offer feedback and 
engagement, Subexian referral program, interviewer feedback, Buddy 
Programme etc.. the focus last year was also on hiring key global 
talent to fuel our growth objectives. Our campus hires and internship 
programmes were successfully conducted as we are cognizant of 
the need to bring on board fresh, young minds to infuse innovation 
within Subex.
Subexian Onboarding
Most of our onboarding last year was carried out remotely. 
Our onboarding process has always been well recognised and 
appreciated. onboarding process has always been well recognized 
and appreciated. Our robust and comprehensive onboarding process 
with a clear goal of creating a great day-one experience continued. 
All paperwork is typically done online before the joining date and 
this has helped save tremendous amount of time for new joiners 
when they join Subex. The process does not limit to only day one. 
Quantifiable processes to cover the new joiner’s 30-60-90 training 
plan, regular polls and interventions take place to assess employee 
engagement. The new joiner training is then followed up with an on-
the-job training to strengthen the knowledge and skills learnt during 
the training period.
Performance Management
This year the focus continued on encouraging and developing high 
performance with the aim of driving meritocracy. The HR team 
in consultation with business drove multiple high-performance 
programs in the form of rewarding high performers with enhanced 
roles and incentive benefits.
Learning & Growth
Learning & development analysis is a continuous process to align 
people skills with business goals. We have attempted to bring all 
learning at Subex together, under one roof, for Subexians to have a 
consistent and robust learning experience. In continuation with the 
programmes and initiatives of last year, like the skill / competency 
matrix, we have also brought in a streamlined focus on curated 
learning, with a mix of external and internal training focused at 
specific groups and sections of Subexians. 
Rewards & Recognition
We understand the importance of what appreciating and rewarding 
good performance and talent is. We revamped our rewards and 
recognition programme and have further automated it with 
additional features to help Subexians promote and establish a sound 
recognition culture. Although a recognition program involves costs, 
the outcome is significant. Some of the advantages are –
	
Increases the repetition of desired behaviours, thereby aligning 
people with the desired organizational goals.
	
Better employee job satisfaction
	
Enhances team spirit
	
Improves retention: Employees who feel valued, appreciated, 
and recognized are more likely to stay with an organization.
	
Lowers employee turnover by acting as a retention tool.
	
Maintains a strong employer brand.
	
Acts as an allied HR process for meeting learning goals
In addition to the specific initiatives we launched last year, like 
WoW, SPOT awards which continue, we also introduced Subexian 
profiling platforms through the Internal Communications channel 
that appreciate and communicate the work done by Subexians to 
the entire organization.
Compensation
One of the main cornerstones of an employee’s willingness to stay 
with an organization is compensation, and we recognize that. Subex 
is committed to the growth and development of its employees and 
will continue to invest in mind, money and effort towards this. We 
look at compensation holistically at Subex, and provide a suitable 
combination of fixed salary, variable salary, benefits, health and 
disability insurance, etc.
We constantly keep abreast of industry trends and benchmarks and 
try to maintain a balanced approach to compensation. We also arrive 
at the salary bands of Subexians by conducting comprehensive job 
matching, data validation and quality audits.

86
Subex Annual Report 2022-23
STANDALONE
F I N A N C I A L
STATEMENTS

87
Subex Annual Report 2022-23
INDEPENDENT AUDITOR’S REPORT
To the Members of Subex Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial 
statements of Subex Limited (“the Company”), which comprise the 
Standalone Balance sheet as at March 31, 2023, the Standalone 
Statement of Profit and Loss, including the statement of Other 
Comprehensive income/(loss), the Standalone Cash Flow Statement 
and the Standalone Statement of Changes in Equity for the year then 
ended, and notes to the standalone Ind AS financial statements, 
including a summary of significant accounting policies and other 
explanatory information (hereinafter referred to as “the standalone 
Ind AS Financial Statements”).
In our opinion and to the best of our information and according to 
the explanations given to us, the aforesaid standalone Ind AS financial 
statements give the information required by the Companies Act, 2013, 
as amended (“the Act”) in the manner so required and give a true 
and fair view in conformity with the accounting principles generally 
accepted in India, of the state of affairs of the Company as at March 
31, 2023, its loss including other comprehensive income/(loss), its 
cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements 
in accordance with the Standards on Auditing (SAs), as specified 
under section 143(10) of the Act. Our responsibilities under those 
Standards are further described in the ‘Auditor’s Responsibilities for 
the Audit of the Standalone Ind AS Financial Statements’ 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 we have obtained is 
sufficient and appropriate to provide a basis for our audit opinion on 
the standalone Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional 
judgment, were of most significance in our audit of the standalone 
Ind AS financial statements for the financial year ended March 31, 
2023. These matters were addressed in the context of our audit of 
the standalone Ind AS financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on 
these matters. For each matter below, our description of how our 
audit addressed the matter is provided in that context.
We have determined the matters described below to be the key 
audit matters to be communicated in our report. We have fulfilled 
the responsibilities described in the Auditor’s responsibilities for the 
audit of the standalone Ind AS financial statements section of our 
report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our 
assessment of the risks of material misstatement of the standalone 
Ind AS financial statements. The results of our audit procedures, 
including the procedures performed to address the matters below, 
provide the basis for our audit opinion on the accompanying 
standalone Ind AS financial statements.
Key audit matters
How our audit addressed the key audit matter
Impairment assessment of investments in subsidiaries (as described in note 5 of the standalone Ind AS financial statements)
As at March 31, 2023, the net carrying value of investment in wholly owned 
subsidiaries in the standalone Ind AS balance sheet amounts to ` 33,561 
lakhs.
To assess if there is an impairment of the carrying value of investment, 
management conducted impairment tests, annually or whenever changes 
in circumstances or events indicate that, the carrying amount of such 
investment may not be recoverable. An impairment loss is recognized if 
the recoverable amount is lower than the carrying value.
The recoverable amount is estimated by calculating the value in use by 
discounting future cash flows based on future business plans which are 
reviewed and approved by the Board of Directors of the Company.
This is a key audit matter as the testing of investment impairment is 
complex and involves significant judgement. The key assumptions involved 
in impairment tests are projected revenue growth, operating margins, 
discount rates and terminal growth rate.
Our audit procedures included the following:
(i)	
We evaluated the Company’s internal controls over its annual impairment 
assessment and key assumptions applied such as revenue growth, operating 
margins, discount rates and terminal growth rates;
(ii)	
In respect of valuation assessment performed by the management, we have 
obtained and assessed the key assumptions used;
(iii)	
We have evaluated the competences, capabilities and objectivity of the 
management’s expert and obtained an understanding of the scope of work 
and the terms of engagement.
(iv)	
We involved valuation specialists for evaluating and testing the key 
assumptions and methodologies used by the management’s expert in their 
valuation reports;
(v)	
We performed sensitivity analysis in respect of key assumption used;
(vi)	
We tested the arithmetical accuracy of the impairment models used;
(vii)	 We discussed potential changes in key drivers as compared to previous year 
/ actual performance with management in order to evaluate whether the 
inputs and assumptions used in the cash flow forecasts were suitable; and
(viii)	 We assessed the disclosures made in the standalone Ind AS financial 
statements.

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Subex Annual Report 2022-23
Evaluation of key tax matters  (as described in note  33 of the standalone Ind AS financial statements)
The Company operates in multiple jurisdictions and is subject to periodic 
challenges by local tax authorities on a range of tax matters during the 
normal course of business including transfer pricing and indirect tax 
matters. These involve signiﬁcant judgment by the Company to determine 
the possible outcome of the uncertain tax positions, consequently  having 
an  impact  on  related accounting and disclosures in the standalone 
ﬁnancial statements, which have been a matter of significance during the 
audit and hence considered as a key audit matter.
Our audit procedures included the following:
(i)     We obtained an understanding and tested the internal controls relating to the 
identification, recognition and measurement of provisions for disputes and 
disclosures of contingent liabilities in relation to tax;
(ii)	
We obtained confirmation from management’s expert on ongoing litigations 
along with risk assessment and assessed the independence, objectivity, and 
competence of the management expert;
(iii)	
We obtained details of tax assessments, demands issued by tax authorities, 
orders/notices received with respect to other litigations from the 
management;
(iv)	
We involved tax specialists to review the status of tax assessments and 
management’s position in relation to on-going disputes regarding likelihood 
assessment of exposure carried out by the management; and
(v)	
We assessed the adequacy of disclosures made in the standalone Ind AS 
financial statements.
Revenue recognition (as described in note 21 of the Standalone Ind AS financial statements)
The Company derives its revenue primarily from sale, implementation 
and customization of its proprietary license and related managed/support 
services.
Revenue from contracts with customers is recognized by the Company in 
accordance with the requirements of Ind AS 115, Revenue from Contracts 
with Customers (“Ind AS 115”), which involves certain key judgements 
relating to identification of distinct performance obligations, determination 
of the transaction price, allocation of transaction price to the identified 
performance obligations especially to license fees, the appropriateness of 
the basis used to measure revenue recognized over time or at a point in 
time. Accordingly, revenue recognition has been identified as a key audit 
matter.
Our audit procedures included the following:
(i)	
We evaluated the design of internal controls and tested the operating 
effectiveness of the internal control over revenue recognition;
(ii)	
We performed following procedures on a sample of revenue contracts, 
selected on a test check basis:
•	
Read and identified the distinct performance obligations in these 
contracts and compared these performance obligations with those 
identified and recorded;
•	
Read the terms of the contracts and tested the determination of the 
transaction price including any variable consideration. Also, tested 
management’s evaluation of the stand-alone selling price for each 
performance obligation;
•	
Tested the basis used by the management to measure revenue 
recognized over time or at a point in time as per the requirements of 
Ind AS 115;
(iii)	
Performed cut-off procedures;
(iv)	
In respect of fixed price contracts, we assessed the efforts incurred with 
estimated efforts to identify significant variations and reasons and to test 
whether those variations have been considered in estimating the remaining 
efforts to complete the contract; and
(v)	
We assessed the disclosures in the Standalone Ind AS financial statements.
We have determined that there are no other key audit matters to 
communicate in our report.
Other Information
The Company’s Board of Directors is responsible for the other 
information. The other information comprises the information 
included in the Management Discussion and Analysis, Board’s report 
including annexures, Business Responsibility Report and Report on 
Corporate Governance (hereinafter together referred to as “reports”), 
but does not include the standalone Ind AS financial statements and 
our auditor’s report thereon.
Our opinion on the standalone Ind AS financial statements does 
not cover the other information and we do not express any form of 
assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial 
statements, our responsibility is to read the other information, in 
doing so, consider whether such other information is materially 
inconsistent with the Standalone Ind AS financial statements or 
our knowledge obtained in the audit or otherwise appears to be 
materially misstated.
The Director’s report is not made available to us at the date of this 
auditor’s report. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with 
Governance for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters 
stated in section 134(5) of the Act with respect to the preparation 
of these standalone Ind AS financial statements that give a true and 

89
Subex Annual Report 2022-23
fair view of the financial position, financial performance including 
other comprehensive income, cash flows and changes in equity 
of the Company in accordance with the accounting principles 
generally accepted in India, including the Indian Accounting 
Standards (Ind AS) specified under section 133 of the Act read 
with the Companies (Indian Accounting Standards) Rules, 2015, as 
amended. 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 standalone Ind AS financial statements that give a true and fair 
view and are free from material misstatement, whether due to fraud 
or error.
In preparing the standalone Ind AS financial statements, management 
is 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 management either intends to 
liquidate the Company or to cease operations, or has no realistic 
alternative but to do so.
Those charged with governance are also responsible for overseeing 
the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS 
Financial Statements
Our objectives are to obtain reasonable assurance about whether 
the standalone Ind AS financial statements as a whole are 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 these standalone Ind AS 
financial statements.
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 
standalone Ind AS financial statements, 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)(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 management.
•	
Conclude on the appropriateness of management’s 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 statements 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 standalone Ind AS financial statements, including the 
disclosures, and whether the standalone Ind AS financial 
statements represent 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.
From the matters communicated with those charged with 
governance, we determine those matters that were of most 
significance in the audit of the standalone Ind AS financial statements 
for the financial year ended March 31, 2023 and are therefore the 
key audit matters. We describe these matters in our auditor’s report 
unless law or regulation precludes public disclosure about the 
matter or when, in extremely rare circumstances, we determine that 
a matter should not be communicated in our report because the 
adverse consequences of doing so would reasonably be expected to 
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1.	
As required by the Companies (Auditor’s Report) Order, 2020 
(“the Order”), issued by the Central Government of India in 
terms of sub-section (11) of section 143 of the Act, we give in the 
“Annexure 1” a statement on the matters specified in paragraphs 
3 and 4 of the Order.
2.	
As required by Section 143(3) of the Act, we report that:
(a)	 We have sought and obtained all the information and 
explanations which to the best of our knowledge and belief 
were necessary for the purposes of our audit;

90
Subex Annual Report 2022-23
(b)	 In our opinion, proper books of account as required by 
law have been kept by the Company so far as it appears 
from our examination of those books except that the 
backup of all books of account and other books and papers 
maintained in electronic mode has not been maintained on 
servers physically located in India on daily basis.
(c)	 The Balance Sheet, the Statement of Profit and Loss 
including the Statement of Other Comprehensive income/
(loss), the Cash Flow Statement and Statement of Changes 
in Equity dealt with by this Report are in agreement with the 
books of account;
(d)	 In our opinion, the aforesaid standalone Ind AS financial 
statements comply with the Accounting Standards specified 
under Section 133 of the Act, read with Companies (Indian 
Accounting Standards) Rules, 2015, as amended;
(e)	 On the basis of the written representations received from 
the directors as on March 31, 2023 taken on record by the 
Board of Directors, none of the directors is disqualified as 
on March 31, 2023 from being appointed as a director in 
terms of Section 164 (2) of the Act;
(f)	
The observation relating to the maintenance of accounts 
and other matters connected therewith are as stated in 
paragraph (b) above.
(g)	 With respect to the adequacy of the internal financial 
controls with reference to these standalone Ind AS financial 
statements and the operating effectiveness of such 
controls, refer to our separate Report in “Annexure 2” to this 
report;
(h)	 In our opinion, the managerial remuneration for the year 
ended March 31, 2023 has been paid / provided by the 
Company to its directors in accordance with the provisions 
of section 197 read with Schedule V to the Act;
(i)	
With respect to the other matters to be included in 
the Auditor’s Report in accordance with Rule 11 of the 
Companies (Audit and Auditors) Rules, 2014, as amended 
in our opinion and to the best of our information and 
according to the explanations given to us:
i.	
The Company has disclosed the impact of pending 
litigations on its financial position in its standalone 
Ind AS financial statements – Refer Note 33 to the 
standalone Ind AS financial statements;
ii.	
The Company did not have any long-term contracts 
including derivative contracts for which there were 
any material foreseeable losses;
iii.	
There were no amounts which were required to be 
transferred to the Investor Education and Protection 
Fund by the Company.
iv.	
a) 	 The management has represented that, to the 
best of its knowledge and belief, no funds have 
been advanced or loaned or invested (either from 
borrowed funds or share premium or any other 
sources or kind of funds) by the Company to or 
in any other person or entity, including foreign 
entities (“Intermediaries”), with the understanding, 
whether recorded in writing or otherwise, that the 
Intermediary shall, whether, directly or indirectly 
lend or invest in other persons or entities identified 
in any manner whatsoever by or on behalf of the 
Company (“Ultimate Beneficiaries”) or provide any 
guarantee, security or the like on behalf of the 
Ultimate Beneficiaries;
b)	
The management has represented that, to 
the best of its knowledge and belief, no funds 
have been received by the Company from 
any person or entity, including foreign entities 
(“Funding Parties”), with the understanding, 
whether recorded in writing or otherwise, that 
the Company shall, whether, directly or indirectly, 
lend or invest in other persons or entities identified 
in any manner whatsoever by or on behalf of the 
Funding Party (“Ultimate Beneficiaries”) or provide 
any guarantee, security or the like on behalf of the 
Ultimate Beneficiaries; and
c)	
Based on such audit procedures performed 
that have been considered reasonable and 
appropriate in the circumstances, nothing has 
come to our notice that has caused us to believe 
that the representations under sub-clause (a) and 
(b) contain any material misstatement.
v.	
No dividend has been declared or paid during the year 
by the Company.
vi.	
As proviso to Rule 3(1) of the Companies (Accounts) 
Rules, 2014 for maintaining books of account using 
accounting software which has a feature of recording 
audit trail (edit log) facility is applicable for the 
Company only w.e.f. April 1, 2024, reporting under this 
clause is not applicable.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
 
per Rajeev Kumar
Partner
Membership number: 213803 
UDIN: 23213803BGXAKX4589
Place of signature: Bengaluru, India 
Date: May 15, 2023

91
Subex Annual Report 2022-23
Annexure ‘1’ referred to in paragraph under the heading “Report on other legal and regulatory requirements” 
of our report of even date on the Standalone Ind AS Financial Statements of Subex Limited
In terms of the information and explanations sought by us and given 
by the company and the books of account and records examined by 
us in the normal course of audit and to the best of our knowledge 
and belief, we state that:
(i)	
(a)	 (A) 	 The Company has maintained proper records showing 
full particulars, including quantitative details and 
situation of property, plant and equipment.
(B) 	 The Company has maintained proper records showing 
full particulars of intangibles assets.
(b)	 Property, plant and equipment have been physically verified 
by the management during the year and no material 
discrepancies were identified on such verification.
(c)	 According to the information and explanations given by 
the management, there is no immovable property (other 
than properties where the Company is the lessee and the 
lease agreements are duly executed in favour of the lessee) 
held by the Company and accordingly, the requirements 
under paragraph 3(i)(c) of the Order are not applicable to 
the Company.
(d)	 The Company has not revalued its property, plant and 
equipment (including right of use assets) or intangible 
assets during the year ended March 31, 2023.
(e)	 According to the information and explanations given 
by the management, there are no proceedings initiated 
or are pending against the Company for holding any 
benami property under the Prohibition of Benami Property 
Transactions Act, 1988 and rules made thereunder.
(ii)	
(a) 	 The Company’s business does not involve maintenance of 
inventories and, accordingly, the requirement to report on 
clause 3(ii)(a) of the Order is not applicable to the Company.
(b) 	 According to the information and explanations given by 
the management, the Company has not been sanctioned 
working capital limits in excess of Rs. five crores in 
aggregate from banks or financial institutions during any 
point of time of the year on the basis of security of current 
assets. Accordingly, the requirement to report on clause 
3(ii)(b) of the Order is not applicable to the Company.
(iii)	 (a) 	 During the year, the Company has provided advances in 
the nature of loans to other parties (i.e., employees) as 
follows:
Particulars
Guarantees Security
Loans
Advances 
in nature of 
loans
Aggregate amount 
granted/provided 
during the year
- Others (i.e., 
employees)
-
-
-
Rs. 72.08
Lakhs
Balance outstanding 
as at balance sheet 
date in respect of 
above cases
- Others (i.e., 
employees)
-
-
-
Rs. 28.84
Lakhs
(b)	 During the year the investments made and the terms and 
conditions of the grant of all loans and advances in the 
nature of loans to other parties (i.e. employees) are not 
prejudicial to the Company’s interest.
 (c)	 The Company has granted advance in the nature of loans 
during the year to other parties (i.e. employees) where 
the schedule of repayment of principal and payment of 
interest has been stipulated and the repayment or receipts 
are regular except in the following case where loans were 
granted in earlier years, there are no repayments of principal 
and interest.
Name of the Entity
Amount
Due date
Extent of delay
Remarks, if any
Subex Technologies Limited
` 1,706 Lakhs
Note 1
Note 1
The amount given to the wholly owned subsidiary is 
fully provided for, in the books of the Company.
	
Note 1: The Company had granted the above loans in 
earlier years which have been fully impaired in the books of 
the Company in earlier years. Further, no interest is accrued 
in respect of these loans.
(d)	 There are no amounts of loans and advances in the nature 
of loans granted to companies, firms, limited liability 
partnerships or any other parties (i.e., employees) which are 
overdue for more than ninety days except for the loan given 
to Subex Technologies Limited which has been provided as 
detailed in note 1 of the previous paragraph.
(e)	 There were no loans or advance in the nature of loan 
granted to other parties (i.e. employees) which have fallen 
due during the year, that have been renewed or extended 
or fresh loans granted to settle the overdue of existing 
loans given to the same parties.
(f)	
The Company has not granted any loans or advances in 
the nature of loans, either repayable on demand or without 
specifying any terms or period of repayment to companies, 
firms, limited liability partnerships or any other parties. 
Accordingly, the requirement to report on clause 3(iii)(f) of 
the Order is not applicable to the Company.
(iv)	 In our opinion and according to the information and explanations 
given by the management, there are no loans, investments, 
guarantees, and security in respect of which provisions of 

92
Subex Annual Report 2022-23
sections 185 of the Companies Act, 2013 (“the Act”) are 
applicable and hence not commented upon. Further, according 
to the information and explanations given to us, provisions of 
sections 186 of the Companies Act, 2013 in respect of loans, 
investments and, guarantees, and security have been complied 
with by the Company. However, in case of one subsidiary where 
the loan granted during previous years amounting to INR 1,706 
lakhs has been provided for in previous years considering the 
financial position of the said subsidiary.
(v)	
The Company has neither accepted any deposits from the 
public nor accepted any amounts which are deemed to be 
deposits within the meaning of sections 73 to 76 of the Act and 
the rules made thereunder, to the extent applicable. Accordingly, 
the requirement to report on clause 3(v) of the Order is not 
applicable to the Company.
(vi)	 To the best of our knowledge and as explained, the Central 
Government has not specified the maintenance of cost records 
under section 148(1) of the Act, for the products/services of the 
Company.
(vii)	 (a) The Company is regular in depositing with appropriate 
authorities undisputed statutory dues including goods and 
services tax, provident fund, employees’ state insurance, 
income-tax, duty of customs, cess and other statutory 
dues applicable to it. According to the information and 
explanations given to us and based on audit procedures 
performed by us, no undisputed amounts payable in 
respect of these statutory dues were outstanding, at the 
year end, for a period of more than six months from the 
date they became payable.
(b)	 According to the records of the Company, there are no dues of goods and services tax, provident fund, employees’ state insurance, 
income tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess, goods and service tax and other statutory 
dues which have not been deposited on account of any dispute, except the following
Name of the 
statute
Nature of the dues
Disputed amount *
(` in Lakhs)
Amount paid/ 
refund adjusted 
under protest
(` in Lakhs)
Period to which the 
amount relates
(Financial Year)
Forum where dispute is 
pending
Income	
Tax 
Act, 1961
Adjustment  for transfer 
pricing, disallowances under	
section 10A  and  other 
disallowances
151#
-
2014-15
Assessing officer (‘AO’)
1,028#
1,028
2013-14
Assessing officer (‘AO’)
369
369
2013-14
Hon’ble High Court of 
Karnataka
379#
379
2010-11
Assessing Officer (‘AO’)
Finance  Act, 
1994
Service tax
1,004
924
April 2006 to
October
2007
Central Excise and Service 
Tax Appellate Tribunal, 
Bangalore
3,608
-
April 2006 to
July 2009
Commissioner of Service 
Tax, Bangalore
	
* Excluding penalty and interest from the date of Order to 
March 31, 2023.
	
# The Company has received partial/complete favorable 
orders from Income Tax Appellate Tribunal (‘ITAT’)/Hon’ble 
High Court of Karnataka and is awaiting order giving effect 
from assessing officer.
(viii)	 The Company has not surrendered or disclosed any transaction, 
previously unrecorded in the books of account, in the tax 
assessments under the Income Tax Act, 1961 as income during 
the year. Accordingly, the requirement to report on clause 3(viii) 
of the Order is not applicable to the Company.
(ix)	 (a) The Company did not have any outstanding loans or 
borrowings or interest thereon due to any lender during 
the year. Accordingly, the requirement to report on clause 
ix(a) of the Order is not applicable to the Company.
(b)	 The Company has not been declared willful defaulter by 
any bank or financial institution or government or any 
government authority.
(c)	 The Company did not have any term loans outstanding 
during the year hence, the requirement to report on clause 
(ix)(c) of the Order is not applicable to the Company.
(d)	 The Company did not raise any funds during the year 
hence, the requirement to report on clause (ix)(d) of the 
Order is not applicable to the Company.
(e)	 On an overall examination of the financial statements of the 
Company, the Company has not taken any funds from any 
entity or person on account of or to meet the obligations of 
its subsidiaries. The Company does not have any associates 
or joint ventures.
(f)	
On an overall examination of the financial statements, 
the Company has not raised loans during the year on the 
pledge of securities held in its subsidiaries. The Company 
does not have any associates or joint venture. Accordingly, 
the requirement to report on clause (ix)(f) of the Order is 
not applicable to the Company.
(x)	
(a) 	 According to the information and explanation given by the 
management, the Company has not raised any money 

93
Subex Annual Report 2022-23
during the year by way of initial public offer / further public 
offer (including debt instruments) hence, the requirement 
to report on clause 3(x)(a) of the Order is not applicable to 
the Company.
(b) The Company has not made any preferential allotment or 
private placement of shares/ fully or partially or optionally 
convertible debentures during the year under audit and 
hence, the requirement to report on clause 3(x)(b) of the 
Order is not applicable to the Company.
(xi)	 (a) 	 According to the information and explanation given by the 
management, no fraud by the Company or no fraud on the 
Company has been noticed or reported during the year.
(b)	 During the year, no report under sub-section (12) of 
section 143 of the Act has been filed by secretarial audit 
or by us in Form ADT – 4 as prescribed under Rule 13 of 
Companies (Audit and Auditors) Rules, 2014 with the 
Central Government.
(c)	 As represented to us by the management, there are no 
whistle blower complaints received by the Company 
during the year.
(xii)	 In our opinion, the Company is not a nidhi company as per the 
provisions of the Act. Therefore, the requirement to report on 
clause 3(xii)(a), (b) and (c) of the Order is not applicable to the 
Company.
(xiii)	 According to the information and explanations given by 
the management, transactions with the related parties are 
in compliance with section 177 and 188 of the Act, where 
applicable and the details have been disclosed in the notes to 
the standalone Ind AS financial statements, as required by the 
applicable accounting standards.
(xiv)	(a) 	 The Company has an internal audit system commensurate 
with the size and nature of its business.
(b) 	 The internal audit reports of the Company issued till the 
date of the audit report, for the period under audit have 
been considered by us.
(xv)	 According to the information and explanations given by the 
management, the Company has not entered into any non-
cash transactions with its directors or persons connected 
with its directors, as referred to in section 192 of the Act and 
hence requirement to report on clause 3(xv) of the Order is not 
applicable to the Company.
(xvi)	(a) 	 According to the information and explanations given by the 
management, the provisions of section 45-IA of the Reserve 
Bank of India Act, 1934 (2 of 1934) are not applicable to the 
Company. Accordingly, the requirement to report on clause 
(xvi)(a) of the Order is not applicable to the Company.
(b)	 The Company is not engaged in any Non-Banking Financial 
or Housing Finance activities. Accordingly, the requirement 
to report on clause (xvi)(b) of the Order is not applicable to 
the Company.
(c)	 The Company is not a Core Investment Company as 
defined in the regulations made by Reserve Bank of India. 
Accordingly, the requirement to report on clause 3(xvi) of 
the Order is not applicable to the Company.
(d)	 There is no Core Investment Company as a part of the 
Group, hence, the requirement to report on clause 3(xvi)(d) 
of the Order is not applicable to the Company.
(xvii)	The Company has incurred cash losses in the current year 
amounting to Rs. 6,512 lakhs. In the immediately preceding 
financial year, the Company had incurred cash losses amounting 
to Rs. 284 lakhs.
(xviii)	There has been no resignation of the statutory auditors during 
the year and accordingly requirement to report on clause 3(xviii) 
of the Order is not applicable to the Company.
(xix)	On the basis of the financial ratios disclosed in note 40 
to the standalone Ind-AS financial statements, ageing and 
expected dates of realization of financial assets and payment 
of financial liabilities, other information accompanying the 
financial statements, our knowledge of the Board of Directors 
and management plans and based on our examination of the 
evidence supporting the assumptions, nothing has come to 
our attention, which causes us to believe that any material 
uncertainty exists as on the date of the audit report that 
Company is not capable of meeting its liabilities existing at the 
date of balance sheet as and when they fall due within a period 
of one year from the balance sheet date. We, however, state that 
this is not an assurance as to the future viability of the Company. 
We further state that our reporting is based on the facts up to 
the date of the audit report and we neither give any guarantee 
nor any assurance that all liabilities falling due within a period of 
one year from the balance sheet date, will get discharged by the 
Company as and when they fall due.
(xx)	 The Company does not have any obligation to incur expenses 
in relation to Corporate Social Responsibility as disclosed in note 
39 to the standalone Ind-AS financial statements. Accordingly, 
the requirement to report on clause (xx)(a) and (b) of the Order 
is not applicable to the Company.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Rajeev Kumar
Partner
Membership number: 213803 
UDIN: 23213803BGXAKX4589
Place of Signature: Bengaluru 
Date: May 15, 2023

94
Subex Annual Report 2022-23
Annexure ‘2’ to the Independent Auditor’s Report of even date on the Standalone Ind AS Financial Statements 
of Subex Limited
Report on the Internal Financial Controls under clause (i) of sub-
section 3 of section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference 
to standalone Ind AS financial statement of Subex Limited (“the 
Company”) as of March 31, 2023 in conjunction with our audit of the 
standalone Ind AS financial statements of the Company for the year 
ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and 
maintaining internal financial controls based on the internal control 
over financial reporting criteria established by the Company 
considering the essential components of internal control stated in the 
Guidance Note on Audit of Internal Financial Controls Over Financial 
Reporting issued by the Institute of Chartered Accountants of India 
(“ICAI”). These responsibilities include the design, implementation 
and maintenance of adequate internal financial controls that were 
operating effectively for ensuring the orderly and efficient conduct 
of its business, including adherence to the Company’s policies, the 
safeguarding of its assets, the prevention and detection of frauds and 
errors, the accuracy and completeness of the accounting records, 
and the timely preparation of reliable financial information, as 
required under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s 
internal financial controls with reference to these standalone Ind AS 
financial statements based on our audit. We conducted our audit in 
accordance with the Guidance Note on Audit of Internal Financial 
Controls Over Financial Reporting (the “Guidance Note”) and the 
Standards on Auditing as specified under section 143(10) of the Act, 
to the extent applicable to an audit of internal financial controls, both 
issued by the ICAI. Those Standards and the Guidance Note require 
that we comply with ethical requirements and plan and perform 
the audit to obtain reasonable assurance about whether adequate 
internal financial controls with reference to these standalone Ind 
AS financial statements was established and maintained and if such 
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence 
about the adequacy of the internal financial controls with reference 
to these standalone Ind AS financial statements and their operating 
effectiveness. Our audit of internal financial controls with reference 
to standalone Ind AS financial statements included obtaining an 
understanding of internal financial controls with reference to these 
standalone Ind AS financial statements, assessing the risk that a 
material weakness exists, and testing and evaluating the design and 
operating effectiveness of internal control based on the assessed 
risk. The procedures selected depend on the auditor’s judgement, 
including the assessment of the risks of material misstatement of the 
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our audit opinion on the internal 
financial controls with reference to these standalone Ind AS financial 
statements.
Meaning of Internal Financial Controls with Reference to these 
Standalone Ind AS Financial Statements
A Company’s internal financial control with reference to standalone 
Ind AS financial statements is a process designed to provide 
reasonable assurance regarding the reliability of financial reporting 
and the preparation  of  financial  statements  for  external  purposes 
in  accordance  with  generally  accepted accounting principles. A 
Company’s internal financial control with reference to standalone 
Ind AS financial statements includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable 
detail, accurately and fairly reflect the transactions and dispositions 
of the assets of the Company; (2) provide reasonable assurance 
that transactions are recorded as necessary to permit preparation 
of financial statements in accordance with generally accepted 
accounting principles, and that receipts and expenditures of the 
Company are being made only in accordance with authorisations 
of management and directors of the Company; and (3) provide 
reasonable assurance regarding prevention or timely detection of 
unauthorised acquisition, use, or disposition of the Company’s assets 
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with Reference 
to Standalone Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with 
reference to standalone Ind AS financial statements, including the 
possibility of collusion or improper management override of controls, 
material misstatements due to error or fraud may occur and not be 
detected. Also, projections of any evaluation of the internal financial 
controls with reference to standalone Ind AS financial statements to 
future periods are subject to the risk that the internal financial control 
with reference to standalone Ind AS financial statements may become 
inadequate because of changes in conditions, or that the degree of 
compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate 
internal financial controls with reference to standalone Ind AS 
financial statements and such internal financial controls with 
reference to standalone Ind AS financial statements were operating 
effectively as at March 31, 2023, based on the internal control over 
financial reporting criteria established by the Company considering 
the essential components of internal control stated in the Guidance 
Note issued by ICAI.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Rajeev Kumar
Partner
Membership number: 213803 
UDIN: 23213803BGXAKX4589
Place of Signature: Bengaluru 
Date: May 15, 2023

95
Subex Annual Report 2022-23
STANDALONE BALANCE SHEET 
as at March 31, 2023
(` in Lakhs)
Notes
As at
March 31, 2023
As at
March 31, 2022*
ASSETS
Non-current assets
Property, plant and equipment
3
 715 
 29 
Right-of-use assets
28
 2,817 
 36 
Intangible assets
4
 525 
 650 
Financial assets
Investments
5
 33,951 
 42,761 
Other financial assets
10
 653 
 26 
Income tax assets (net)
11
 2,941 
 2,903 
Deferred tax asset(net) (including MAT credit entitlement)
12
 1,283 
 141 
Other non-current assets
13
 41 
 12 
 42,926 
 46,558 
Current assets
Financial assets
Investment in mutual funds
5
 604 
 - 
Loans
6
 88 
 30 
Trade receivables
7
 10,883 
 5,824 
Cash and cash equivalents
8
 2,448 
 802 
Other balances with banks
9
 2,112 
 75 
Other financial assets
10
 1,147 
 1,012 
Other current assets
13
 360 
 63 
 17,642 
 7,806 
Total assets
 60,568 
 54,364 
EQUITY AND LIABILITIES
Equity
Equity share capital
14
 28,100 
 28,100 
Other equity
15
 14,287 
 20,826 
Total equity
 42,387 
 48,926 
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities
28
 2,281 
 27 
Provisions
19
 74 
 100 
 2,355 
 127 

96
Subex Annual Report 2022-23
Notes
As at
March 31, 2023
As at
March 31, 2022*
Current liabilities
Financial liabilities
Lease liabilities
28
 685 
 11 
Trade payables
- total outstanding dues of micro enterprises and small enterprises
16
 141 
 134 
- total outstanding dues of creditors other than micro enterprises and small enterprises
16
 8,043 
 1,031 
Other financial liabilities
17
 5,724 
 3,767 
Other current liabilities
18
 825 
 104 
Provisions
19
 305 
 122 
Current tax liabilities (net)
20
 103 
 142 
 15,826 
 5,311 
Total liabilities
 18,181 
 5,438 
Total equity and liabilities
 60,568 
 54,364 
Corporate information and significant accounting policies
 1 & 2 
The accompanying notes are an integral part of the standalone financial statements
* Refer note 1 (c)
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023
STANDALONE BALANCE SHEET (contd.)
as at March 31, 2023
(` in Lakhs)

97
Subex Annual Report 2022-23
STANDALONE STATEMENT OF PROFIT AND LOSS 
for the year ended March 31, 2023
(` in Lakhs)
Notes
Year ended
March 31, 2023
Year ended
March 31, 2022*
1
Income
Revenue from operations 
21
 27,352 
 6,836 
Other income
23
 242 
 6 
Total income
 27,594 
 6,842 
2
Expenses
Employee benefits expense
24
 12,191 
 4,293 
Finance costs
25
 230 
 12 
 
Depreciation and amortization expense
26
 1,187 
 163 
Share of loss from Limited Liability Partnerships (net)
22
 3,159 
 1,273 
Other expenses
27
 18,526 
 1,548 
Total expenses
 35,293 
 7,289 
3
Loss before tax expense (1-2)
 (7,699)
 (447)
4
Tax expense (net):
Current tax charge
20
 - 
 141 
MAT credit entitlement / (reversal)
20
 - 
 (141)
Deferred tax (credit) / charge
20
 (1,147)
 - 
Provision - foreign income taxes
20
 324 
 - 
Total tax expense
 (823)
 - 
5
Net loss for the year (3-4)
 (6,876)
 (447)
6
Other comprehensive (loss)/ income (‘OCI’), net of tax expense
Items that will not be reclassified subsequently to profit or loss
Re-measurement gain/(loss) on defined benefit plans
35
 19 
 (3)
Total other comprehensive income/(loss), net of tax
 19 
 (3)
7
Total comprehensive loss for the year attributable to equity holders of the Company (5+6)	
 (6,857)
 (450)
8
Earnings per equity share [ (EPS) - nominal value of ` 5/- each (March 31, 2022: ` 5)]
29
Basic (`)
 (1.25)
 (0.08)
Diluted (`)
 (1.25)
 (0.08)
Corporate information and significant accounting policies
 1 & 2 
The accompanying notes are an integral part of the standalone financial statements
* Refer note 1 (c)
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023

98
Subex Annual Report 2022-23
STANDALONE STATEMENT OF CASH FLOWS  
for the year ended March 31, 2023
(` in Lakhs)
Year ended
March 31, 2023
Year ended
March 31, 2022*
 (A) 
 Cash flow from operating activities 
 (Loss)/ profit before tax expense 
 (7,699)
 (447)
 Adjustments to reconcile loss before tax expense to net cash flows: 
 Depreciation of property, plant and equipment and right-of-use assets 
 1,062 
 38 
 Amortization of intangible assets 
 125 
 125 
 Expense on employee share based payments 
 209 
 7 
 Interest income (including fair value changes) 
 (118)
 (4)
 Net gain on sale of investments 
 (41)
 (1)
 Finance costs (including fair value changes) 
 227 
 12 
 Allowance for expected credit losses (net) 
 2,315 
 - 
 Gain on disposal of property, plant and equipment (net) 
 (2)
 - 
 Share of loss from limited liability partnerships (net) 
 3,159 
 1,273 
 Net foreign exchange differences 
 (178)
 93 
 Operating (loss)/ profit before working capital changes  
 (941)
 1,096 
 Working capital adjustments: 
 (Increase)/ decrease in loans 
 (8)
 (4)
 (Increase)/ decrease in trade receivables 
 3,710 
 (3,619)
 (Increase)/ decrease in other financial assets 
 (1,332)
 (43)
 (Increase)/ decrease in other assets 
 45 
 (12)
 Increase/ (decrease) in trade payables 
 3,013 
 824 
 Increase/ (decrease) in other financial liabilities 
 468 
 (50)
 Increase/ (decrease) in other current liabilities 
 13 
 71 
 Increase/ (decrease) in provisions 
 (27)
 5 
 4,941 
 (1,732)
 Income tax paid (including TDS, net of refund) 
 (396)
 (137)
 Net cash flows from/ (used in) operating activities 
 4,545 
 (1,869)
 (B) 
 Investing activities 
 Purchase of property, plant and equipment 
 (333)
 - 
 Proceeds from sale of property, plant and equipment 
 4 
 - 
 Drawings from Limited Liability Partnerships 
 9,200 
 9,074 
 Share of loss paid to Limited Liability Partnership 
 (1,185)
 (5,750)
 Proceeds from sale of investments in mutual fund  
 6,567 
 2,875 
 Investments in mutual fund 
 (7,130)
 (2,876)
 Investments in equity instruments 
 (165)
 - 
 Investments in subsidiary 
 (225)
 - 
 Purchase consideration for business restructuring 
 (9,229)
 - 
 Net investment in deposit account 
 - 
 (75)
 Interest received 
 63 
 3 
 Net cash flows (used in)/ from investing activities 
 (2,433)
 3,251 

99
Subex Annual Report 2022-23
Year ended
March 31, 2023
Year ended
March 31, 2022*
 (C) 
 Cash flow from financing activities 
 Proceeds from exercise of ESOP  
 101 
 440 
 Interest on lease liability
 (199)
 (4)
 Repayment of Lease liability 
 (368)
 (8)
 Payments of dividend [refer note 15(a)] 
 (1,405)
 Net cash flows used in financing activities 
 (466)
 (977)
 (D) 
 Net increase in cash and cash equivalents (A+B+C) 
 1,646 
 405 
 Cash and cash equivalents at the beginning of the year 
 802 
 397 
 (E) 
 Cash and cash equivalents at year end (refer note 8) 
 2,448 
 802 
Corporate information and significant accounting policies (refer notes 1 & 2) 
The accompanying notes are an integral part of the standalone financial statements
* Refer note 1(c) 
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023
STANDALONE STATEMENT OF CASH FLOWS (contd.)
for the year ended March 31, 2023
(` in Lakhs)

100
Subex Annual Report 2022-23
STANDALONE STATEMENT OF CHANGES IN EQUITY 
for the year ended March 31, 2023
A.  Equity share capital (refer note 14):
 No. 
(` in Lakhs)
Equity shares of ` 5 each subscribed and fully paid-up
As at April 1, 2021
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2022
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2023
 56,20,02,935 
 28,100 
B.  Other equity (refer note 15):
(` in Lakhs)
Particulars
Attributable to equity holders of company
Reserves and surplus
Total
Capital 
reserve
Securities 
premium
General 
reserve
Employee 
stock options 
reserve
Surplus/ (deficit) 
in the statement 
of profit and loss 
Treasury 
shares
As at April 1, 2021
 2,776 
 16,444 
 1,783 
 232 
 1,952 
 (1,121)
 22,066 
Less: Loss for the year
 - 
 - 
 - 
 - 
 (447)
 - 
 (447)
Less: Other comprehensive loss
 - 
 - 
 - 
 - 
 (3)
 - 
 (3)
Add: Share based expenses (refer note 34)
 - 
 - 
 - 
 137 
 - 
 - 
 137 
Add/(less): On account of exercise of stock options
 - 
 114 
 - 
 (98)
 - 
 424 
 440 
Add/(less): On account of vested options lapsed during the year
 - 
 4 
 (4)
 - 
 - 
 - 
Less: Dividend [refer note 15(a)]
 - 
 - 
 - 
 - 
 (1,367)
 - 
 (1,367)
As at March 31, 2022*
 2,776 
 16,558 
 1,787 
 267 
 135 
 (697)
 20,826 
Less: Loss for the year
 - 
 - 
 - 
 - 
 (6,876)
 - 
 (6,876)
Less: Other comprehensive loss
 - 
 - 
 - 
 - 
 19 
 - 
 19 
Add: Share based expenses (refer note 34)
 - 
 - 
 - 
 232 
 - 
 - 
 232 
Add/(less): On account of exercise of stock options
 - 
 26 
 - 
 (22)
 - 
 82 
 86 
Add/(less): On account of vested options lapsed during the year
 - 
 33 
 (33)
 - 
 - 
 - 
As at March 31, 2023
 2,776 
 16,584 
 1,820 
 444 
 (6,722)
 (615)
 14,287 
Corporate information and significant accounting policies (refer notes 1 & 2)
The accompanying notes are an integral part of the standalone financial statements
* Refer note 1(c)
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023

101
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
1.	 Corporate information
	
Subex Limited (“the Company” or “Subex”) a public limited 
company incorporated in 1994, is a leading global provider 
of Operations and Business Support Systems (“OSS/BSS”) to 
communication service providers (“CSPs”) worldwide in the 
Telecom industry.
	
The Company pioneered the concept of a Revenue Operations 
Centre (“ROC”) – a centralized approach that sustains profitable 
growth and financial health for the CSPs through coordinated 
operational control. Subex’s product portfolio powers the ROC 
and its best-in-class solutions enable new service creation, 
operational 
transformation, 
subscriber-centric 
fulfilment, 
provisioning automation, data integrity management, revenue 
assurance, 
cost 
management, 
fraud 
management 
and 
interconnect/ inter-party settlement. Subex also offers a scalable 
Managed Services Program. The CSPs achieve competitive 
advantage through Business Optimization and Service Agility and 
improve their operational efficiency to deliver enhanced service 
experiences to their subscribers. The Company has its registered 
office in Bengaluru and operates through its wholly owned 
subsidiaries in India, USA, UK, Singapore, Canada, Bangladesh 
and UAE and branches in USA, UK, Canada, Australia, Italy, UAE 
and Saudi Arabia.
	
Effective November 1, 2017, the Company has restructured 
its business by way of transfer of its Revenue Maximisation 
Solutions and related businesses (“RMS business”) and the Subex 
Secure and Analytics solutions and related businesses (“Digital 
business”) to its subsidiaries, Subex Assurance LLP (“SA LLP”) 
and Subex Digital LLP (“SD LLP”) (together referred to as “LLPs”), 
respectively, hereinafter referred to as the “Restructuring” to 
achieve amongst other aspects, segregation of the Company’s 
business into separate verticals to facilitate greater focus on 
each business vertical, higher operational efficiencies, and to 
enhance the Company’s ability to enter into business specific 
partnerships and attract strategic investors at respective business 
levels, with an overall objective of enhancing shareholder value. 
Post such Restructuring, the Company continues to directly 
hold 99.99% share in the capital of, and in the profits and losses 
of, each of these LLPs and the entire economic interest as 
well as control and ownership of the RMS Business and Digital 
Business remains with the Company post such Restructuring.
	
Further, 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.
	
These standalone financial statements for the year ended March 
31, 2023 are approved by the Board of Directors on May 15, 
2023.
2.	 Significant accounting policies
a.	
Basis of preparation
	
The standalone financial statements of the Company have 
been prepared and presented in accordance with accounting 
principles generally accepted in India including Indian 
Accounting Standards (“Ind AS”) specified under section 133 
of the Companies Act, 2013 (“the Act”) read with Companies 
(Indian Accounting Standards) Rules, 2015 (as amended from 
time to time).
	
The standalone financial statements have been prepared on 
a historical cost basis, except for certain financial instruments 
which are measured at fair value at the end of each reporting 
period, as explained further in the accounting policies below.
	
The standalone financial statements comprise the financial 
statements of the Company and its controlled employee benefit 
trust.
	
Subex Limited is the sponsoring entity of Employee Stock Option 
Plan (“ESOP”) trust. Management of the Company can appoint 
and remove the trustees and provide funding to the trust for 
buying the shares. Basis assessment by the management, it 
believes that the ESOP trust is controlled by the Company and 
accordingly Subex Employee Welfare and ESOP Benefit Trust is 
consolidated [refer note 2(o) and note 34].
	
The standalone financial statements are presented in INR (“`”) 
and all the values are rounded off to the nearest Lakhs (INR 
00,000) except when otherwise indicated.
b.	
Use of estimates, assumptions and judgements
	
The preparation of the standalone financial statements in 
conformity with Ind AS requires the management to make 
estimates, judgements and assumptions that affect the reported 
amounts of assets and liabilities, the disclosure of contingent 
assets and liabilities on the date of the standalone financial 
statements and the reported amounts of revenues and expenses 
for the year reported. Actual results could differ from those 
estimates. Estimates and underlying assumptions are reviewed 
on an ongoing basis. Revisions to accounting estimates are 
recognised in the year in which the estimates are revised and 
future periods are affected.
	
Key source of estimation of uncertainty as at the date of 
standalone financial statements, which may cause a material 
adjustment to the carrying amounts of assets and liabilities 
within the next financial year, is in respect of the following:
	
Impairment of non-financial assets
	
Impairment exists when the carrying value of an asset or cash 
generating unit (“CGU”) exceeds its recoverable amount, which 

102
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
is the higher of its fair value less costs of disposal and its value 
in use. The fair value less costs of disposal calculation is based 
on available data from binding sales transactions, conducted at 
arm’s length, for similar assets or observable market prices less 
incremental costs for disposing of the asset. The value in use 
calculation is based on a discounted cash flow (“DCF”) model. 
The cash flows are derived from the budget for future years 
and do not include restructuring activities that the Company is 
not yet committed to or significant future investments that will 
enhance the asset’s performance of the CGU being tested. The 
recoverable amount is sensitive to the discount rate used for the 
DCF model as well as the expected future cash-inflows and the 
growth rate used for extrapolation purposes. Also, refer note 2(h).
	
Impairment of financial assets
	
In accordance with Ind AS 109, the Company assesses 
impairment of financial assets (‘Financial instruments’) and 
recognises expected credit losses, which are measured through 
a loss allowance.
	
The Company provides for impairment of investment in 
subsidiaries. Impairment exists when there is a diminution 
in value of the investment and the recoverable value of such 
investment is lower than the carrying value of such investment.
	
The Company provides for impairment of trade receivables 
and unbilled revenue based on assumptions about risk of 
default and expected timing of collection. The Company uses 
judgement in making these assumptions and selecting inputs 
to the impairment calculation, based on the Company’s past 
history, customer’s creditworthiness, existing market conditions 
as well as forward looking estimates at the end of each reporting 
period. Also, refer note 2(h).
	
Defined benefit plans	
	
The cost of the defined benefit gratuity plan and other post-
employment benefits and the present value of the gratuity 
obligation is determined using actuarial valuation. An actuarial 
valuation involves making various assumptions that may differ 
from actual developments in the future. These include the 
determination of the discount rate, future salary increases and 
mortality rates. Due to the complexities involved in the valuation 
and its long-term nature, a defined benefit obligation is highly 
sensitive to changes in these assumptions. All assumptions are 
reviewed at each reporting date (refer note 35).
	
The parameter most subject to change is the discount rate. In 
determining the appropriate discount rate for plans operated 
in India, the management considers the interest rates of 
government bonds in currencies consistent with the currencies 
of the post-employment benefit obligation.
	
The mortality rate is based on publicly available mortality 
tables. These mortality tables tend to change only at interval in 
response to demographic changes. Future salary increases and 
gratuity increases are based on expected future inflation rates.
	
Share-based payments
	
Estimating fair value for share-based payment transactions 
requires determination of the most appropriate valuation 
model, which is dependent on the terms and conditions of 
the grant. This estimate also requires determination of the 
most appropriate inputs to the valuation model including the 
expected life of the share option, volatility and dividend yield 
and making assumptions about them. The assumptions and 
models used for estimating fair value for share-based payment 
transactions are disclosed in note 34.
	
Taxes
	
The Company’s tax jurisdiction is India. Significant judgments are 
involved in determining the provision for income taxes and tax 
credits including the amount expected to be paid or refunded 
for uncertain tax positions. Also refer note 2(r) and note 20.
	
Deferred tax assets are recognised for unused tax losses to 
the extent that it is probable that taxable profit will be available 
against which the losses can be utilised. Significant management 
judgement is required to determine the amount of deferred tax 
assets that can be recognised, based upon the likely timing 
and the level of future taxable profits together with future tax 
planning strategies.
	
Leases
	
Ind AS 116 requires lessees to determine the lease term as the 
non-cancellable period of a lease adjusted with any option 
to extend or terminate the lease, if the use of such option is 
reasonably certain. The Company makes an assessment on 
the expected lease term on a lease-by-lease basis and thereby 
assesses whether it is reasonably certain that any options to 
extend or terminate the contract will be exercised. In evaluating 
the lease term, the Company considers factors such as any 
significant leasehold improvements undertaken over the lease 
term, costs relating to the termination of the lease and the 
importance of the underlying asset to Company’s operations 
taking into account the location of the underlying asset and 
the availability of suitable alternatives. The lease term in future 
periods is reassessed to ensure that the lease term reflects the 
current economic circumstances. After considering current and 
future economic conditions, the Company has concluded that 
no changes are required to lease period relating to the existing 
lease contracts [Refer to note 2(j)].
c.	
Current/ non-current classification
	
The Company presents assets and liabilities in the balance sheet 
based on current/ non-current classification.
	
An asset is treated as current when it is:
•	
Expected to be realised or intended to be sold or consumed 
in normal operating cycle
•	
Held primarily for the purpose of trading

103
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
•	
Expected to be realised within twelve months after the 
reporting period, or
•	
Cash or cash equivalent unless restricted from being 
exchanged or used to settle a liability for at least twelve 
months after the reporting period
	
All other assets are classified as non-current.
	
A liability is current when:
•	
It is expected to be settled in normal operating cycle
•	
It holds the liability primarily for the purpose of trading
•	
It is due to be settled within twelve months after the 
reporting period, or
•	
There is no unconditional right to defer the settlement of 
the liability for at least twelve months after the reporting 
period
	
The Company classifies all other liabilities as non-current.
	
Deferred tax assets and liabilities are classified as non-current 
assets and liabilities, respectively.
	
Advance tax paid is classified as non-current assets.
	
The operating cycle is the time between the acquisition of assets 
for processing and their realisation in cash and cash equivalents. 
The Company has identified twelve months as its operating cycle.
d.	
Revenue recognition
	
Revenue from support services to group entities/related 
parties- Support service income is recognized as services are 
rendered, on the basis of an agreed mark up on costs incurred, 
in accordance with the agreement entered into with group 
entities.
	
The Company derives its revenues from sale and implementation 
of its license and implementation of its proprietary software and 
managed/ support services.
	
Revenue is recognized upon transfer of control of promised 
products or services to customers in an amount that reflects the 
consideration the Company expect to receive in exchange for 
those products or services.
	
The following specific recognition criteria must also be met 
before revenue is recognized:
	
Revenues from licensing arrangements is recognized at a point in 
time on transfer of the title in user licenses, except those contracts 
where transfer of title is dependent upon rendering of significant 
implementation and other services by the Company, in which 
case revenue is recognized over the implementation period in 
accordance with the specific terms of the contracts with clients.
	
Revenue from implementation and customisation services 
is recognised using the percentage of completion method. 
Percentage of completion is determined based on completed 
efforts against the total estimated efforts, which represent the 
fair value of services rendered.
	
Revenue from managed/ support services comprise income 
from fixed price contracts, time-and-material contracts and 
annual maintenance contracts. Revenue from fixed price 
contracts is recognized over the period of the contracts using 
the percentage of completion method. Revenue from time and 
material contracts is recognized when the services are rendered 
in accordance with the terms of contracts. Revenue from annual 
maintenance contracts is recognised rateably over the period of 
the contracts.
	
Revenue from sale of hardware under reseller arrangements 
is recognized when all the significant risks and rewards of 
ownership of the goods have been passed to the buyer, usually 
on delivery of goods to customers.
	
In case of multiple element arrangements for sale of software 
license, related implementation and maintenance services, the 
Company has applied the guidance in Ind AS 115, by applying 
the revenue recognition criteria for each distinct performance 
obligation. The arrangements generally meet the criteria for 
considering the sale of software license, related implementation 
and maintain services as distinct performance obligation. For 
allocating the consideration, the Company has measured the 
revenue in respect of each distinct performance obligation of 
a transaction at its standalone selling price, in accordance with 
principles given in Ind AS 115. The price that is regularly charged 
for an item when sold separately is the best evidence of its 
standalone selling price. In cases where the Company is unable 
to determine the standalone selling price, the Company has used 
a residual method to allocate the arrangement consideration. In 
these cases, the balance of the consideration, after allocating 
the standalone selling price of undelivered components of a 
transaction has been allocated to the delivered components for 
which specific standalone selling price do not exist.
	
The Company collects Goods and Services tax and other 
taxes as applicable in the respective tax jurisdictions where the 
Company operates, on behalf of the government and therefore 
it is not an economic benefit flowing to the Company. Hence it 
is excluded from revenue.
	
Provisions for estimated losses on contracts are recorded in the 
period in which such losses become probable based on the 
current contract estimates. ‘Unbilled revenue’ included in other 
financial assets represent revenues recognized in excess of 
amounts billed to clients as at the balance sheet date. ‘Unearned 
revenue’ included in other current liabilities represent billings in 
excess of revenues recognized as at the balance sheet date.
	
Performance 
obligations 
and 
remaining 
performance 
obligations
	
The remaining performance obligation disclosure provides the 
aggregate amount of the transaction price yet to be recognized 

104
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
as at the end of the reporting period and an explanation as to 
when the Company expects to recognize these amounts in 
revenue.
	
Applying the practical expedient as given in Ind AS 115, the 
Company has not disclosed the remaining performance 
obligation related disclosures for contracts where the revenue 
recognized corresponds directly with the value to the customer 
of the entity’s performance completed to date, typically those 
contracts where invoicing is on time and material basis.
	
Remaining performance obligation estimates are subject 
to change and are affected by several factors, including 
terminations, changes in the scope of contracts, periodic 
revalidations, adjustment for revenue that has not materialized 
and adjustments for currency.
	
Interest
	
Interest income is recognized as it accrues in the standalone 
statement of profit and loss using effective interest rate method.
e.	
Property, plant and equipment
	
Property, plant and equipment is stated at cost, net of 
accumulated depreciation and accumulated impairment losses, 
if any. The cost comprises purchase price, borrowing costs 
if capitalization criteria are met, directly attributable cost of 
bringing the plant and equipment to its working condition for 
the intended use and cost of replacing part of the plant and 
equipment. When significant parts of plant and equipment are 
required to be replaced at intervals, the Company depreciates 
them separately based on their specific useful lives. Likewise, 
when a major inspection is performed, its cost is recognised 
in the carrying amount of the plant and equipment as a 
replacement if the recognition criteria are satisfied. All other 
repair and maintenance costs are recognised in the standalone 
statement of profit and loss as incurred. The present value of the 
expected cost for the decommissioning of an asset after its use 
is included in the cost of the respective asset if the recognition 
criteria for a provision are met.
	
Gains or losses arising from derecognition of the assets are 
measured as the difference between the net disposal proceeds 
and the carrying amounts of the assets and are recognized in 
the standalone statement of profit and loss when the assets are 
derecognized.
f.	
Intangible assets
	
Intangible assets acquired separately are measured on initial 
recognition at cost. Following initial recognition, intangible 
assets are carried at cost less any accumulated amortization 
and accumulated impairment losses. Internally generated 
intangibles, excluding capitalised development costs, are 
not capitalised and the related expenditure is reflected in the 
standalone statement of profit and loss in the period in which 
the expenditure is incurred.
	
Intangible assets with finite lives are amortized over the useful 
economic life and assessed for impairment whenever there 
is an indication that the intangible asset may be impaired. 
The amortization period and the amortization method for an 
intangible asset with a finite useful life are reviewed at least at the 
end of each reporting period. Changes in the expected useful 
life or the expected pattern of consumption of future economic 
benefits embodied in the asset are considered to modify the 
amortization period or method, as appropriate, and are treated 
as changes in accounting estimates.
	
Gains or losses arising from derecognition of an intangible 
asset are measured as the difference between the net disposal 
proceeds and the carrying amount of the asset and are 
recognised in the standalone statement of profit and loss when 
the asset is derecognised.
g.	
Depreciation and amortization
	
Depreciation of property, plant and equipment and amortization 
of intangible assets with finite useful lives is calculated on a 
straight-line basis over the useful lives of the assets estimated by 
the management, basis technical assessment:
	
The Company has used the following useful lives to provide 
depreciation on plant and equipment and amortization of 
intangible assets:
Assets
Useful life
Computer equipment
3 years
Furniture and fixtures
5 years
Vehicles
5 years
Office equipment
5 years
Leasehold improvements
5 years
Computer software
4 years
Intellectual property rights
10 years
	
The residual values, useful lives and methods of depreciation 
of property, plant and equipment and amortization of 
intangibles are reviewed at each financial year end and adjusted 
prospectively, if appropriate.
h.	
Impairment
	
Impairment of financial assets
	
The Company assesses at each date of balance sheet whether 
a financial asset or a Group of financial assets is impaired. Ind AS 
109 (‘Financial instruments’) requires expected credit losses to be 
measured through a loss allowance. The Company recognises 
lifetime expected losses for all contract assets and/ or all trade 
receivables that do not constitute a financing transaction. For all 
other financial assets, expected credit losses are measured at an 
amount equal to the 12-month expected credit losses or at an 
amount equal to the life time expected credit losses if the credit 
risk on the financial asset has increased significantly since initial 
recognition.

105
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
	
Impairment of non-financial assets
	
Non-financial assets including Property, plant and equipment, 
intangible assets and right-of-use asset with finite life are 
evaluated for recoverability whenever there is any indication 
that their carrying amounts may not be recoverable. If any such 
indication exists, the recoverable amount (i.e. higher of the fair 
value less cost to sell and the value-in-use) is determined on an 
individual asset basis unless the asset does not generate cash 
flows that are largely independent of those from other assets. In 
such cases, the recoverable amount is determined for the CGU 
to which the asset belongs.
	
If the recoverable amount of an asset (or CGU) is estimated to be 
less than its carrying amount, the carrying amount of the asset 
(or CGU) is reduced to its recoverable amount. An impairment 
loss is recognised in the standalone statement of profit and loss.
	
For assets an assessment is made at each reporting date 
to determine whether there is an indication that previously 
recognised impairment losses no longer exist or have 
decreased. If such indication exists, the Company estimates the 
asset’s or CGU’s recoverable amount. A previously recognised 
impairment loss is reversed only if there has been a change 
in the assumptions used to determine the asset’s recoverable 
amount since the last impairment loss was recognised. The 
reversal is limited so that the carrying amount of the asset does 
not exceed its recoverable amount, nor exceed the carrying 
amount that would have been determined, net of depreciation, 
had no impairment loss been recognised for the asset in prior 
years. Such reversal is recognised in the standalone statement of 
profit and loss unless the asset is carried at a revalued amount, in 
which case, the reversal is treated as a revaluation increase.
i.	
Equity investments in subsidiaries
	
Investments in subsidiaries are classified as non-current 
investments. Impairment recognized, if any, is reduced from the 
carrying value.
	
On disposal of an investment, the difference between its carrying 
amount and net disposal proceeds is charged or credited to the 
standalone statement of profit and loss.
	
Investment in Limited Liability Partnership (“LLP”) firms is carried 
at cost in the separate financial statements. The share in profit/
loss in LLPs is recognised as income/expense in the standalone 
statement of profit and loss and is recorded under other current 
financial asset/liabilities as the right to share the profit/loss 
is established as per the LLP’s agreement. The Company has 
presented share of profit and share of loss from LLP on net basis 
as the management considers the net income/expense to be its 
return on investment in LLP.
j.	
Leases
	
The Company assesses at contract inception whether a contract 
is/ contains a lease. That is, if the contract conveys the right 
to control the use of an identified asset for a period of time in 
exchange for consideration.
	
Company as a lessee:
	
The Company applies a single recognition and measurement 
approach for all leases, except for short-term leases and leases 
of low-value assets. The Company recognises lease liabilities to 
make lease payments and right-of-use assets representing the 
right to use the underlying assets.
i)	
Right-of-use assets
	
The 
Company 
recognises 
right-of-use 
assets 
at 
the 
commencement date of the lease (i.e., the date the underlying 
asset is available for use). Right-of-use assets are measured at 
cost, less any accumulated depreciation and impairment losses, 
and adjusted for any remeasurement of lease liabilities. The cost 
of right-of-use assets includes the amount of lease liabilities 
recognised, initial direct costs incurred, and lease payments 
made at or before the commencement date less any lease 
incentives received. Right-of-use assets are depreciated on a 
straight-line basis over the lease term.
	
If ownership of the leased asset transfers to the Company at 
the end of the lease term or the cost reflects the exercise of a 
purchase option, depreciation is calculated using the estimated 
useful life of the asset.
	
The right-of-use assets are also subject to impairment. Refer 
note 2(h) Impairment of non-financial assets.
ii)	
Lease Liabilities
	
At the commencement date of the lease, the Company 
recognises lease liabilities measured at the present value of 
lease payments to be made over the lease term. In calculating 
the present value of lease payments, the Company uses its 
incremental borrowing rate at the lease commencement date 
because the interest rate implicit in the lease is not readily 
determinable. After the commencement date, the amount of 
lease liabilities is increased to reflect the accretion of interest 
and reduced for the lease payments made.
iii)	
Short-term leases and leases of low-value assets
	
The Company applies the short-term lease recognition 
exemption to its short-term leased assets (i.e., those leases that 
have a lease term of 12 months or less from the commencement 
date and do not contain a purchase option). It also applies the 
lease of low-value assets recognition exemption to leased assets 
that are considered to be low value. Lease payments on short-
term leases and leases of low-value assets are recognised as 
expense on a straight-line basis over the lease term.
k.	
Financial instruments
	
A financial instrument is any contract that gives rise to a financial 
asset of one entity and a financial liability or equity instrument of 
another entity.
	
Financial assets and liabilities are recognised when the Company 
becomes a party to the contract that gives rise to financial assets 
and liabilities. Financial assets and liabilities are initially measured 

106
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
at fair value. Transaction costs that are directly attributable to 
the acquisition or issue of financial assets and financial liabilities 
(other than financial assets and financial liabilities at fair value 
through profit or loss) are added to or deducted from the 
fair value measured on initial recognition of financial asset or 
financial liability.
	
Cash and cash equivalents
	
The Company considers all highly liquid financial instruments, 
which are readily convertible into known amounts of cash 
that are subject to an insignificant risk of change in value and 
having original maturities of three months or less from the date 
of purchase, to be cash equivalents. Cash and cash equivalents 
consist of balances with banks which are unrestricted for 
withdrawal and usage.
	
Financial assets at amortized cost
	
Financial assets are subsequently measured at amortized 
cost if these financial assets are held within a business whose 
objective is to hold these assets in order to collect contractual 
cash flows and the contractual terms of the financial asset give 
rise on specified dates to cash flows that are solely payments of 
principal and interest on the principal amount outstanding.
	
Financial assets at fair value through other comprehensive 
income
	
Financial assets are measured at fair value through other 
comprehensive income if these financial assets are held within 
a business whose objective is achieved by both collecting 
contractual cash flows and selling financial assets and the 
contractual terms of the financial asset give rise on specified 
dates to cash flows that are solely payments of principal and 
interest on the principal amount outstanding.
	
Financial assets at fair value through profit or loss
	
Financial assets are measured at fair value through profit or 
loss unless it is measured at amortized cost or at fair value 
through other comprehensive income on initial recognition. 
The transaction costs directly attributable to the acquisition of 
financial assets at fair value through profit or loss are immediately 
recognised in standalone statement of profit and loss.
	
Financial liabilities
	
Financial liabilities are subsequently carried at amortized cost 
using the effective interest method, except for contingent 
consideration recognized in a business combination which is 
subsequently measured at fair value through profit or loss. For 
trade and other payables maturing within one year from the 
balance sheet date, the carrying amounts approximate fair value 
due to the short maturity of these instruments.
	
Derecognition of financial assets and liabilities
	
The Company derecognizes a financial asset when the 
contractual rights to the cash flows from the financial asset 
expire or it transfers the financial asset and the transfer qualifies 
for derecognition under Ind AS 109. A financial liability (or a 
part of a financial liability) is derecognized when the obligation 
specified in the contract is discharged or cancelled or expires. 
When an existing financial asset/ liability is replaced by another 
from the same lender on substantially different terms, or the 
terms of an existing liability are substantially modified, such an 
exchange or modification is treated as the derecognition of 
the original liability and the recognition of a new liability. The 
difference in the respective carrying amounts is recognised in 
the standalone statement of profit and loss.
	
Reclassification of financial assets
	
The Company determines classification of financial assets 
and liabilities on initial recognition. After initial recognition, no 
reclassification is made for financial assets which are equity 
instruments and financial liabilities. For financial assets which 
are debt instruments, a reclassification is made only if there 
is a change in the business model for managing those assets. 
Changes to the business model are expected to be infrequent. 
The Company’s senior management determines change in the 
business model as a result of external or internal changes which 
are significant to the Company’s operations. Such changes are 
evident to external parties. A change in the business model 
occurs when the Company either begins or ceases to perform 
an activity that is significant to its operations. If the Company 
reclassifies financial assets, it applies the reclassification 
prospectively from the reclassification date which is the first day 
of the immediately next reporting period following the change in 
business model. The Company does not restate any previously 
recognised gains, losses (including impairment gains or losses) 
or interest.
	
Offsetting of financial instruments
	
Financial assets and financial liabilities are offset and the net 
amount is reported in the standalone balance sheet if there 
is a currently enforceable legal right to offset the recognised 
amounts and there is an intention to settle on a net basis, to 
realise the assets and settle the liabilities simultaneously.
	
Fair value of financial instruments
	
Fair value is the price that would be received to sell an asset 
or paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The fair value 
measurement is based on the presumption that the transaction 
to sell the asset or transfer the liability takes place either:
•	
In the principal market for the asset or liability, or
•	
In the absence of a principal market, in the most 
advantageous market for the asset or liability
	
The principal or the most advantageous market must be 
accessible by the Company.
	
The fair value of an asset or a liability is measured using the 
assumptions that market participants would use when pricing 

107
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
the asset or liability, assuming that market participants act in 
their economic best interest.
	
In determining the fair value of its financial instruments, the 
Company uses following hierarchy and assumptions that are 
based on market conditions and risks existing at each reporting 
date.
	
Derivative financial instruments
	
Initial recognition and subsequent measurement
	
The fair value of an asset or a liability is measured using the 
assumptions that market participants would use when pricing 
the asset or liability, assuming that market participants act in 
their economic best interest.In determining the fair value of its 
financial instruments, the Company uses following hierarchy 
and assumptions that are based on market conditions and risks 
existing at each reporting date.
	
Fair value hierarchy
	
All assets and liabilities for which fair value is measured or 
disclosed in the standalone financial statements are categorised 
within the fair value hierarchy, described as follows, based 
on the lowest level input that is significant to the fair value 
measurement as a whole:
	
Level 1 — Quoted (unadjusted) market prices in active markets 
for identical assets or liabilities.
	
Level 2 — Valuation techniques for which the lowest level input 
that is significant to the fair value measurement is directly or 
indirectly observable.
	
Level 3 — Valuation techniques for which the lowest level input 
that is significant to the fair value measurement is unobservable.
	
For assets and liabilities that are recognised in the standalone 
financial statements on a recurring basis, the Company 
determines whether transfers have occurred between levels in 
the hierarchy by re-assessing categorisation (based on the lowest 
level input that is significant to the fair value measurement as a 
whole) at the end of each reporting period.
l.	
Borrowing cost
	
Borrowing costs directly attributable to the acquisition, 
construction or production of an asset that necessarily takes 
a substantial period of time to get ready for its intended use 
or sale are capitalised as part of the cost of the asset. All other 
borrowing costs are expensed in the period in which they occur. 
Borrowing costs consist of interest and other costs that an entity 
incurs in connection with the borrowing of funds. Borrowing 
cost also includes exchange differences to the extent regarded 
as an adjustment to the borrowing costs.
m.	 Standalone statement of cash flows
	
Cash flows are reported using the indirect method, whereby 
profit/ (loss) for the period is adjusted for the effects of 
transactions of a non-cash nature or any deferrals or accruals of 
past or future operating cash receipts or payments and item of 
income or expenses associated with investing or financing cash 
flows. The cash flows from operating, investing and financing 
activities of the Company are segregated.
n.	
Employee share based payments
	
The Company measures compensation cost relating to 
employee stock options plans using the fair valuation method 
in accordance with Ind AS 102, Share-Based Payment. 
Compensation expense is amortized over the vesting period 
of the option on a straight-line basis. The cost of equity-settled 
transactions is determined by the fair value at the date when 
the grant is made using an appropriate valuation model (Black-
Scholes valuation model). That cost is recognised, together with 
a corresponding increase in employee stock options reserves in 
other equity, over the period in which the performance and/or 
service conditions are fulfilled in employee benefits expense. The 
cumulative expense recognised for equity-settled transactions 
at each reporting date until the vesting date reflects the extent 
to which the vesting period has expired and the Company’s best 
estimate of the number of equity instruments that will ultimately 
vest.
	
The dilutive effect of outstanding options is reflected as 
additional share dilution in the computation of diluted earnings 
per share.
o.	
Treasury shares
	
The Company has formed Subex Employee Welfare and ESOP 
Benefit Trust (“ESOP Trust”) for providing share-based payment to 
its employees. The Company treats ESOP Trust as its extension 
and shares held by ESOP Trust are treated as treasury shares.
	
Own equity instruments that are purchased (treasury shares) 
are recognised at cost and deducted from equity. No gain or 
loss is recognised in profit or loss on the purchase, sale, issue 
or cancellation of the Company’s own equity instruments. Any 
difference between the carrying amount and the consideration, 
if reissued, is recognised in reserve. Share options exercised 
during the reporting period are adjusted with treasury shares.
p.	
Employee benefits
	
Employee benefits include provident fund, gratuity and 
compensated absences.
	
Defined contribution plans
	
Contributions payable to recognized provident funds, which are 
defined contribution schemes, are charged to the standalone 
statement of profit and loss.
	
Defined benefit plans
	
Gratuity, which is a defined benefit plan, is accrued based on 
an independent actuarial valuation, which is done based on 
projected unit credit method as at the balance sheet date. 
The Company recognizes the net obligation of a defined 
benefit plan in its balance sheet as an asset or liability. Gains 

108
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
and losses through re-measurements of the net defined benefit 
liability/ (asset) are recognized in other comprehensive income. 
In accordance with Ind AS, re-measurement gains and losses 
on defined benefit plans recognised in OCI are not to be 
subsequently reclassified to the standalone statement of profit 
and loss. As required under Ind AS compliant Schedule III, the 
Company transfers it immediately to ‘Surplus/ (deficit) in the 
statement of profit and loss’.
	
The parameter most subject to change is the discount rate. In 
determining the appropriate discount rate for plans operated 
in India, the management considers the interest rates of 
government bonds where remaining maturity of such bond 
correspond to expected term of defined benefit obligation.
	
Short-term employee benefits
	
Short-term employee benefits expected to be paid in exchange 
for the services rendered by employees are recognised during 
the year when the employees render the service. Compensated 
absences, which are expected to be utilised within the next 
12 months, are treated as short-term employee benefits. The 
Company measures the expected cost of such absences as the 
additional amount that it expects to pay as a result of the unused 
entitlement that has accumulated at the reporting date.
	
Long-term employee benefits
	
Compensated absences which are not expected to occur 
within twelve months after the end of the period in which the 
employees render the related services are treated as long-term 
employee benefits for measurement purpose. Such long-term 
compensated absences are provided for based on the actuarial 
valuation using the projected unit credit method at the year 
end, less the fair value of the plan assets out of which the 
obligations are expected to be settled. Actuarial gains/ losses 
are immediately taken to the standalone statement of profit and 
loss and are not deferred.
	
The Company presents the entire compensated absences 
balance as a current liability in the balance sheet, since it does 
not have an unconditional right to defer its settlement for twelve 
months after the reporting date.
q.	
Foreign currencies
	
Foreign currency transactions are initially recorded in the 
functional currency of the Company by applying exchange rates 
prevailing on the date of the transaction. For practical reasons, 
the Company uses an average rate if the average approximates 
the actual rate at the date of the transaction. Foreign currency 
denominated monetary assets and liabilities are restated into 
the functional currency using exchange rates prevailing on the 
balance sheet date.
	
Gains and losses arising on settlement and restatement of 
foreign currency denominated monetary assets and liabilities 
are included in the standalone statement of profit and loss.
	
The Company’s standalone financial statements are presented 
in INR ( ` ). The Company determines the functional currency as 
INR on the basis of primary economic environment in which the 
entity operates.
r.	
Taxes on income
	
Income tax expense comprises current tax expense and the 
net change in the deferred tax asset or liability during the 
year. Current and deferred tax are recognised in standalone 
statement of profit and loss, except when they relate to items 
that are recognised in other comprehensive income or directly 
in other equity, in which case, the current and deferred tax are 
also recognised in other comprehensive income or directly in 
other equity, respectively.
	
Current income tax
	
Current income tax for the current and prior periods are 
measured at the amount expected to be recovered from or 
paid to the taxation authorities based on the taxable income 
for that period. The tax rates and tax laws used to compute the 
amount are those that are enacted or substantively enacted 
by the balance sheet date. Management periodically evaluates 
positions taken in the tax returns with respect to situations in 
which applicable tax regulations are subject to interpretation 
and considers whether it is probable that a taxation authority will 
accept an uncertain tax treatment. The Company shall reflect the 
effect of uncertainty for each uncertain tax treatment by using 
either most likely method or expected value method, depending 
on which method predicts better resolution of the treatment.
	
Deferred income tax
	
Deferred income tax is recognised using the balance sheet 
approach, deferred tax is recognized on temporary differences 
at the balance sheet date between the tax bases of assets and 
liabilities and their carrying amounts for financial reporting 
purposes, except when the deferred income tax arises from 
the initial recognition of goodwill or an asset or liability in a 
transaction that is not a business combination and affects 
neither accounting nor taxable profit or loss at the time of the 
transaction.
	
Deferred income tax assets are recognized for all deductible 
temporary differences, carry forward of unused tax credits and 
unused tax losses, to the extent that it is probable that taxable 
profit will be available against which the deductible temporary 
differences, and the carry forward of unused tax credits and 
unused tax losses can be utilized.
	
The carrying amount of deferred income tax assets is reviewed 
at each balance sheet date and reduced to the extent that it is 
no longer probable that sufficient taxable profit will be available 
to allow all or part of the deferred income tax asset to be utilized.
	
Deferred income taxes are not provided on the undistributed 
earnings of branches where it is expected that the earnings of 
the branch will not be distributed in the foreseeable future.

109
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
	
Deferred income tax assets and liabilities are measured at the 
tax rates that are expected to apply in the year when the asset is 
realized or the liability is settled, based on tax rates (and tax laws) 
that have been enacted or substantively enacted at the balance 
sheet date.
	
Deferred tax assets include Minimum Alternative Tax (“MAT”) paid 
in accordance with the tax laws in India, which is likely to give 
future economic benefits in the form of availability of set off 
against future income tax liability. Accordingly, MAT is recognized 
as deferred tax asset in the balance sheet when the asset can be 
measured reliably and it is probable that the future economic 
benefit associated with the asset will be realized. The company 
reviews the “MAT credit entitlement” asset at each reporting 
date and writes down the asset to the extent that it is no longer 
probable that it will pay normal tax during the specified period.
s.	
Provision and contingencies
	
A provision is recognized when an enterprise has a present 
obligation (legal or constructive) as a result of past event and it 
is probable that an outflow of resources will be required to settle 
the obligation, in respect of which a reliable estimate can be 
made of the amount of the obligation. If the effect of time value 
of money is material, provision is discounted using a current pre-
tax rate that reflects, when appropriate, the risks specific to the 
liability. When discounting is used, the increase in the provision 
due to the passage of time is recognised as a finance cost.
	
Provisions for onerous contracts, i.e. contracts where the 
expected unavoidable costs of meeting obligations under 
a contract exceed the economic benefits expected to be 
received, are recognized when it is probable that an outflow 
of resources embodying economic benefits will be required 
to settle a present obligation as a result of an obligating event, 
based on a reliable estimate of such obligation.
	
A contingent liability is a possible obligation that arises from past 
events whose existence will be confirmed by the occurrence 
or non-occurrence of one or more uncertain future events 
beyond the control of the Company or a present obligation that 
is not recognized because it is not probable that an outflow of 
resources will be required to settle the obligation. A contingent 
liability also arises in extremely rare cases where there is a liability 
that cannot be recognized because it cannot be measured 
reliably. The Company does not recognize a contingent liability 
but discloses its existence in the standalone financial statements.
t.	
Cash dividend to the equity holders of the Company
	
The Company recognises a liability to make cash distributions 
to equity holders of the Company when the distribution is 
authorised, and the distribution is no longer at the discretion 
of the Company. Final dividends on shares is recorded as a 
liability on the date of approval by the shareholders and interim 
dividends are recorded as a liability on the date of declaration by 
the Company’s Board of Directors
u.	
Earnings/ (loss) per share
	
Basic earnings/ (loss) per share is computed by dividing the 
profit/ (loss) after tax attributable to the equity holders of the 
Company by the weighted average number of equity shares 
outstanding during the year. Diluted earnings per share is 
computed by dividing the profit/ (loss) after tax as adjusted for 
dividend, interest (net of any attributable taxes) other charges to 
expense or income relating to the dilutive potential equity shares, 
by the weighted average number of equity shares considered 
for deriving basic earnings per share and the weighted average 
number of equity shares which could have been issued on the 
conversion of all dilutive potential equity shares. Potential equity 
shares are deemed to be dilutive only if their conversion to equity 
shares would decrease the net profit per share or increase the 
net loss per share. Potential dilutive equity shares are deemed 
to be converted as at the beginning of the period, unless they 
have been issued at a later date. The dilutive potential equity 
shares are adjusted for the proceeds receivable had the shares 
been actually issued at fair value (i.e. average market value of 
the outstanding shares). Dilutive potential equity shares are 
determined independently for each period presented.
v.	
Segment reporting
	
Operating segments are reported in a manner consistent with 
the internal reporting provided to the chief operating decision 
maker.
	
The Company identifies primary segments based on the dominant 
source, nature of risks and returns and the internal organization 
and management structure. The operating segments are the 
segments for which separate financial information is available 
and for which operating profit/ loss amounts are evaluated 
regularly by the Executive Management in deciding how to 
allocate resources and in assessing performance. The analysis 
of geographical segments is based on the areas in which major 
operating divisions of the Company operate.
	
The accounting policies adopted for segment reporting are in 
line with the accounting policies of the Company. Segment 
revenue, segment expenses, segment assets and segment 
liabilities have been identified to the segments on the basis of 
their relationship to the operating activities of the segment. 
	
Common allocable costs are allocated to each segment 
according to the relative contribution of each segment to the 
total common costs. 
	
Revenue, expenses, assets and liabilities which relate to the 
Company as a whole and are not allocable to segments on 
a reasonable basis have been included under ‘unallocated 
revenue/ expenses/ assets/ liabilities’
w.	
Recent accounting pronouncements:
	
Ministry of Corporate Affairs (“MCA”) notifies new standard or 
amendments to the existing standards under Companies ( 
Indian Accounting Standard) Rules as issued from time to time. 

110
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
On Mar h 31, 2023 MCA amendment the Companies (Indian 
Accounting Standards) Amendment Rules, 2023, as below:
	
Ind AS 1 – Presentation of Financial Statements - This 
amendment requires the entities to disclose their material 
accounting polices rather than their significant accounting 
policies. The effective date for adoption of this amendment 
is annual periods beginning on or after April 1, 2023. The 
Company has evaluated the amendment and the impact of 
the amendment is insignificant in the standalone financial 
statements.
	
Ind AS 8 – Accounting Policies, Changes in Accounting 
Estimates and Errors - This amendment has introduced a 
definition of ‘accounting estimates’ and included amendments 
to Ind AS 8 to help entities distinguish changes in accounting 
policies from changes in accounting estimates. The effective 
date for adoption of this amendment is annual periods beginning 
on or after April 1, 2023. The Company has evaluated the 
amendment and there is no impact on its standalone financial 
statements.  
	
Ind AS 12 - Income Taxes - This amendment has narrowed 
the scope of the initial recognition exemption so that it does 
not apply to transactions that give rise to equal and offsetting 
temporary differences. The effective date for adoption of this 
amendment is annual periods beginning on or after April 1, 
2023. The Company has evaluated the amendment and there is 
no impact on its standalone financial statements.

111
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
3.  Property, plant and equipment
(` in Lakhs)
 Computer 
equipment 
 Furniture and 
fixtures 
 Vehicles 
Leasehold
improvement
 Office 
equipment 
 Total 
Cost
As at April 1, 2021
 115 
 1 
 2 
 9 
 4 
 131 
Additions
 4 
 - 
 - 
 - 
 - 
 4 
Disposals
 - 
 - 
 - 
 - 
 - 
 - 
As at March 31, 2022*
 119 
 1 
 2 
 9 
 4 
 135 
Additions
 296 
 5 
 24 
 69 
 4 
 398 
Purchase of assets
 445 
 1 
 - 
 203 
 40 
 689 
Disposals
 - 
 - 
 (2)
 - 
 - 
 (2)
As at March 31, 2023
 860 
 7 
 24 
 281 
 48 
 1,220 
Depreciation
As at April 1, 2021
 72 
 - 
 2 
 - 
 4 
 78 
Charge for the year
 25 
 1 
 - 
 2 
 - 
 28 
Disposals
 - 
 - 
 - 
 - 
 - 
 - 
As at March 31, 2022*
 97 
 1 
 2 
2
 4 
 106 
Charge for the year
 323 
 1 
 - 
 63 
 14 
 401 
Disposals
 - 
 - 
 (2)
 - 
 - 
 (2)
As at March 31, 2023
 420 
 2 
 - 
65
 18 
 505 
Net block
As at March 31, 2022*
 22 
 - 
 - 
7
 - 
 29 
As at March 31, 2023
 440 
 5 
 24 
216
 30 
 715 

112
Subex Annual Report 2022-23
4.  Intangible assets
(` in Lakhs)
Intellectual Property 
Rights
 Total 
Cost
As at April 1, 2021
 6,078 
 6,078 
Additions
 - 
 - 
Disposals
 - 
 - 
As at March 31, 2022*
 6,078 
 6,078 
Additions
 - 
 - 
Disposals
 - 
 - 
As at March 31, 2023
 6,078 
 6,078 
Amortization and impairment**
As at April 1, 2021
 5,303 
 5,303 
Amortization for the year
 125 
 125 
Disposals
 - 
 - 
As at March 31, 2022*
 5,428 
 5,428 
Amortization for the year
 125 
 125 
Disposals
 - 
 - 
As at March 31, 2023
 5,553 
 5,553 
Net block
As at March 31, 2022*
 650 
 650 
As at March 31, 2023
 525 
 525 
* Refer note 1(c)
** During the year ended March 31, 2020, considering the challenges and significant investment requirements of telecom operators which had resulted in longer 
opportunity conversion cycle and lower spends towards IT solutions, the management carried out the annual impairment exercise as at December 31, 2019 in 
respect of its intangible assets and basis valuation carried out by an external expert had made an impairment provision of  ` 3,599 Lakhs towards carrying value of 
intangible asset. As at March 31, 2023, the management has reassessed its projections and assumptions and has concluded that, the carrying value of it’s intangible 
asset is appropriate.
5.  Investments
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current Investments
Investments carried at cost 
A. Investments in equity shares of wholly owned subsidiaries (unquoted equity instruments) 
100 (March 31, 2022: 100) equity shares fully paid-up, no-par value, in Subex Americas Inc. [Impairment on 
investment ` 76,560 Lakhs (March 31, 2022: ` 76,560 Lakhs)]**
 936 
 936 
4,999,991 (March 31, 2022: 4,999,991) equity shares of ` 10 each fully paid-up in Subex Technologies Limited 
[Impairment on investment  ` 500 Lakhs (March 31, 2022: ` 500 Lakhs)]
 - 
 - 
2,250,000 (March 31, 2022: Nil) equity shares of ` 10 each fully paid-up in Subex Account Aggregator Services 
Private Limited 
 225 
 - 
 1,161 
 936 
B. Investments in limited liability partnership firms (refer note 22 )
Investment in Subex Assurance LLP [Impairment on investment ` 16,808 Lakhs (March 31, 2022: ` 16,808 
Lakhs)]**^ 
 30,756 
 39,956 
Investment in Subex Digital LLP**
 1,869 
 1,869 
 32,625 
 41,825 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

113
Subex Annual Report 2022-23
Investments carried at fair value through other comprehensive income
C. Investment in Privasapien Technologies Private Limited (33,352 seed compulsory convertible preference 
shares of ` 2 each,fully paid  (March 31, 2022 ` Nil)
 165 
 - 
 165 
 - 
Total Investments (A+B+C)
 33,951 
 42,761 
Aggregate amount of unquoted investments
 1,27,819 
 1,36,629 
Aggregate amount of impairment on investments
 93,868 
 93,868 
 33,951 
 42,761 
* Refer note 1(c)
**As at March 31, 2023, the management has carried out the annual impairment exercise in respect of its carrying value of investment in subsidiaries and, basis 
valuation carried out by an external expert, has concluded that carrying value of investment in subsidiaries is appropriate considering future projections, various 
new initiatives, contracted backlog and current pipeline maturity.
^During the year, the Company has withdrawn ` 9,200 Lakhs from capital account of Subex Assurance LLP. Refer note 31.
(` in Lakhs)
Current Investments
As at
March 31, 2023
As at
March 31, 2022*
Quoted
Investment carried at fair value through statement of profit or loss account
   Investment in quoted mutual funds
 604 
 - 
 604 
 - 
Nos
(` in Lakhs)
Particulars
As at
March 31, 2023
As at
March 31, 2022*
As at
March 31, 2023
As at
March 31, 2022*
SBI Savings Fund Direct-Growth
 8,18,381 
 - 
 308 
 - 
SBI Overnight Fund Direct-Growth
 4,000 
 - 
 146 
 - 
SBI Liquid Fund Direct-Growth
 4,260 
 - 
 150 
 - 
 8,26,641 
 - 
 604 
 - 
Aggregate value/amount of quoted investments
 595 
 - 
Aggregate market value of quoted investments
 604 
 - 
* Refer note 1(c)
6.  Loans
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current
Loan receivable
Loan receivable - credit impaired
Loans to related party (refer note 32)
 1,706 
 1,706 
 1,706 
 1,706 
Impairment Allowance for loan receivable
Loan Receivables - credit impaired
Loans to related party (refer note 32)
 (1,706)
 (1,706)
Total
 - 
 - 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
5. Investments (contd.)
(` in Lakhs)

114
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
6.  Loans (contd.)
(` in Lakhs)
Current 
Unsecured, considered good
Other loans
Loans and advances to employees
 88 
 30 
Total
 88 
 30 
* Refer note 1(c)
7 . Trade receivables
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Unsecured, considered good
Trade receivables from related parties (refer note 31)
8,140
 5,339 
Trade receivables from other than related parties
2,743
 485 
Unsecured, credit impaired
Trade receivables from related parties
3,867
 1,874 
Trade receivables from other than related parties
838
 365 
Total (a)
15,588
 8,063 
Impairment allowance (allowance for expected credit loss)
Receivable from related parties, credit impaired
 (3,867)
 (1,874)
Receivables from other than related parties, credit impaired
 (838)
 (365)
Total (b)
 (4,705)
 (2,239)
Net Trade Receivables (a-b)
10,883
 5,824 
Trade receivables ageing schedule
As at March 31, 2023
(` in Lakhs)
Particulars
Unbilled
Current 
but not 
due
Outstanding for following periods from due date of payment
Total
Less than 
6 Months
6 months 
– 1 year
1-2 years
2-3 years
More than 
3 years
Undisputed Trade Receivables – considered good
227
 4,401 
 2,547 
 3,261 
 - 
 - 
 447 
 10,883 
Undisputed Trade Receivables – which have 
significant increase in credit risk
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Undisputed Trade receivable – credit impaired
 - 
 - 
 27 
 1,297 
 521 
 10 
 2,500 
 4,355 
Disputed Trade receivables - considered good
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – which have 
significant increase in credit risk 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – credit impaired
 - 
 - 
 - 
 - 
 - 
 71 
 279 
 350 
Total
 227 
 4,401 
 2,574 
 4,558 
 521 
 81 
 3,226 
 15,588 
Less: Impairment allowance(Allowance for 
expected credit loss)
 (4,705)
Net Trade Receivable
 10,883 

115
Subex Annual Report 2022-23
7 . Trade receivables (contd.)
As at March 31, 2022*
(` in Lakhs)
Particulars
Unbilled
Current 
but not 
due
Outstanding for following periods from due date of payment
Total
Less than 
6 Months
6 months 
– 1 year
1-2 years
2-3 years
More than 
3 years
Undisputed Trade Receivables – considered good
 - 
 2,767 
 2,333 
 301 
 - 
 423 
 - 
 5,824 
Undisputed Trade Receivables – which have 
significant increase in credit risk
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Undisputed Trade receivable – credit impaired
 - 
 - 
 - 
 - 
 - 
 2,147 
 2,147 
Disputed Trade receivables - considered good
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – which have 
significant increase in credit risk 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – credit impaired
 - 
 - 
 - 
 - 
 - 
 - 
 92 
 92 
Total
 - 
 2,767 
 2,333 
 301 
 - 
 423 
 2,239 
 8,063 
Less: Impairment allowance(Allowance for 
expected credit loss)
 (2,239)
Net Trade Receivable
 5,824 
No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person.
Further, refer note 31 for the balance receivable from Subex Assurance LLP and Subex Digital LLP where certain directors of the Company are appointed as 
designated partners / employee.
Trade receivables are non-interest bearing and are generally on terms of 30 to 180 days.
* Refer note 1(c)
8. Cash and cash equivalents
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Balance with banks
In current accounts
 1,590 
 196 
In EEFC accounts
 28 
 16 
Deposits with original maturity of less than 3 months
 830 
 590 
A
 2,448 
 802 
Other balances with banks
Earmarked balances with banks being unpaid dividend accounts
 28 
 28 
Deposits with original maturity more than 3 months less than 12 months
 2,045 
 25 
Margin money deposits with original maturity more than 3 months less than 12 months
 39 
 22 
 2,112 
 75 
Less: Disclosed under Other balances with banks (Current) (refer note 9)
 (2,112)
 (75)
B
 - 
 - 
(A+B)
 2,448 
 802 
For the purpose of the standalone statement of cash flows, cash and cash equivalents comprises of current portion of cash and cash equivalents as above.
* Refer note 1(c)	
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

116
Subex Annual Report 2022-23
9. Other balances with banks
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Other bank balances (refer note 8)
Earmarked balances with banks being unpaid dividend accounts**
 28 
 28 
Deposits with original maturity more than 3 months less than 12 months
 2,045 
 25 
Margin money deposits with original maturity more than 3 months less than 12 months 
 39 
 22 
 2,112 
 75 
* Refer note 1(c)
**These balances are not available for use by the Company as they represent corresponding unclaimed dividend liabilities.  
10. Other financial assets
Unsecured, considered good
Carried at amortized cost
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current
Security deposit
 647 
 20 
Margin money deposits with remaining maturity more than 12 months
 6 
 6 
 653 
 26 
Current
Unbilled revenue
 935 
 31 
Share of profit in excess of drawings from Subex Assurance LLP  (refer note 31)
 173 
 979 
Interest accrued but not due on bank deposits
 33 
 2 
Carried at fair value through profit or loss 
Foreign currency forward contract
 6 
 - 
 1,147 
 1,012 
* Refer note 1(c)
11. Income tax assets (net)
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current
Advance income-tax [net of provision for taxation ` 1,330 Lakhs (March 31, 2022: ` 1030 Lakhs)]
 2,941 
 2,903 
 2,941 
 2,903 
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

117
Subex Annual Report 2022-23
12. Deferred tax asset
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current 
Minimum alternative tax (‘MAT’) credit entitlement 
 561 
 566 
Less: Provision for MAT credit^
 (425)
 (425)
A
 136 
 141 
Deferred tax asset, net**
B
 1,147 
 - 
(A+B)
 1,283 
 141 
^ Represents MAT credit entitlement of ` 425 Lakhs (March 31, 2022: ` 425 Lakhs) been provided for considering the uncertainty as regards to its utilisation
* Refer note 1(c)
**Deferred tax assets (net)	
	
(` in Lakhs)
Balance Sheet
Statement of profit & Loss
As at
March 31, 2023
As at
March 31, 2022*
As at
March 31, 2023
As at
March 31, 2022*
Deferred tax assets^
Deferred tax asset recognised on carry forward losses^
 1,147 
 - 
 1,147 
 - 
Total
 1,147 
 - 
 1,147 
 - 
^ Consequent to restructuring mentioned in note 1(c), the management recognised deferred tax assets of ` 1,147 Lakhs, being reasonably certain that sufficient 
future taxable profits would be available. As at year end, the Company has reassessed availability of future taxable profits and is confident of utilisation of aforesaid 
deferred tax asset. In respect of remaining unused tax losses, management would reassess and recognise when it’s probable that taxable profits would be available 
against which such tax losses can be recognised.
* Refer note 1(c)
13. Other assets
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current
Prepaid expenses
 41 
 12 
Balance with statutory/ government authorities^
 267 
 267 
Less: Provision for service tax receivable
 (267)
 (267)
 41 
 12 
Current
Balance with statutory/ government authorities
 20 
 29 
Prepaid expenses
 338 
 34 
Advance to suppliers
 2 
 - 
 360 
 63 
^Balances represents service tax inadvertently paid by the Company during the financial years 2004 to 2008, under reverse charge mechanism, for which refund 
application has been filed with the service tax department and the same was under dispute. The Company carries a provision of ` 267 Lakhs considering the 
uncertainty as regards to its realisation.
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

118
Subex Annual Report 2022-23
14.  Share capital
 No. 
` in Lakhs
Authorised share capital
Equity shares of ` 5 each
As at April 1, 2021
 1,17,60,80,000 
 58,804 
Increase during the year
 - 
 - 
As at March 31, 2022
 1,17,60,80,000 
 58,804 
Increase during the year
 - 
 - 
As at March 31, 2023
 1,17,60,80,000 
 58,804 
Preference shares of ` 98 each
As at April 1, 2021
 2,00,000 
 196 
Increase during the year
 - 
 - 
As at March 31, 2022
 2,00,000 
 196 
Increase during the year
 - 
 - 
As at March 31, 2023
 2,00,000 
 196 
Issued, subscribed and fully paid-up share capital
Equity shares of ` 5 each^
As at April 1, 2021
 56,20,02,935 
 28,100 
Issued during the year
 - 
 - 
As at March 31, 2022
 56,20,02,935 
 28,100 
Issued during the year
 - 
 - 
As at March 31, 2023
 56,20,02,935 
 28,100 
^ includes Nil (March 31, 2022: 243,207) shares in respect of which Global Depository Receipts of the Company are listed on London Stock Exchange. The Global 
depository receipt program was terminated in light of the low trading volume and the Financial Conducting Authority removed the securities from official list w.e.f. 
September 26, 2022.
a) 	 Terms/ rights attached to equity shares
	
The Company has only one class of equity shares having par value of ` 5 per share w.e.f  September 29, 2020 and ` 10 per share upto 
September 28, 2020. Each holder of equity shares is entitled to one vote per share and such amount of dividend per share as declared by 
the Company. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of  Directors is subject to 
the approval of the shareholders in the ensuing Annual General Meeting.
	
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, 
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) 	 As at March 31, 2023 and as at March 31, 2022, there is no individual shareholder or shareholder (together with ‘Persons acting in concert’) 
holding more than 5% shares of the Company. 
c) 	 Shares reserved for issue under options (No.)
As at
March 31, 2023
As at
March 31, 2022*
Outstanding employee stock options under below schemes granted/ available for grant (refer note 34):
ESOP - V
 1,11,10,800 
 1,25,33,720 
 1,11,10,800 
 1,25,33,720 
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

119
Subex Annual Report 2022-23
14. Share capital (contd.)
d) 	 Number of treasury shares outstanding
As at
March 31, 2023
As at
March 31, 2022*
Balance as per last financial statements
 1,25,33,720 
 1,98,71,500 
Add: Additions during the year
 - 
 - 
Less: Exercise during the year
 (14,22,920)
 (73,37,780)
Closing balance 
1,11,10,800
1,25,33,720
* Refer note 1(c)
e) 	 The Promoters, as defined by Companies Act 2013, do not hold any shares in the Company.
15. Other equity
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Capital reserve
Balance as at April 01, 2022
 2,776 
 2,776 
Add: Additions during the year
 - 
 - 
Closing balance
 2,776 
 2,776 
Securities premium
Balance as at April 01, 2022
 16,558 
 16,444 
Add: On account of exercise of stock options
 26 
 114 
Closing balance
 16,584 
 16,558 
General reserve
Balance as at April 01, 2022
 1,787 
 1,783 
Add: On account of vested options lapsed during the year
 33 
 4 
Closing balance
 1,820 
 1,787 
Employee stock options reserve
Balance as at April 01, 2022
 267 
 232 
Add: Share based expenses
 232 
 137 
Less: On account of exercise of stock options
 (22)
 (98)
Less: On account of vested options lapsed during the year
 (33)
 (4)
Closing balance
 444 
 267 
Surplus/ (deficit) in the statement of profit and loss 
Balance as at April 01, 2022
 135 
 1,952 
Add: (Loss)/ profit for the year
 (6,876)
 (447)
Less: OCI - Remeasurement loss/ (gain) on defined benefit obligations
 19 
 (3)
Less: Dividends [refer 15(a)]
-
 (1,367)
Closing balance
 (6,722)
 135 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

120
Subex Annual Report 2022-23
As at
March 31, 2023
As at
March 31, 2022*
Treasury Shares
Balance as at April 01, 2022
 (697)
 (1,121)
Add: On account of exercise of stock options
 82 
 424 
Closing balance
 (615)
 (697)
Summary of other equity:
Capital Reserve 
 2,776 
 2,776 
The Company recognises profit and loss on transfer of business on account of restructuring to capital reserve.
Securities premium account
 16,584 
 16,558 
Securities premium is used to record the premium on issue of shares and profit and loss on exercise of stock 
options held as treasury shares (refer note 34). The reserve shall be utilised in accordance with the provisions of 
section 52 of the Companies Act, 2013.
General reserve
 1,820 
 1,787 
This represents appropriation of profit by the Company. Also, the amounts recorded in share options outstanding 
account are transferred to general reserve on account of lapse of vested stock options.
Employee stock options reserve
 444 
 267 
The employee stock option reserve is used to record the value of equity-settled share based payment 
transactions with employees. The amounts recorded in this account are transferred to reserves upon exercise 
of stock options by employees.
Surplus/ (deficit) in the statement of profit and loss 
 (6,722)
 135 
This represents surplus/ (deficit) arising from operations of the Company.
Treasury Shares
 (615)
 (697)
This represents own equity shares that are acquired from open market for issuance to employees under ESOP 
scheme. 
Total other equity
 14,287 
 20,826 
* Refer note 1(c)
15(a) Distributions made and proposed
During the year ended March 31, 2023, no dividend was declared by the company for the financial year 2022-2023. 
During the previous year ended March 31, 2022, the Company has paid an final dividend of  ` 0.25/- (5%) per equity share on face value of 
` 5/- each for the financial year 2020-2021. 
16. Trade payables
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Current
Trade payables
- total outstanding dues of micro enterprises and small enterprises^
 141 
 134 
- total outstanding dues of creditors other than micro enterprises and small enterprises**
 8,043 
 1,031 
 8,184 
 1,165 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
15. Other equity (contd.)
(` in Lakhs)

121
Subex Annual Report 2022-23
16. Trade payables (contd.)
^Payable to micro enterprises and small enterprises
	
(` in Lakhs)
Description
As at
March 31, 2023
As at
March 31, 2022*
a)
the principal amount remaining unpaid to any supplier as at the end of accounting year; 
 141 
 134 
b)
interest due thereon remaining unpaid to any supplier as at the end of accounting year; 
 - 
 - 
c)
the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises 
Development Act, 2006, along with the amount of the payment made to the supplier beyond the 
appointed day during each accounting year;
 - 
 - 
d)
the amount of interest due and payable for the period of delay in making payment (which have been paid 
but beyond the appointed day during the year) but without adding the interest specified under the Micro, 
Small and Medium Enterprises Development Act, 2006;
 - 
 - 
e)
the amount of interest accrued and remaining unpaid at the end of each accounting year; and
 - 
 - 
f)
the amount of further interest remaining due and payable even in the succeeding years, until such date 
when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a 
deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006
 - 
 - 
Trade payable ageing schedule
As at March 31, 2023
(` in Lakhs)
Particulars
Outstanding for following periods from due date of payment
Total
Unbilled
Not due
<1 year
1-2 years
2-3 years
More than 
3 years
Total outstanding dues of micro enterprises and small 
enterprises
 - 
 101 
 40 
 - 
 - 
 - 
 141 
Total outstanding dues other than micro enterprises and 
small enterprises
 336 
 3,175 
 4,532 
 - 
 - 
 - 
 8,043 
Disputed dues -  micro enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed dues -  total outstanding dues other than micro 
enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Total
 336 
 3,276 
 4,572 
 - 
 - 
 - 
 8,184 
As at March 31, 2022*
(` in Lakhs)
Particulars
Outstanding for following periods from due date of payment
Total
Unbilled
Not due
<1 year
1-2 years
2-3 years
More than 
3 years
Total outstanding dues of micro enterprises and small 
enterprises
 - 
22
 112 
 - 
 - 
 - 
 134 
Total outstanding dues other than micro enterprises and 
small enterprises
125
93
 811 
 2 
 - 
 - 
 1,031 
Disputed dues -  micro enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed dues -  total outstanding dues other than micro 
enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Total
 125 
 115 
 923 
 2 
 - 
 - 
 1,165 
* Refer note 1(c)
** includes dues to related parties. Refer note 31. 
“Terms and conditions of the above financial liabilities:
-  trade payables are non-interest bearing and are normally settled on 30 - 45 days terms.
-  for explanations on the Company’s credit risk management, refer note 38”
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

122
Subex Annual Report 2022-23
17.  Other financial liabilities
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Current
Share of Loss from Subex Digital LLP (refer note 31)
 4,439 
 3,271 
Employee related liabilities
 1,186 
 464 
Capital creditors
 71 
 4 
Unclaimed dividend
 28 
 28 
 5,724 
 3,767 
* Refer note 1(c)
18. Other current liabilities
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Unearned revenue
 405 
 - 
Statutory dues
 420 
 104 
 825 
 104 
* Refer note 1(c)
19. Provisions
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Non-current
Provisions for employee benefits
Gratuity [refer note 35(b)]
 74 
 100 
 74 
 100 
Current
Provisions for employee benefits
Gratuity [refer note 35(b)]
 83 
 34 
Leave benefits
 222 
 88 
 305 
 122 
* Refer note 1(c)
20. Income tax liabilities (net)
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Current
Provision for tax [net of advance tax Nil (March 31, 2022: ` 102 Lakhs)]
 - 
 39 
Provision for foreign taxes 
 1 
 1 
Provision for litigation^
 102 
 102 
 103 
 142 
* Refer note 1(c)
^ Provision for litigations consists of matters which are sub-judice. There is no movement in the provision during the current and previous year. Refer note 33(i) 
for further details.   
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

123
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
20. Income tax liabilities (net) (contd.)
Income tax expense in the standalone statement of profit and loss consist of the following:
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Tax expense:
Provision - foreign income taxes [Refer note I]
 324 
 - 
MAT charge
 - 
 (141)
MAT liability
 - 
 141 
Deferred tax (credit) / charge [Refer note II]
 (1,147)
 - 
 (823)
 - 
Reconciliation of tax to the amount computed by applying the statutory income tax rate to the income before tax is summarized below:	
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
(Loss)/ Profit before tax expense
 (7,699)
 (447)
Applicable tax rates in India
34.94%
34.94%
Computed tax charge (A)
 (2,690)
 (156)
Components of tax expense:
Provision for foreign withholding taxes (net) [Refer note I]
 324 
 - 
Deferred tax asset recognised on carry forward losses [Refer note II]
 (1,147)
 - 
Exempt (income)/ expense - share of (profit)/ loss from LLP's
 1,104 
 443 
Brought forward loss set off
 - 
 (332)
Deferred tax asset not recognised on income tax losses/timing differences [Refer note II]
 1,586 
 - 
Impact of disallowable (income)/expense
 - 
 45 
Total adjustments (B)
 1,867 
 156 
Total tax expense (A+B)
 (823)
 (0)
Notes:	
	
	
	
	
	
	
I) Represents reversal/provision in respect of foreign withholding taxes deducted/ deductible by the overseas customers of the Company. Considering non 
utilisation of foreign withholding taxes due to tax losses incurred by the Company in the current year, no credit has been availed for such taxes. Accordingly, 
provision of ` 324 Lakhs has been created during the year ended March 31, 2023. Also includes ` 101 Lakhs on account of taxes paid in Kuwait on completion of 
assessments for the period FY 2011 to FY 2017.
II) Consequent to restructuring mentioned in note 1(c), the management recognised deferred tax assets of ` 1,147 Lakhs, being reasonably certain that sufficient 
future taxable profits would be available in the Company. As at year end, the Company has reassessed availability of future taxable profits and is confident of 
utilisation of aforesaid deferred tax asset. In respect of remaining unused tax losses, the Company would reassess and recognise when it’s probable that taxable 
profits would be available against which such tax losses can be recognised.
* Refer note 1(c)

124
Subex Annual Report 2022-23
21.  Revenue from operations^
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
 Sale of product 
 208 
 - 
 Sale of services 
 27,144 
 6,814 
 Other operating income 
 - 
 22 
 27,352 
 6,836 
Disaggregation of revenue: 
Revenue by offering 
Sale of products 
 Sale of license 
 208 
 - 
Sale of services 
 Sub-contracting services (refer note 31) 
 19,536 
 2,196 
 Support services (refer note 31 and 42) 
 1,121 
 4,618 
 Implementation and customisation 
 1,526 
 - 
 Managed services 
 2,366 
 - 
 Support services 
 2,595 
 - 
 27,352 
 6,814 
Revenue by contract type
License transferred at a point in time
 208 
 - 
Fixed price contract over a period of time
 22,183 
 6,814 
Time and material contract over a period of time
 4,961 
 - 
 27,352 
 6,814 
*During the year ended March 31, 2023, the Company recognized revenue of  ` 564 Lakhs arising from opening unearned revenue, gross of trade receivables of 
` 663 Lakhs, as of April 01, 2022 (March 31, 2022 : ` Nil).
Refer note 30 for disaggregation of revenue by geographical segment.
* Refer note 1(c)
Remaining performance obligations
The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2023, other than those contracts 
wherein invoicing is on time and material basis is ` 2,784 Lakhs (March 31, 2022: ` Nil). Out of the total remaining performance obligation other 
than contracts where invoicing is on time and material basis, the Company expects to recognize revenue of around 85% within the next one 
year and the remaining thereafter. This includes contracts that can be terminated for convenience without a substantive penalty since, based 
on current assessment, the occurrence of the same is expected to be remote. 
22.  Share of (loss)/ profit from Limited Liability Partnerships before exceptional items (net)^ 
	
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022*
 Share of profit/ (loss) from Subex Assurance LLP 
 (806)
 1,353 
 Share of loss from Subex Digital LLP 
 (2,353)
 (2,626)
 (3,159)
 (1,273)
* Refer note 1(c)
^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.  
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

125
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
23.  Other income  
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
 Interest income on: 
 Security deposits 
 24 
 - 
 Bank deposits 
 94 
 5 
 Income from investment in mutual funds 
 41 
 - 
 Insurance claim 
 79 
 - 
 Net gain on disposal of property, plant and equipment 
 2 
 1 
 Other non-operating income 
 2 
 - 
 242 
 6 
* Refer note 1(c)
24.  Employee benefits expense   
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
 Salaries, wages and bonus 
 11,041 
 3,973 
 Contribution to provident and other funds (refer note 35) 
 427 
 146 
 Employee share based payments (refer note 34) 
 209 
 7 
 Gratuity expense [refer note 35(b)] 
 79 
 23 
 Staff welfare expenses 
 435 
 144 
 12,191 
 4,293 
* Refer note 1(c)
25. Finance cost  
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
 Interest expense on lease liability 
 199 
 4 
 Finance cost on Actuarial valuation 
 28 
 8 
 Interest others 
 3 
 - 
 230 
 12 
* Refer note 1(c)
26. Depreciation and amortization expense    
	
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022*
 Depreciation of property, plant and equipment  
 401 
 28 
 Depreciation on right-of-use assets 
 661 
 10 
 Amortization of intangible assets  
 125 
 125 
 1,187 
 163 
* Refer note 1(c)

126
Subex Annual Report 2022-23
27. Other expenses     
	
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022*
 Cost of hardware, software and support charges 
 11 
 2 
 Sub-contract charges 
 125 
 3 
 Rent 
 486 
 46 
 Power and fuel 
 131 
 3 
 Repairs and maintenance 
 - 
 Building 
 102 
 - 
 Others 
 912 
 115 
 Insurance 
 124 
 1 
 Communication costs 
 42 
 16 
 Printing and stationery 
 8 
 1 
 Travelling and conveyance 
 811 
 136 
 Rates and taxes 
 254 
 69 
 Advertisement and business promotion 
113
 38 
 Consultancy charges 
 526 
 213 
 Commission to directors 
 36 
 36 
 Payments to auditors [refer note 27(i)] 
59
 39 
 Marketing and support service charges (refer note 31) 
 10,650 
 913 
 Royalty Expense (refer note 1(c))
 1,699 
 - 
 Allowance for expected credit loss (net) 
 2,315 
 - 
 Exchange fluctuation (gain)/loss (net)
 20 
 (143)
 Directors sitting fees (refer note 31) 
 62 
 56 
 Bank Charges 
 15 
 4 
 Donation 
 6 
 - 
 Miscellaneous expenses 
19
 - 
 18,526 
 1,548 
27(i). Payments to auditors (excluding goods and services tax):   
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
As auditor 
Audit fee 
55
 35 
Tax audit fee 
 - 
 1 
In other capacity 
Other services (certification services) 
 1 
 2 
Reimbursement of expenses 
3
 1 
59
 39 
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

127
Subex Annual Report 2022-23
28. Leases	
The company has lease contracts for buildings. The leases for buildings generally have lease terms in between 1 to 5 years.
During the year ended March 31, 2023, part of the premises in Subex Assurance LLP (Subsidiary) has been transfered to Subex Limited under 
restructuring. Consequently, on account of the termination of lease agreement and in accordance with Ind AS 116 – ‘Lease’, the Subex 
Assurance LLP (Subsidiary) had written-off the amortized value of existing right-of-use asset of ` 952 Lakhs and Lease liability of  ` 1,007 Lakhs 
determined till the completion of notice period and vacation of existing premises, and has recognized a net gain of ` 55 Lakhs as other income.
During the year, the Company entered into a new lease agreement in respect of its office premises. The Company recognised a right-of-use 
asset of ` 3,442 Lakhs (March 31, 2022: ` Nil) and lease liability of  ` 3,296 Lakhs (March 31, 2022: ` Nil). The average incremental borrowing rate 
in range 5.80% to 8.35% has been applied to lease liabilities recognised in the balance sheet at the date of commencement of the new lease.
On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the right-to-use 
asset, and finance cost for interest accrued on lease liability.
The details of the right-of-use asset held by the Company is as follows:
(` in Lakhs)
 Buildings 
 Total 
Gross Carrying Value
As at April 1, 2021
 50 
 50 
Additions
 - 
 - 
Disposals on termination of lease agreement
 - 
 - 
As at March 31, 2022*
 50 
 50 
Additions
 3,442 
 3,442 
Disposals 
 - 
 - 
As at March 31, 2023
 3,492 
 3,492 
Accumulated Depreciation
As at April 1, 2021
 4 
 4 
Charge for the year
 10 
 10 
Disposals on termination of lease agreement
 - 
 - 
As at March 31, 2022*
 14 
 14 
Charge for the year
 661 
 661 
Disposals
 - 
 - 
As at March 31, 2023
 675 
 675 
Net block
As at March 31, 2022*
 36 
 36 
As at March 31, 2023
 2,817 
 2,817 
The Company incurred ` 486 Lakhs for the year ended March 31, 2023 (March 31, 2022: ` 46 Lakhs) towards expenses relating to short-term leases and leases of 
low-value assets.	
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

128
Subex Annual Report 2022-23
28. Leases (contd.)
Set out below are the carrying amounts of lease liabilities and the movements during the period:	
	
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022*
Opening balance
 38 
 46 
Additions 
 3,296 
 - 
Interest on lease liabilities
 199 
 4 
Payments
 (567)
 (12)
Closing balance
 2,966 
 38 
Current 
 685 
 11 
Non-current 
 2,281 
 27 
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2023 and March 31, 2022 on an 
undiscounted basis:	
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022* 
Less than one year
 888 
 12 
One to five years
 2,558 
 33 
More than five years
 - 
 - 
Total
 3,446 
 45 
The following are the amounts recognised in statement of profit and loss:	
	
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022* 
Depreciation expense of right-of-use assets
 661 
 10 
Interest expense on lease liabilities
 199 
 4 
Expense relating to short-term leases (included in other expenses)
 486 
 46 
Total amount recognised in statement of profit and loss
 1,346 
 60 
The Company had total cash outflows for leases of  ` 567 Lakhs for the year ended March 31, 2023 (March 31, 2022: ` 12 Lakhs). There are no future cash outflows 
relating to leases that have not yet commenced.
Cash and non-cash changes in liabilities arising from financing activities:
(` in Lakhs)
As at 
April 1,2022
 Cash Flow 
Non cash changes^
 As at 
March 31, 2023 
Lease liability
38
 (567)
 3,495 
 2,966 
Total
38
(567)
 3,495 
 2,966 
(` in Lakhs)
As at 
April 1, 2021
 Cash Flow 
 Non cash changes-
Interest on lease liability 
 As at 
March 31, 2022*
Lease liability
46
(12)
 4 
 38 
Total
46
(12)
 4 
 38 
* Refer note 1(c)
^ Non-cash changes includes addition in lease liability, interest on lease liability and deletion in lease liability on account of lease modification
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

129
Subex Annual Report 2022-23
29.  Earnings/ (loss) per share
Basic earnings per share (EPS) amounts are calculated by dividing the profit/ (loss) for the year attributable to equity holders of the Company 
by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit/ (loss) attributable to equity holders of the Company by the weighted average 
number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion 
of all the dilutive potential equity shares into equity shares. 
Computation of basic and diluted EPS:	
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
Nominal value per equity share
 5 
 5 
(Loss)/ profit attributable to equity shareholders (` in Lakhs)
 (6,876)
 (447)
Weighted average number of equity shares (No. in Lakhs)^
    Basic
 5,501 
 5,461 
    Diluted
 5,572 
 5,548 
Earning per share (` per share)**
    Basic
 (1.25)
 (0.08)
    Diluted
 (1.25)
 (0.08)
* Refer note 1(c)
^The weighted average number of shares takes into account the weighted average effect of changes in treasury shares transactions during the year.
**Employee stock options outstanding as at March 31, 2023 are anti-dilutive (March 31, 2022: anti-dilutive) and accordingly have not been considered for the 
purpose of computing dilutive EPS.
30.  Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The board 
of directors of the Company assesses the financial performance and position of the Company. The Chief Executive Officer has been identified 
as the chief operating decision maker.
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. 
The Company’s operations spans across the world and are categorized geographically as (a) Americas, (b) EMEA (c) India and (d) APAC. 
‘Americas’ comprises the Company’s operations in North America, South America and Canada. ‘EMEA’ comprises the Company’s operations in 
Europe, Middle East and APAC comprises of the Company’s operations majorly in Singapore, Australia and Bangladesh. Customer relationships 
are driven based on customer domicile.
Segment revenue by geographical location are as follows^:	
	
(` in Lakhs)
Region
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
Americas
 2,734 
 373 
EMEA
 16,892 
 879 
India
 1,837 
 4,665 
APAC
 5,889 
 919 
 27,352 
 6,836 
* Refer note 1(c)
^ Revenues by geographic area are based on the geographical location of the customer.
No external customer individually accounted for more than 10% of the total revenue of the Company during the years ended March 31, 2023 and March 31, 2022. 
Revenue from its subsidiaries accounts for more than 10% of the total revenues of the Company (refer note 31).
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

130
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
30.  Segment reporting (contd.)
Non-current operating assets by geographical location are as follows**:	
	
(` in Lakhs)
Region
As at 
March 31, 2023 
As at 
March 31, 2022*
India
 4,098 
 727 
Outside India
 - 
 - 
Total non-current operating assets
 4,098 
 727 
* Refer note 1(c)
** Non-current operating assets includes Property, plant and equipment, Right-of-use assets, Other intangible assets, Balance with statutory/ government 
authorities and Prepaid expenses.
31.  Related party transactions
i.    
Related parties where control exists
Wholly owned subsidiaries 
Subex Americas Inc.
Subex (UK) Limited
Subex Technologies Limited
Subex Azure Holdings Inc.
Subex (Asia Pacific) Pte. Limited 
Subex Inc.
Subex Middle East (FZE)
Subex Assurance LLP
Subex Digital LLP
Subex Bangladesh Private Limited
Subex Account Aggregator Services Private Limited
Trust which is consolidated
Subex Employee Welfare and ESOP Benefit Trust 
ii.   
Related parties under Ind AS 24 and Companies Act, 2013
Key management personnel
Anil Singhvi 
Chairman, Non-Executive & Non-Independent Director
Nisha Dutt  
Independent Director (upto May 01, 2023) & Chief Executive Officer (w.e.f. May 02, 2023)
Poornima Kamalaksh Prabhu 
Independent Director 
George Zacharias 
Independent Director 
Vinod Kumar Padmanabhan
Managing Director & Chief Executive Officer (upto May 01, 2023),
Non-Executive & Non-Independent Director (w.e.f. May 02, 2023)
Shiva Shankar Naga Roddam 
Whole-time Director (upto May 03, 2023) & Chief Operating Officer^
G V Krishnakanth
Company Secretary & Compliance Officer 
Sumit Kumar
Chief Financial Officer (w.e.f January 31, 2022)
Venkatraman G S
Chief Financial Officer & Senior Vice President (upto December 10, 2021)

131
Subex Annual Report 2022-23
31.  Related party transactions (contd.)
iii.   Details of the transactions with the related parties during the year ended March 31, 2023:
A.   Transactions with wholly owned subsidiaries	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
Income from subcontracting and support services:
Subex Americas Inc.
 636 
 - 
Subex (Asia Pacific) Pte. Limited 
 4,263 
 919 
Subex Assurance LLP (refer note 42)
 165 
 4,137 
Subex Bangladesh Private Limited
 394 
 - 
Subex Digital LLP (refer note 42)
 956 
 528 
Subex Inc.
 1,963 
 373 
Subex Middle East (FZE)
 725 
 857 
Subex (UK) Ltd.
 11,555 
 - 
 20,657 
 6,814 
Marketing and support service charges:
Subex (UK) Ltd.
 4,854 
 61 
Subex Inc.
 3,421 
 246 
Subex Digital LLP 
 1,102 
 61 
Subex (Asia Pacific) Pte. Limited 
 596 
 76 
Subex Americas Inc.
 324 
 - 
Subex Assurance LLP 
 219 
 251 
Subex Bangladesh Private Limited
 116 
 - 
Subex Middle East (FZE)
 18 
 218 
 10,650 
 913 
Employee Stock Option expenses allocated to:
Subex Assurance LLP
 - 
 124 
Subex Digital LLP
 22 
 6 
 22 
 130 
Royalty expense:
Subex Assurance LLP
 1,699 
 - 
 1,699 
 - 
Allowance for expected credit loss
Subex Middle East (FZE)
 1,993 
 - 
 1,993 
 - 
Rates and taxes 
Subex Bangladesh Private Limited
 108 
 82 
 108 
 82 
Reimbursement of expenses incurred by Subex Limited on behalf of its subsidiaries:
Subex Americas Inc.
 8 
 1 
Subex (Asia Pacific) Pte. Limited 
 5 
 2 
Subex Assurance LLP
 46 
 180 
Subex Bangladesh Private Limited
 56 
 - 
Subex Digital LLP
 50 
 123 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

132
Subex Annual Report 2022-23
Year ended 
March 31, 2023
Year ended 
March 31, 2022*
Subex Inc.
 14 
 1 
Subex Middle East (FZE)
 307 
 26 
Subex (UK) Limited
 79 
 1 
Subex Account Aggregator Services Private Limited
 6 
Subex Technologies Limited ^
 - 
 - 
 571 
 334 
^ Represents ` 12,500 (March 31, 2023) and ` Nil (March 31, 2022) which are presented as Nil due to rounding off.
Reimbursement of expenses incurred by the subsidiaries on behalf of Subex Limited:
Subex Americas Inc.
 50 
 - 
Subex (Asia Pacific) Pte. Limited 
 221 
 6 
Subex Assurance LLP
 85 
 76 
Subex Bangladesh Private Limited
 189 
 - 
Subex Digital LLP
 98 
 - 
Subex Inc.
 20 
 2 
Subex Middle East (FZE)
 493 
 18 
Subex (UK) Limited
 409 
 4 
 1,565 
 106 
Investment in Equity Shares
Subex Account Aggregator Services Private Limited  (March 31, 2022: ` Nil)]
 225 
 - 
 225 
 - 
Drawings during the year from Limited Liability Partnership:
Subex Assurance LLP (Current Account)
 - 
 4,274 
Subex Assurance LLP (Capital Account)
 9,200 
 4,800 
 9,200 
 9,074 
Reimbursement of share of loss to Limited Liability Partnership:
Subex Digital LLP
 1,185 
 5,750 
 1,185 
 5,750 
Share of profit/(loss) from Limited Liability Partnerships:
Subex Assurance LLP
 (806)
 1,353 
Subex Digital LLP
 (2,353)
 (2,626)
 (3,159)
 (1,273)
Consideration for the Assets and Liabilities (refer note 1(c)):
Subex Assurance LLP
 9,229 
 - 
 9,229 
 - 
Net liabilities transferred from (refer note 42):
Subex Assurance LLP
 - 
 67 
Subex Digital LLP
 - 
 13 
 - 
 80 
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

133
Subex Annual Report 2022-23
B.   Transactions with key managerial personnel	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
Salary and perquisites#
Vinod Kumar Padmanabhan
 319 
 422 
Shiva Shankar Roddam^
 147 
 426 
Sumit Kumar
 72 
 17 
G V  Krishnakanth 
 49 
 77 
Venkatraman G S
 - 
 327 
 587 
 1,269 
Dividend paid
Venkatraman G S
 - 
 2 
Shiva Shankar Roddam
 - 
 1 
Anil Singhvi^^
 - 
 - 
G V  Krishnakanth^^^
 - 
 - 
 - 
 3 
Director sitting fees
Anil Singhvi 
 19 
 18 
Nisha Dutt  
 15 
 14 
Poornima Prabhu
 17 
 13 
George Zacharias
 11 
 11 
 62 
 56 
Commission
Anil Singhvi 
 9 
 11 
Nisha Dutt  
 9 
 9 
Poornima Prabhu
 9 
 7 
George Zacharias
 9 
 9 
 36 
 36 
* Refer note 1(c)
# The remuneration to the key managerial personnel does not include the provision/ accruals, which were made on best estimate basis, as they are determined 
for the Company as a whole.
^ The Board of Directors of the Company at its meeting held on February 03, 2023 approved the re-appointment of Mr. Shiva Shankar Naga Roddam as whole-
time director effective February 07, 2023 subject to the shareholder’s approval. The special resolution proposed before the shareholders vide postal ballot notice 
dated February 03, 2023 was not passed by the shareholders of the Company with requisite majority. Consequently, Mr. Shiva Shankar Nagar Roddam ceased to be 
whole-time director of the Company with effect from May 03, 2023 and accordingly, an amount of ` 1.5 Lakhs representing remuneration for the period February 
07, 2023 to March 31, 2023 is recoverable from him.
^^ Represents dividend paid ` Nil during the year ended March 31, 2023 and ` 15,000 during the year ended March 31, 2022 which are presented as Nil due to 
rounding off.
^^^ Represents dividend paid ` Nil during the year ended March 31, 2022 and ` 21,250 during the year ended March 31, 2022 which are presented as Nil due to 
rounding off.	
	
	
	
	
	
iv.   Details of balances receivable from and payable to related parties are as follows:	
(` in Lakhs)
As at
March 31, 2023 
As at 
March 31, 2022*
Balances receivable from and payable to wholly owned subsidiaries
Trade receivables
Subex Inc. 
 1,726 
 348 
Subex UK Limited
 1,600 
 1 
Subex Digital LLP
 1,539 
 750 
Subex Bangladesh Pvt Ltd
 1,314 
 - 
Subex (Asia Pacific) Pte. Limited [ Net of provision of ` 33 lakhs ( March 31, 2022 : ` 33 lakhs) ]
 895 
 272 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

134
Subex Annual Report 2022-23
As at
March 31, 2023 
As at 
March 31, 2022*
Subex Middle East (FZE) [Net of provision of ` 1,993 lakhs ( March 31, 2022 : ` Nil)]
 784 
 906 
Subex Americas Inc. [ Net of provision of ` 1,841 lakhs (March 31, 2022 : ` 1,841lakhs)]
 203 
 - 
Subex Assurance LLP
 79 
 3,062 
 8,140 
 5,339 
Other current financial assets
Share of profit from investment in Subex Assurance LLP 
 173 
 979 
 173 
 979 
Trade payables
Subex Americas Inc.
 1,459 
 - 
Subex (Asia Pacific) Pte. Limited
 223 
 49 
Subex Assurance LLP
 1,311 
 431 
Subex Bangladesh Pvt Ltd
 377 
 - 
Subex Digital LLP
 655 
 - 
Subex Inc. 
 332 
 88 
Subex Middle East (FZE)
 319 
 242 
Subex (UK) Limited
 2,810 
 59 
 7,486 
 869 
Commission payables (included in trade payables)
Anil Singhvi 
 9 
 11 
Nisha Dutt  
 9 
 9 
Poornima Prabhu
 9 
 7 
George Zacharias
 9 
 9 
 36 
 36 
Other current financial liabilities
Share of loss from investment in Subex Digital LLP
 4,439 
 3,271 
 4,439 
 3,271 
Employee related liabilities
Vinod Kumar Padmanabhan 
 21 
 - 
Sumit Kumar
 16 
 - 
Shiva Shankar Roddam
 10 
 - 
G V  Krishnakanth 
 4 
 - 
 51 
 - 
Investment in Equity Shares
Subex Americas Inc [net of impairment on investment ` 76,560 Lakhs (March 31, 2022: ` 76,560 Lakhs)]
 936 
 936 
Subex Account Aggregator Services Private Limited
 225 
 - 
 1,161 
 936 
Investment in Limited Liability Partnership
Subex Assurance LLP [net of impairment on investment ` 16,808 Lakhs (March 31, 2022: ` 16,808 Lakhs) and
 30,756 
 39,956 
drawings from capital account of ` 9,200 Lakhs (March 31, 2022: ` 4,800 Lakhs)]
Subex Digital LLP
 1,869 
 1,869 
 32,625 
 41,825 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
(` in Lakhs)

135
Subex Annual Report 2022-23
v.  Details of Employee stock options plans (‘ESOPs’) outstanding for Key Managerial Personnel’s
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
Opening options 
 23,30,000 
 40,40,000 
Options granted during the year
 - 
 - 
Options exercised during the year
 (6,50,000)
 (17,10,000)
Closing options 
 16,80,000 
 23,30,000 
* Refer note 1(c)
Also, refer note 33(iii) for comfort letter given to subsidiaries.
32.  Disclosure as per Regulation 34(3) and Regulation 53(f) read with Para A of Schedule V of the Securities 
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 of the listing 
agreement with the Stock Exchanges	
	
	
	
	
	
Loans and advances given to wholly owned subsidiaries:
(` in Lakhs)
Particulars
As at March 31, 2023
As at March 31, 2022
Outstanding Amount
Maximum balance 
outstanding during 
the year
Outstanding Amount
Maximum balance 
outstanding during 
the year
Subex Technologies Limited
Loans and advances given
 1,706 
 1,706 
 1,706 
 1,706 
Less: Provision for loans and advances given
 (1,706)
 (1,706)
 (1,706)
 (1,706)
 - 
 - 
 - 
 - 
33. Contingent liabilities and commitments   
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022*
Income tax demands  [refer note (i)]
 369 
 2,307 
Service tax demands [refer note (ii)]
 3,687 
 3,687 
Bank guarantee (furnised to customers)
 77 
 - 
i. 	
Income tax
	
The Company has recevied favourable orders from Hon’ble Karnataka High Court for FY 2010-11 and from ITAT for FY 2013-14 and FY 
2014-15 therefore, contingent liabilty has been reduced to ` 369 lakhs. The Company is yet to receive the order giving effects (OGE) 
for the said assessment years. Further, the Company has filed an appeal before the Hon’ble Karnataka High Court for FY 2013-14 and 
the management, including it’s tax experts/advisors are confident that it’s position will likely be upheld on ultimate resolution and it will 
not have material adverse effect on the Company’s financials position and results of operations.  With respect to the aforesaid demands 
` 1,776 Lakhs has been paid/refund adjusted under protest. 
ii. 	
Service tax
	
The Company has received demand order towards the service tax  on import of certain services and equivalent amount of penalties 
under the provisions of the Finance Act, 1994 along with the consequential interest during the period April 2006 to July 2009. These 
demands are disputed by the management and the Company has filed appeals against these orders with various appellate authorities. The 
management is of the view that the service tax is not applicable on those import of services, and is confident that the demands raised by 
the Assessing Officers are not tenable under law.
iii. 	 The Company has issued comfort letter to provide continued financial support to its subsidiaries viz., Subex Americas Inc, Subex Inc., Subex 
Middle East, Subex Bangladesh,  Subex Digital LLP. (March 31, 2022: Subex Technologies Ltd., Subex Americas Inc. and Subex Digital LLP)
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

136
Subex Annual Report 2022-23
34.  Employee stock options plans (‘ESOPs’)
During the year 2018-2019, the Board of Directors and the shareholders of the Company approved “Subex Employees Stock Option Scheme 
– 2018” (referred to as the “ESOP Scheme 2018” or “ESOP - V” ) to be administered through Subex Employee Welfare and ESOP Benefit Trust 
(referred to as the “ESOP Trust”). The ESOP Trust is authorised to acquire shares of the Company through secondary market for providing such 
share-based payments to its employees. The ESOP Trust is consolidated in the standalone financial results of the Company and the shares 
reacquired and held by ESOP Trust are treated as treasury shares recognised at cost and deducted from other equity. The ESOP trust held 
1,11,10,800 and 12,533,720 treasury shares as at March 31, 2023 and March 31, 2022, respectively.
The Nomination & Remuneration Committee in their meeting held on January 31, 2022 granted 14,48,000 options under approved “Subex 
Employees Stock Option Scheme – 2018” to the eligible employees. The shares granted vest over a period of 1 to 3 years and can be exercised 
over a maximum period of 3 years from the date of vesting.
There is an extension of exercise period till June 30, 2023 for those vested options which were getting lapsed in February 2023.
Employees stock options details as on the balance sheet date are:
2022-23
2021-22*
Options (no.)
Weighted average 
exercise price per 
stock option (`)
Options (no.)
Weighted average 
exercise price per 
stock option (`)
Options outstanding at the beginning of the year
 
 
     ESOP – V
 1,14,57,628 
 8.86 
 1,98,71,500 
 6.75 
Exercised during the year
     ESOP – V
 14,22,920 
 6.11 
 73,37,780 
 6.00 
Granted during the year
     ESOP – V
 - 
 - 
 14,48,000 
 20.00 
Forfeited and expired during the year
     ESOP – V
 4,53,250 
 15.57 
 25,24,092 
 6.95 
Options outstanding at the end of the year
     ESOP – V
 95,81,458 
 8.95 
 1,14,57,628 
 8.86 
Options exercisable at the end of the year
     ESOP – V
 79,46,523 
 8.66 
 94,89,628 
 6.66 
Details of weighted average remaining contractual life and range of exercise prices for the options outstanding at the balance sheet date:
Particulars
Weighted average remaining contractual 
life(years)^
Range of exercise prices (`)
2022-23
2021-22
2022-23
2021-22
ESOP – V
 1.23 
 1.84 
 6.00-20.00 
 6.00-20.00 
^ considering vesting and exercise period
The key assumptions used in Black-Scholes model for calculating fair value of ESOP V during the year is as below:	
	
	
Particulars
March 31, 2023
March 31, 2022*
Risk-free interest rate
5%-7%
5%-7%
Expected volatility of share
41%-72%
41%-72%
Expected life (years)
2-3
2-3
Dividend yield
0%-1.88%
0%-1.88%
Exercise Price
6.00-20.00
6.00-20.00
Weighted average fair value as on grant date (`)
0.96-30.24
0.96-30.24
* Refer note 1(c)
The expected life of stock options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The 
expected volatility reflects assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not 
necessarily be the actual outcome.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

137
Subex Annual Report 2022-23
35. Employee benefit plans
a)  	 Defined contribution plan	
	
	
	
	
	
The Company makes contributions for qualifying employees to Provident Fund which is defined contribution plan. Under the scheme, 
the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized ` 427 
Lakhs (March 31, 2022: ` 146 Lakhs) for Provident Fund contributions.
b)  	 Defined benefit plan	
	
	
	
	
	
The Company offers Gratuity benefits to employees, a defined benefit plan. Gratuity plan is governed by the Payment of Gratuity Act, 
1972. Under gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure @15 days of last 
drawn salary for each completed year of service. The scheme is funded with an insurance company in the form of qualifying insurance 
policy.
The following tables set out the status of the gratuity plan:
Disclosure as per Ind AS 19
(` in Lakhs)
As at
March 31, 2023
As at 
March 31, 2022*
A.
Change in defined benefit obligation
Obligations at beginning of the year
 216 
 178 
Liability transfer (Refer note 42 and 43)
 323 
 31 
Service cost
 79 
 23 
Interest cost
 33 
 10 
Benefits settled
 (125)
 (30)
Actuarial (gain)/ loss (through OCI)
 - 
 4 
Obligations at end of the year
 526 
 216 
B.
Change in plan assets
Plan assets at beginning of the year, at fair value
 82 
 36 
Asset transfer in (refer note 1(c))
 277 
 - 
Expected return on plan assets
 24 
 2 
Actuarial gain (through OCI)
 - 
 1 
Contributions
 111 
 73 
Benefits settled
 (125)
 (30)
Plan assets at the end of the year
 369 
 82 
C.
Net liability recognised in the standalone balance sheet
Present value of defined benefit obligation at the end of the year
 (526)
 (216)
Fair value of plan assets at the end of the year
 369 
 82 
Net liability
 (157)
 (134)
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022*
D.
Expenses recognised in the standalone statement of profit and loss:
Service cost
 79 
 23 
Interest cost (net)
 28 
 8 
Net gratuity cost
 107 
 31 
E.
Re-measurement (losses)/ gains in OCI
Actuarial (loss)/ gain  due to financial assumption changes
 (25)
 (3)
Actuarial (loss)/ gain due to experience adjustments
 25 
 (1)
Actuarial (loss)/ gain  - return on plan assets greater than discount rate
 19 
 1 
Total expenses recognised through OCI
 19 
 (3)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

138
Subex Annual Report 2022-23
F.
Assumptions
Discount rate
7.30%
6.19%
Expected return on plan assets
6.19%
5.79%
Salary escalation^
6.00%
6.00%
Attrition rate
18.00%
18.00%
Retirement age
 60 years 
 60 years 
Assumptions regarding future mortality experience are set in accordance with the published statistics by Indian Assured Lives Mortality (2012-14) [March 31, 2022: 
Indian Assured Lives Mortality (2012-14)].	
	
	
	
^The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors, benefit obligation 
such as supply and demand in the employment market.
(` in Lakhs)
As at
March 31, 2023
As at 
March 31, 2022*
G.
Five years pay-outs
Year 1
 83 
 34 
Year 2
 77 
 32 
Year 3
 71 
 30 
Year 4
 71 
 27 
Year 5
 66 
 24 
After 5th Year
 392 
 141 
H.
Contribution likely to be made for the next one year
 83 
 34 
The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors, benefit 
obligation such as supply and demand in the employment market.	
I.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
As at
March 31, 2023
As at 
March 31, 2022*
Investment with insurer
100%
100%
J.
Sensitivity analysis
(` in Lakhs)
Particulars
Year ended March 31, 2023
Year ended March 31, 2022*
Effect of change in discount rate
 0.5% increase 
 0.5% decrease 
 0.5% increase 
 0.5% decrease 
Impact on defined benefit obligation increase/ (decrease)
 (11.00)
 11.00 
 (4.30)
 4.49 
Effect of change in salary
 1% increase 
 1% decrease 
 1% increase 
 1% decrease 
Impact on defined benefit obligation increase/ (decrease)
 21.00 
 (20.00)
 7.57 
 (7.14)
Effect of change in withdrawal assumption
 5% increase 
 5% decrease 
 5% increase 
 5% decrease 
Impact on defined benefit obligation increase/ (decrease)
 (5.00)
 2.00 
 (1.84)
 1.34 
K.
The average duration of the defined benefit plan obligation at the end of the reporting period of gratuity is 5 years (March 31, 2022: 5 years).
* Refer note 1(c)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
35. Employee benefit plans (contd.)

139
Subex Annual Report 2022-23
36. Capital management
The Company financial strategy aims to foster its strategic priorities and provide adequate capital to its businesses to grow and invest for 
generating sustained stakeholder value. The Company funds its operations mainly through internal accruals. The Company aims at maintaining 
a strong capital base so as to maintain adequate supply of funds towards future growth of its businesses as a going concern.
The capital structure of the Company comprises only of equity as detailed in the Statement of Changes in Equity. The Company does not have 
any long-term debt obligation.
The Company is not exposed to any externally imposed capital requirements
37. Fair value hierarchy   
The carrying value of financial instruments by categories is as follows:	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at 
March 31, 2022*
Financial assets measured at amortized cost
Share of profit in excess of drawings from Subex Assurance LLP#
 173 
 979 
Interest accrued but not due on bank deposits#
 33 
 2 
Trade receivables#
 10,883 
 5,824 
Unbilled revenue#
 935 
 31 
Security deposits^
 647 
 20 
Loans and advances to employees#
 88 
 30 
Margin money deposits with remaining maturity more than 12 months
 6 
 6 
 12,765 
 6,892 
Cash and cash equivalents and other balances with banks
Balance with banks
 4,493 
 827 
Margin money deposits with original maturity more than 3 months less than 12 months
 39 
 22 
Earmarked balances with banks being unpaid dividend accounts
 28 
 28 
 4,560 
 877 
Financial assets measured at fair value through profit or loss
Foreign currency forward contract***
 6 
 - 
Investment in mutual funds**
 604 
 - 
 610 
 - 
Financial assets measured at fair value through other comprehensive income
Investment in Privasapien Technologies Private Limited^
 165 
 - 
 165 
 - 
Financial liabilities measured at amortized cost
Employee related liabilities#
 1,186 
 464 
Trade payables#
 8,184 
 1,165 
Capital creditors#
 71 
 4 
Share of Loss from investment in Subex Digital LLP#
 4,439 
 3,271 
Unclaimed dividend
 28 
 28 
Lease Liabilities^
 2,966 
 38 
 16,874 
 4,970 
* Refer note 1(c)
** Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.
*** Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
 (i.e. derived from prices).
^ The fair value of these accounts was calculated based on cash flow discounted using a current lending/ borrowing rate, they are classified as level 3 fair value 
hierarchy due to inclusion of unobservable inputs including counterparty credit risk.
# The carrying value of these accounts are considered to be the same as their fair value, due to their short term nature. Accordingly, these are classified as level 
3 of fair value hierarchy.	
	
	
	
	
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

140
Subex Annual Report 2022-23
38. Financial risk management
The Company’s activities expose it to the following risks:
i.   Credit risk
ii.  Interest rate risk
iii. Liquidity risk
iv. Market risk
i.	
Credit risk
	
Credit risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a 
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing 
activities including deposits with banks, investments, foreign exchange transactions and other financial instruments.	
	
a.  Trade receivables
	
Credit risk is managed by each business unit as per the Company’s established policy, procedures and control relating to customer credit 
risk management. Outstanding customer receivables are regularly monitored.
	
The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor 
receivables are grouped into homogeneous groups and assessed for impairment collectively. The maximum exposure to credit risk at the 
reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security.
	
b.  Credit risk exposure
	
The Company’s credit period generally ranges from 30 - 180 days. The credit risk exposure of the Company is as below:
	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at 
March 31, 2022*
Trade receivables
 10,883 
 5,824 
Unbilled revenue
 935 
 31 
Total
 11,818 
 5,855 
	
The movement in credit loss allowance on customer balance is as follows:	
	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at 
March 31, 2022*
Opening balance
 2,239 
 2,239 
Add: Addition on account of asset and liability purchase (refer note 1(c))
 233 
 - 
Add/(Less): Provided/(reversal) during the year
 2,326 
 - 
Less: Bad-debts written-off 
 (131)
 (9)
Add/(less): Translation difference
 38 
 9 
Closing balance
 4,705 
 2,239 
	
c. Other financial assets and deposits with banks
	
Credit risk is limited, as the Company generally invests in deposits with banks with high credit ratings assigned by international and 
domestic credit rating agencies. Counter-party credit limits are reviewed by the Company periodically and the limits are set to minimise 
the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.	
ii.  	 Interest rate risk
	
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest 
rates. The Company does not have any debt outstanding as at March 31, 2023 and as at March 31, 2022. Also, the Company’s investments 
are primarily in ﬁxed rate interest bearing investments. Hence, the Company is not signiﬁcantly exposed to interest rate risk.	
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

141
Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
iii.  	 Liquidity risk
	
The Company’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The 
Company believes that the cash and cash equivalents is sufficient to meet its current requirements. Accordingly no liquidity risk is 
perceived.	
	
The break-up of cash and cash equivalents and deposits is as below:	
	
	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at 
March 31, 2022*
Cash and cash equivalents
 2,448 
 802 
 2,448 
 802 
* Refer note 1(c)
	
The table below summarises the maturity profile of the Company’s financial liabilities at the reporting date. The amounts are based on 
contractual undiscounted payments.  	
	
	
	
	
	
	
	
	
	
	
(` in Lakhs)
Particulars
On demand
0-180 Days
181-365 Days
More than 365 Days
Total
As at March 31, 2023
Trade payables
 - 
 6,145 
 2,039 
 - 
 8,184 
Lease Liability^
 - 
 435 
 453 
 2,558 
 3,446 
Other financial liabilities
 4,467 
 1,093 
 164 
 - 
 5,724 
 4,467 
 7,673 
 2,656 
 2,558 
 17,354 
As at March 31, 2022
Trade payables
 - 
 1,165 
 - 
 - 
 1,165 
Lease Liability^
 - 
 6 
 6 
 33 
 45 
Other financial liabilities
 3,271 
 491 
 5 
 - 
 3,767 
 3,271 
 1,662 
 11 
 33 
 4,977 
	
^Includes future cash outflow toward estimated interest on lease liabilities.
	
* Refer note 1(c)
iv.  	 Market risk
	
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign 
exchange rates. The Company’s exchange risk arises from its foreign operations, foreign currency revenues and expenses. The Company 
has exposures to United States Dollars (‘USD’), Singapore Dollars (‘SGD’), and other currencies. The Company’s exposure to the risk of 
changes in foreign exchange rates relates primarily to the Company’s operating activities and financing activities.	
	
March 31, 2023	
(` in Lakhs)
Particulars
Denominated currency
Total
USD
KWD
SGD
Others
Financial assets
Trade receivables
 6,665 
 668 
 915 
 1,696 
 9,944 
Cash and cash equivalents and other bank balances
 398 
 182 
 - 
 114 
 694 
Other financial assets
 347 
 - 
 - 
 183 
 530 
Total financial assets
 7,410 
 850 
 915 
 1,993 
 11,168 
Financial liabilities
Trade payables
 6,399 
 - 
 223 
 348 
 6,970 
Other financial liabilities
 92 
 - 
 - 
 - 
 92 
Total financial liabilities
 6,491 
 - 
 223 
 348 
 7,062 
Net financial assets/ (liabilities)
 919 
 850 
 692 
 1,645 
 4,106 

142
Subex Annual Report 2022-23
	
March 31, 2022* 	
(` in Lakhs)
Particulars
Denominated currency
Total
USD
KWD
SGD
Others
Financial assets
Trade receivables
 4,151 
 - 
 272 
 908 
 5,331 
Other financial assets
 22 
 - 
 - 
 - 
 22 
Cash and cash equivalents and other bank balances
 17 
 - 
 - 
 - 
 17 
Total financial assets
 4,190 
 - 
 272 
 908 
 5,370 
Financial liabilities
Trade payables
 497 
 49 
 271 
 817 
Other financial liabilities
 16 
 - 
 - 
 16 
Total financial liabilities
 513 
 - 
 49 
 271 
 833 
Net financial assets/ (liabilities)
 3,677 
 - 
 223 
 637 
 4,537 
	
The Company holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in exchange rates on foreign 
currency exposures. The counter party for these transactions are banks. These derivative financial instruments are valued based on quoted prices for similar 
assets and liabilities in active markets or inputs that are directly or indirectly observable in the market place.
	
* Refer note 1(c)	
Forward contracts outstanding are as below:
Currency
Foreign currency amount
Amount in ` lakhs
As at
March 31, 2023
As at
March 31, 2022*
As at
March 31, 2023
As at
March 31, 2022*
USD
 15,95,000 
 20,85,000 
 1,311 
 1,580 
Sensitivity analysis
Every 1% appreciation or depreciation in the respective foreign currencies against functional currency of the Company would cause the profit 
before exceptional items in proportion to revenue of the Company to decrease or increase respectively by 0.15% (March 31, 2022: 0.66%).	
* Refer note 1(c)
39. 	As per section 135 of The Company’s Act, 2013, a Corporate Social Responsibility (‘CSR’) committee has been formed by Subex Limited. 
The primary function of the Committee is to assist the Board of Directors in formulating the CSR policy and review the implementation 
and progress of the same from time to time. The CSR Policy focuses on creating opportunities for the disadvantaged with emphasis on 
persons with disabilities. During the year ended March 31, 2023, considering losses incurred in past years, the Company does not have 
the obligation to incur expenses in relation to CSR. 
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

143
Subex Annual Report 2022-23
40	 Ratio analysis and its elements
Ratio
Numerator
Denominator
As at 
March 31, 2023
As at
 March 31, 2022^
Variance
Reasons of Variance
Current ratio
Current Assets
Current Liabilities
 1.11 
 1.47 
(24%)
Debt- Equity 
Ratio*
Total Debt (Represents lease 
liability)
Shareholder’s Equity
 0.07 
0.00*
0.00%
Debt Service 
Coverage ratio
Earnings for debt service = 
Net (loss)/ profit for the year 
+ Finance cost + Non-cash 
operating expenses
Debt service = Interest 
& Lease Payments + 
Principal Repayments
 (9.13)
 (13.60)
(33%)
Primarly due to 
increase in losses 
and lease liability
Inventory 
Turnover Ratio
This Ratio is not applicable considering the nature of business of the Company.
Return on Equity 
ratio
Net (loss)/ profit for the year
Average Shareholder’s 
Equity
(15.06%)
(0.90%)
1573%
Primarly due to 
increase in losses
Trade Receivable 
Turnover Ratio
Revenue from operations
Average Trade 
Receivable
 3.27 
 1.71 
91%
Primarly due to 
increase in revenue 
from operations
Trade Payable 
Turnover Ratio
Other expenses
Average Trade Payables
 3.96 
 2.03 
94.96%
Primarly due to 
increase in other 
expenses and higher 
effeciency on 
working capital
Net Capital 
Turnover Ratio
Revenue from operations
Average working capital 
= Total current assets - 
Total current liabilties
 15.06 
 2.74 
(450%)
Primarly due to 
increase in revenue 
from operations
Net Profit ratio
Net Profit
Revenue from 
operations
(25.14%)
(6.54%)
284%
Primarly 
due 
to 
increase in the losses 
due to increase in 
other expenses
Return on Capital 
Employed
Earnings before interest and taxes
Capital Employed = 
Tangible Net Worth + 
Total Debt + Deferred 
Tax Liability
(17.20%)
(0.91%)
1790%
Primarly due to 
increase in losses
Return on 
Investment
Ratio relating to return on investment is not presented due to no treasury investments as at March 31, 2023 and March 31, 2022.
^ Refer note 1(c)
*Represents 0.00078 times for the year ended March 31, 2022.
41. 	The Company has entered into ‘International transactions’ with ‘Associated Enterprises’ which are subject to Transfer Pricing regulations in 
India. The Company is in the process of carrying out transfer pricing study for the year ended March 31, 2023 in this regard, to comply with 
the requirements of the Income Tax Act, 1961. The Management of the Company, is of the opinion that such transactions with Associated 
Enterprises are at arm’s length and hence in compliance with the aforesaid legislation. Consequently, this will not have any impact on the 
standalone financial statements, particularly on account of tax expense and that of provision for taxation.
42. 	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 year ended March 31, 2023 and previous 
year ended March 31, 2022, the common costs pertaining to sales and business support function amounting to ` 1,121 Lakhs and ` 4,618 
Lakhs respectively had been recovered by the Company with an agreed mark-up from other group entities and is reflected under revenue 
from operations.
43. 	Pursuant to the Ministry of corporate affairs (“MCA”) notification dated August 05, 2022 relating to maintenance of electronic books of 
accounts as per Rule 3 of the Companies (Accounts) rules, 2014 of of section 128 of Companies Act, 2013, the Company maintains the 
data in electronic mode and the applications are accessible in India all times. The Company is taking steps to ensure that backup is taken 
on a daily basis and stored in servers located in India.
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023

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Subex Annual Report 2022-23
NOTES TO THE STANDALONE FINANCIAL STATEMENTS
for the year ended March 31, 2023
44. Other Regulatory Information	
	
	
	
	
	
	
(i) 	 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for 
holding any Benami property.
(ii)	
The Company do not have any transactions with companies struck off.
(iii) 	 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) 	 The Company does not have any sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or 
financial institutions on the basis of security of current assets.
(v) 	 The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(vi) 	 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities 
(Intermediaries) with the understanding that the Intermediary shall:
(a) 	 directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the 
company (Ultimate Beneficiaries) or
(b) 	 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) 	The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the 
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) 	 directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the 
Funding Party (Ultimate Beneficiaries) or
(b) 	 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(viii) 	The Company have not entered into any such transaction which is not recorded in the books of accounts that has been surrendered 
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other 
relevant provisions of the Income Tax Act, 1961).
(ix) 	 The Company has complied with the provisions of clause (87) of section 2 of the Act read with Companies (Restriction on number 
of Layers) Rules, 2017.
(x) 	 The Company has not declared or paid any dividened during the year hence, compliance with the provisions of section 123 of the 
Companies Act, 2013 is not applicable.
45. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards 
Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on 
November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess 
the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in 
the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023

145
Subex Annual Report 2022-23
FORM AOC 1
(information in respect of each Subsidiary to be presented with amounts in ` Lakhs)
Sr. No.
1
2
3
4
5
6
7
8
9
10
Name of the 
subsidiary
Subex (Asia 
Pacific) Pte 
Ltd
Subex (UK) 
Ltd
Subex 
Americas 
Inc
Subex Inc
Subex 
Technologies 
Ltd***
Subex 
Middle East 
(FZE)
Subex 
Bangladesh 
Pvt Ltd
Subex 
Assurance 
LLP
Subex 
Digital LLP
Subex 
Accounts 
Aggregator 
Services 
Pvt Ltd.****
Reporting period of 
the subsidiary
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
March 31, 
2023
Reporting currency
SGD
GBP
USD
USD
INR
AED
BDT
INR
INR
INR
Exchange rate as 
on the last date of 
relevant financial year 
in the case of foreign 
subsidiaries
61.79
101.65
82.17
82.17
1
22.37
0.77
1
1
1
Share capital/ 
Partners capital
 3,986 
 41 
 49,806 
 - 
 500 
 27 
 0 
 30,928 
 (2,570)
 225 
Reserve & Surplus
 (3,141)
 8,080 
 (50,277)
 (553)
 (492)
 (2,061)
 (104)
 1 
 - 
 (3)
Total assets
2,407
11,779
753
2,711
71
2,232
1,410
34,556
1,238
230
Total liabilities
1,562
3,658
1,224
3,264
63
4,266
1,514
3,627
3,808
8
Investments
 - 
 - 
 - 
 - 
 - 
 - 
 - 
20,691
 - 
 - 
Turnover*
5,075
17,651
984
5,969
0
769
518
1,921
2,322
0
Profit/(loss) before 
taxation
163
(438)
35
261
(3)
(1,301)
19
(84)
(2,353)
(4)
Profit/(loss) after 
taxation
117
(910)
(60)
259
(3)
(1,495)
(63)
(806)
(2,353)
(3)
Proposed dividend
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
% of shareholding**
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Date of acquisition/
incorporation
June 23, 
2006
June 23, 
2006
April 01, 
2007
June 23, 
2006
March 28, 
2005
March 25, 
2015
February 
13, 2020
April 05, 
2017
April 05, 
2017
May 09, 
2022
* Turnover includes intercompany transactions
** Including % of holding either directly or indirectly through subsidiaries
*** Represents non-operating company
**** Applied to Reserve Bank of India for non-banking finance company, yet to commence operation.
For and on behalf of the Board of Directors of Subex Limited
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Date: May 15, 2023

146
Subex Annual Report 2022-23
CONSOLIDATED
F I N A N C I A L
S TAT E M E N T S

147
Subex Annual Report 2022-23
INDEPENDENT AUDITOR’S REPORT
To the Members of Subex Limited
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
We have audited the accompanying Consolidated Ind AS financial 
statements of Subex Limited (hereinafter referred to as “the Holding 
Company”), its subsidiaries (the Holding Company and its subsidiaries 
together referred to as “the Group”) comprising of the consolidated 
Balance sheet as at March 31, 2023, the consolidated Statement of 
Profit and Loss, including other comprehensive income/(loss), the 
consolidated Cash Flow Statement and the consolidated Statement 
of Changes in Equity for the year then ended, and notes to the 
consolidated Ind AS financial statements, including a summary of 
significant accounting policies and other explanatory information 
(hereinafter referred to as “the consolidated Ind AS financial 
statements”).
In our opinion and to the best of our information and according 
to the explanations given to us , the aforesaid consolidated Ind AS 
financial statements give the information required by the Companies 
Act, 2013, as amended (“the Act”) in the manner so required and give 
a true and fair view in conformity with the accounting principles 
generally accepted in India, of the consolidated state of affairs of the 
Group, as at March 31, 2023, their consolidated loss including other 
comprehensive income/(loss), their consolidated cash flows and the 
consolidated statement of changes in equity for the year ended on 
that date.
Basis for Opinion
We conducted our audit of the consolidated Ind AS financial 
statements in accordance with the Standards on Auditing (SAs), as 
specified under section 143(10) of the Act. Our responsibilities under 
those Standards are further described in the ‘Auditor’s Responsibilities 
for the Audit of the Consolidated Ind AS Financial Statements’ 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 we have obtained is 
sufficient and appropriate to provide a basis for our audit opinion on 
the consolidated Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, 
were of most significance in our audit of the consolidated Ind AS 
financial statements for the financial year ended March 31, 2023. 
These matters were addressed in the context of our audit of the 
consolidated Ind AS financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on 
these matters. For each matter below, our description of how our 
audit addressed the matter is provided in that context.
We have determined the matters described below to be the key 
audit matters to be communicated in our report. We have fulfilled 
the responsibilities described in the Auditor’s responsibilities for the 
audit of the consolidated Ind AS financial statements section of our 
report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our 
assessment of the risks of material misstatement of the consolidated 
Ind AS financial statements. The results of audit procedures performed 
by us, including those procedures performed to address the matters 
below, provide the basis for our audit opinion on the accompanying 
consolidated Ind AS financial statements.
Key audit matters
How our audit addressed the key audit matter
Revenue recognition (as described in note 23 of the consolidated Ind AS financial statements)
The Group derives its revenue primarily from sale, implementation and 
customization of its proprietary license and related managed/support services.
Revenue from contracts with customers is recognized by the Group in 
accordance with the requirements of Ind AS 115, Revenue from Contracts 
with Customers (“Ind AS 115”), which involves certain key judgements relating 
to identification of distinct performance obligations, determination of the 
transaction price, allocation of transaction price to the identified performance 
obligations especially to license fees, the appropriateness of the basis used 
to measure revenue recognized over time or at a point in time. Accordingly, 
revenue recognition has been identified as a key audit matter
Our audit procedures included the following:
(i)	
We evaluated the design of internal controls and tested the operating 
effectiveness of the internal control over revenue recognition;
(ii)	
We performed following procedures on a sample of revenue contracts, 
selected on a test check basis:
•	
Read and identified the distinct performance obligations in these 
contracts and compared these performance obligations with those 
identified and recorded;
•	
Read the terms of the contracts and tested the determination of the 
transaction price including any variable consideration. Also, tested 
management’s evaluation of the stand- alone selling price for each 
performance obligation;
•	
Tested the basis used by the management to measure revenue 
recognized over time or at a point in time as per the requirements 
of Ind AS 115;

148
Subex Annual Report 2022-23
(iii)	
Performed cut-off procedures;
(iv)	
In respect of fixed price contracts, we assessed the efforts incurred 
with estimated efforts to identify significant variations and reasons and 
to test whether those variations have been considered in estimating the 
remaining efforts to complete the contract; and
(v)	
We assessed the disclosures in the consolidated Ind AS financial 
statements.
Impairment assessment of Goodwill (as described in note 5 of the consolidated Ind AS financial statements)
As at March 31, 2023, the Group’s net goodwill balance amounts to ` 34,409 
lakhs pertaining to two cash generating units (‘CGUs’) ie: Revenue Management 
Solutions (‘RMS’) and Data Integrity Management (‘DIM’).
To assess if there is an impairment of the carrying value of goodwill, 
management conducts impairment tests at CGU level to which the goodwill 
is allocated, annually or whenever changes in circumstances or events 
indicate that, the carrying amount of such goodwill may not be recoverable. 
An impairment loss is recognized if the recoverable amount is lower than the 
carrying value.
The recoverable amount of the CGU is estimated by calculating the value in 
use of the CGU to which goodwill is allocated by discounting future cash flows 
based on future business plans which are reviewed and approved by the Board 
of Directors of the Holding Company.
This is a key audit matter as the testing of goodwill impairment is complex and 
involves significant judgement. The key assumptions involved in impairment 
tests are projected revenue growth, operating margins, discount rates and 
terminal growth.
Our audit procedures included the following:
(i)	
We evaluated the Company’s internal controls over its annual impairment 
assessment and key assumptions applied such as revenue growth, 
operating margins, discount rates and terminal growth rates;
(ii)	
We have obtained the valuation assessment from the external valuation 
specialist engaged by the management for the Revenue Management 
Solution (‘RMS’) CGU and assessed the key assumptions used;
(iii)	
We have evaluated the competences, capabilities and objectivity of the 
management’s expert and obtained an understanding of the scope of 
work and the terms of engagement.
(iv)	
We involved valuation specialists for evaluating and testing the key 
assumptions and methodologies used by the management’s expert in 
their valuation reports;
(v)	
We performed sensitivity analysis in respect of key assumption used;
(vi)	
We tested the arithmetical accuracy of the impairment models used;
(vii)	 We discussed potential changes in key drivers as compared to previous 
year / actual performance with management in order to evaluate whether 
the inputs and assumptions used in the cash flow forecasts were suitable; 
and
(viii)	 We assessed the disclosures made in the Consolidated Ind AS financial 
statements.
Evaluation of key tax matters (as described in note 33 of the consolidated Ind AS financial statements)
The Group operates in multiple jurisdictions and is subject to periodic 
challenges by local tax authorities on a range of tax matters during the normal 
course of business including transfer pricing and indirect tax matters. These 
involve signiﬁcant judgment by the Group to determine the possible outcome 
of the uncertain tax positions, consequently having an impact on related 
accounting and disclosures in the consolidated ﬁnancial statements, which 
have been a matter of significance during the audit and hence considered as 
a key audit matter.
Our audit procedures include the following:
(i)	
We obtained an understanding and assessed the internal control 
environment relating to the identification, recognition and measurement 
of provisions for disputes and disclosures of contingent liabilities in 
relation to tax;
(ii)	
We obtained confirmation from management’s expert on ongoing 
litigations along with risk assessment and assessed the independence, 
objectivity and competence of the management expert;
(iii)	
We obtained details of tax assessments, demands issued by tax 
authorities, orders/notices received with respect to other litigations from 
the management;
(iv)	
We evaluated and challenged assumptions made by the Group in 
estimating the current and deferred tax balances;
v) 	
We involved tax specialists to review the status of tax assessments 
and management’s position in relation to on-going disputes regarding 
likelihood assessment of exposure carried out by the management; and
(vi) 	 We assessed the adequacy disclosures in the consolidated Ind AS 
financial statements.

149
Subex Annual Report 2022-23
Other Information
The Holding Company’s Board of Directors is responsible for the 
other information. The other information comprises the information 
included in the Management Discussion and Analysis, Board’s report 
including annexures, Business Responsibility report and report on 
Corporate Governance (herein after together referred to as “reports”), 
but does not include the consolidated Ind AS financial statements 
and our auditor’s report thereon.
Our opinion on the consolidated Ind AS financial statements does 
not cover the other information and we do not express any form of 
assurance conclusion thereon.
In connection with our audit of the consolidated Ind AS financial 
statements, our responsibility is to read the other information and, 
in doing so, consider whether such other information is materially 
inconsistent with the consolidated Ind AS financial statements or 
our knowledge obtained in the audit or otherwise appears to be 
materially misstated.
The Director’s report is not made available to us at the date of this 
auditor’s report. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with 
Governance for the Consolidated Ind AS Financial Statements
The Holding Company’s Board of Directors is responsible for the 
preparation and presentation of these consolidated Ind AS financial 
statements in terms of the requirements of the Act that give a true 
and fair view of the consolidated financial position, consolidated 
financial performance including other comprehensive income, 
consolidated cash flows and consolidated statement of changes in 
equity of the Group in accordance with the accounting principles 
generally accepted in India, including the Indian Accounting 
Standards (Ind AS) specified under section 133 of the Act read 
with the Companies (Indian Accounting Standards) Rules, 2015, 
as amended. 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 consolidated Ind AS financial statements 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 consolidated Ind AS financial statements by the Directors of 
the Holding Company, as aforesaid.
In preparing the consolidated Ind AS financial statements, 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 management either intends to liquidate 
the Group or to cease operations, or has no realistic alternative but 
to do so.
Those charged with governance are responsible for overseeing the 
financial reporting process of the Group.
Auditor’s Responsibilities for the Audit of the Consolidated Ind AS 
Financial Statements
Our objectives are to obtain reasonable assurance about whether 
the consolidated Ind AS financial statements as a whole are 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 these consolidated Ind AS 
financial statements.
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 
consolidated Ind AS financial statements, 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)(i) of the Act, we are also 
responsible for expressing our opinion on whether the Holding 
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 management.
•	
Conclude on the appropriateness of management’s 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 consolidated Ind AS financial statements 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 consolidated Ind AS financial statements, including the 
disclosures, and whether the consolidated Ind AS financial 
statements represent the underlying transactions and events in 
a manner that achieves fair presentation.

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Subex Annual Report 2022-23
•	
Obtain sufficient appropriate audit evidence regarding the 
financial information of the entities or business activities within 
the Group of which we are the independent auditors, to express 
an opinion on the consolidated Ind AS financial statements. We 
are responsible for the direction, supervision and performance 
of the audit of the financial statements of such entities included 
in the consolidated Ind AS financial statements 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 consolidated Ind 
AS financial statements 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.
From the matters communicated with those charged with governance, 
we determine those matters that were of most significance in the 
audit of the consolidated Ind AS financial statements for the financial 
year ended March 31, 2023 and are therefore the key audit matters. 
We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in 
extremely rare circumstances, we determine that a matter should not 
be communicated in our report because the adverse consequences 
of doing so would reasonably be expected to outweigh the public 
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1.	
As required by the Companies (Auditor’s Report) Order, 2020 
(“the Order”), issued by the Central Government of India in 
terms of sub-section (11) of section 143 of the Act, based on 
our audit of separate financial statements and the other financial 
information of the subsidiary companies, incorporated in India, 
we give in the “Annexure 1” a statement on the matters specified 
in paragraph 3(xxi) of the Order.
2.	
As required by Section 143(3) of the Act, we report, to the extent 
applicable, that:
(a)	 We sought and obtained all the information and 
explanations which to the best of our knowledge and 
belief were necessary for the purposes of our audit of the 
aforesaid consolidated Ind AS financial statements;
(b)	 In our opinion, proper books of account as required by 
law have been kept by the Company so far as it appears 
from our examination of those books except that the 
backup of all books of account and other books and papers 
maintained in electronic mode has not been maintained on 
servers physically located in India on daily basis.
(c)	 The Consolidated Balance Sheet, the Consolidated 
Statement of Profit and Loss including the Statement of 
Other Comprehensive Income/(Loss), the Consolidated 
Cash Flow Statement and Consolidated Statement of 
Changes in Equity dealt with by this Report are in agreement 
with the books of account maintained for the purpose of 
preparation of the consolidated Ind AS financial statements;
(d)	 In our opinion, the aforesaid consolidated Ind AS financial 
statements comply with the Accounting Standards specified 
under Section 133 of the Act, read with Companies (Indian 
Accounting Standards) Rules, 2015, as amended;
(e)	 On the basis of the written representations received from 
the directors of the Holding Company and its Subsidiary 
Companies incorporated in India as on March 31, 2023 
taken on record by the Board of Directors of the Holding 
Company and its subsidiary companies incorporated in 
India, none of the directors of the Holding Company and its 
subsidiary companies, incorporated in India, is disqualified 
as on March 31, 2023 from being appointed as a director in 
terms of Section 164 (2) of the Act;
(f)	
The observation relating to the maintenance of accounts 
and other matters connected therewith are as stated in 
paragraph (b) above.
(g)	 With respect to the adequacy and the operating effectiveness 
of the internal financial controls with reference to these 
consolidated Ind AS financial statements of the Holding 
Company and its subsidiary companies, incorporated in 
India, refer to our separate Report in “Annexure 2” to this 
report;
(h)	 In our opinion, the managerial remuneration for the 
year ended March 31, 2023 has been paid / provided by 
the Holding Company and its subsidiary Companies, 
incorporated in India to their directors in accordance with 
the provisions of section 197 read with Schedule V to the 
Act;
(i)	
With respect to the other matters to be included in 
the Auditor’s Report in accordance with Rule 11 of the 
Companies (Audit and Auditors) Rules, 2014, as amended, 
in our opinion and to the best of our information and 
according to the explanations given to us:
i.	
The consolidated Ind AS financial statements disclose 
the impact of pending litigations on its consolidated 
financial position of the Group, in its consolidated 
Ind AS financial statements – Refer Note 33 to the 
consolidated Ind AS financial statements;
ii.	
The Group did not have any material foreseeable 
losses in long-term contracts including derivative 
contracts during the year ended March 31, 2023;
iii.	
There were no amounts which were required to be 
transferred to the Investor Education and Protection 
Fund by the Holding Company and its subsidiary 
Companies incorporated in India during the year 
ended March 31, 2023:
iv.	
a) 	 The respective managements of the Holding 
Company 
and 
its 
subsidiaries 
which 
are 
companies incorporated in India whose financial 
statements have been audited under the Act 

151
Subex Annual Report 2022-23
have represented to us respectively that, to the 
best of its knowledge and belief, no funds have 
been advanced or loaned or invested (either 
from borrowed funds or share premium or any 
other sources or kind of funds) by the Holding 
Company or any of such subsidiaries, to or in 
any other person or entity, including foreign 
entities (“Intermediaries”), with the understanding, 
whether recorded in writing or otherwise, that the 
Intermediary shall, whether, directly or indirectly 
lend or invest in other persons or entities identified 
in any manner whatsoever by or on behalf of 
the respective Holding Company or any of such 
subsidiaries, (“Ultimate Beneficiaries”) or provide 
any guarantee, security or the like on behalf of 
the Ultimate Beneficiaries;
b)	
The respective managements of the Holding 
Company 
and 
its 
subsidiaries, 
which 
are 
companies incorporated in India whose financial 
statements have been audited under the Act have 
represented to us respectively that, to the best 
of its knowledge and belief, no funds (which are 
material either individually or in the aggregate) 
have been received by the respective Holding 
Company or any of such subsidiaries, from 
any person or entity, including foreign entities 
(“Funding Parties”), with the understanding, 
whether recorded in writing or otherwise, that 
the Holding Company or any of such subsidiaries, 
shall, whether, directly or indirectly, lend or 
invest in other persons or entities identified in 
any manner whatsoever by or on behalf of the 
Funding Party (“Ultimate Beneficiaries”) or provide 
any guarantee, security or the like on behalf of the 
Ultimate Beneficiaries; and
c)	
Based on the audit procedures that have been 
considered reasonable and appropriate in the 
circumstances performed by us nothing has 
come to our notice that has caused us to believe 
that the representations under sub-clause (a) and 
(b) contain any material mis-statement.
v)	
No dividend has been declared or paid during the year 
by the Holding Company, its subsidiaries, companies, 
incorporated in India.
vi)	
As proviso to Rule 3(1) of the Companies (Accounts) 
Rules, 2014 for maintaining books of account using 
accounting software which has a feature of recording 
audit trail (edit log) facility is applicable only w.e.f. 
April 1, 2023 for the Holding Company, its subsidiary 
companies incorporated in India, hence reporting 
under this clause is not applicable.
For S.R. Batliboi & Associates LLP 
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Rajeev Kumar
Partner
Membership Number: 213803 
UDIN: 23213803BGXAKW7868
Place of Signature: Bengaluru, India 
Date: May 15, 2022

152
Subex Annual Report 2022-23
Annexure 1 to the Independent Auditor’s Report of even date on the Consolidated Ind AS Financial Statements 
of Subex Limited
Statement on the matters specified in paragraph 3(xxi) of Companies (Auditor’s Report) Order, 2020 (“the Order”)
(xxi)	There are no qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the 
companies included in the consolidated financial statements. Accordingly, the requirement to report on clause 3(xxi) of the Order is not 
applicable to the Holding Company.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
 
per Rajeev Kumar
Partner
Membership Number: 213803 
UDIN: 23213803BGXAKW7868
Place of Signature: Bengaluru 
Date: May 15, 2023

153
Subex Annual Report 2022-23
Annexure 2 to the Independent Auditor’s Report of even date on the Consolidated Ind AS Financial Statements 
of Subex Limited 
Report on the Internal Financial Controls under clause (i) of sub-
section 3 of section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated Ind AS financial 
statements of Subex Limited (hereinafter referred to as the “Holding 
Company”) as of and for the year ended March 31, 2023, we have 
audited the internal financial controls with reference to consolidated 
Ind AS financial statements of the Holding Company and its 
Subsidiary Companies, which are companies incorporated in India, 
as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company and its 
Subsidiary Companies, which are companies incorporated in India, 
are responsible for establishing and maintaining internal financial 
controls based on the internal control over financial reporting criteria 
established by the Holding Company and its Subsidiary Companies 
considering the essential components of internal control stated in the 
Guidance Note on Audit of Internal Financial Controls Over Financial 
Reporting issued by the Institute of Chartered Accountants of India 
(‘ICAI’). These responsibilities include the design, implementation 
and maintenance of adequate internal financial controls that were 
operating effectively for ensuring the orderly and efficient conduct 
of its business, including adherence to the respective Company’s 
policies, the safeguarding of its assets, the prevention and detection 
of frauds and errors, the accuracy and completeness of the 
accounting records, and the timely preparation of reliable financial 
information, as required under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Holding Company’s 
internal financial controls with reference to these consolidated Ind 
AS financial statements based on our audit. We conducted our audit 
in accordance with the Guidance Note on Audit of Internal Financial 
Controls Over Financial Reporting (the “Guidance Note”) and the 
Standards on Auditing specified under section 143(10) of the Act, to 
the extent applicable to an audit of internal financial controls, both, 
issued by ICAI. Those Standards and the Guidance Note require 
that we comply with ethical requirements and plan and perform 
the audit to obtain reasonable assurance about whether adequate 
internal financial controls with reference to these consolidated Ind 
AS financial statements was established and maintained and if such 
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence 
about the adequacy of the internal financial controls with reference 
to these consolidated Ind AS financial statements and their operating 
effectiveness. Our audit of internal financial controls with reference 
to consolidated Ind AS financial statements included obtaining an 
understanding of internal financial controls with reference to these 
consolidated Ind AS financial statements, assessing the risk that a 
material weakness exists, and testing and evaluating the design and 
operating effectiveness of internal control based on the assessed 
risk. The procedures selected depend on the auditor’s judgement, 
including the assessment of the risks of material misstatement of the 
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our audit opinion on the 
internal financial controls with reference to these consolidated Ind 
AS financial statements.
Meaning of Internal Financial Controls With Reference to these 
Consolidated Ind AS Financial Statements
A Company’s internal financial control with reference to these 
consolidated Ind AS financial statements is a process designed to 
provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external 
purposes in accordance with generally accepted accounting 
principles. A Company’s internal financial control with reference to 
these consolidated Ind AS financial statements includes those policies 
and procedures that (1) pertain to the maintenance of records that, 
in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally 
accepted accounting principles, and that receipts and expenditures of 
the company are being made only in accordance with authorisations 
of management and directors of the Company; and (3) provide 
reasonable assurance regarding prevention or timely detection of 
unauthorised acquisition, use, or disposition of the Company’s assets 
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls With Reference 
to Consolidated Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with 
reference to these consolidated Ind AS financial statements, including 
the possibility of collusion or improper management override of 
controls, material misstatements due to error or fraud may occur 
and not be detected. Also, projections of any evaluation of the 
internal financial controls with reference to these consolidated Ind 
AS financial statements to future periods are subject to the risk that 
the internal financial controls with reference to these consolidated 
Ind AS financial statements may become inadequate because of 
changes in conditions, or that the degree of compliance with the 
policies or procedures may deteriorate.

154
Subex Annual Report 2022-23
Opinion
In our opinion, the Holding Company and its Subsidiary Companies, which are companies incorporated in India, have, maintained in all 
material respects, adequate internal financial controls with reference to these consolidated Ind AS financial statements and such internal 
financial controls with reference to these consolidated Ind AS financial statements were operating effectively as at March 31, 2023, based 
on the internal control over financial reporting criteria established by the Holding Company and its Subsidiary Companies considering the 
essential components of internal control stated in the Guidance Note issued by the ICAI.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Rajeev Kumar
Partner
Membership Number: 213803 
UDIN: 23213803BGXAKW7868
Place of Signature: Bengaluru 
Date: May 15, 2023

155
Subex Annual Report 2022-23
CONSOLIDATED BALANCE SHEET 
as at March 31, 2023
(` in Lakhs)
Notes
As at
March 31, 2023
As at
March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment
3
 967 
 959 
Right-of-use assets
29
 3,158 
 1,386 
Goodwill on consolidation
5
 34,409 
 34,409 
Other intangible assets
4
 11 
 14 
Financial assets
Investments
7
 165 
 - 
Other financial assets
11
 818 
 447 
Income tax assets (net)
12
 3,793 
 4,947 
Deferred tax assets(net) (including MAT credit entitlement)
13
 843 
 148 
Other non-current assets
14
 49 
 42 
 44,213 
 42,352 
Current assets
Financial assets
Loans
6
 134 
 161 
Investments
7
 1,222 
 1,165 
Trade receivables
8
 9,037 
 9,681 
Cash and cash equivalents
9
 5,238 
 8,539 
Other balances with banks
10
 5,677 
 2,328 
Other financial assets
11
 4,051 
 7,003 
Other current assets
14
 790 
 779 
 26,149 
 29,656 
Total assets
 70,362 
 72,008 
EQUITY AND LIABILITIES
Equity
Equity share capital
15
 28,100 
 28,100 
Other equity
16
 24,084 
 28,267 
Total equity
 52,184 
 56,367 
Liabilities
Non-current liabilities
Financial liabilities
Lease Liabilities
29
 2,475 
 998 
Provisions
20
 222 
 304 
Deferred tax liabilities (net) 
21
 6,904 
 6,742 
 9,601 
 8,044 

156
Subex Annual Report 2022-23
Notes
As at
March 31, 2023
As at
March 31, 2022
Current liabilities
Financial liabilities
Lease Liabilities
29
 864 
 470 
Trade payables
- total outstanding dues of micro enterprises and small enterprises
17
 165 
 276 
- total outstanding dues of creditors other than micro enterprises and small enterprises
17
 1,097 
 1,396 
Other financial liabilities
18
 1,903 
 1,491 
Other current liabilities
19
 3,147 
 2,506 
Provisions
20
 663 
 830 
Income tax liabilities (net)
22
 738 
 628 
 8,577 
 7,597 
Total liabilities
 18,178 
 15,641 
Total equity and liabilities
 70,362 
 72,008 
Corporate information and significant accounting policies
 1 & 2 
The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023
CONSOLIDATED BALANCE SHEET (contd.)
as at March 31, 2023
(` in Lakhs)

157
Subex Annual Report 2022-23
CONSOLIDATED STATEMENT OF PROFIT AND LOSS 
for the year ended March 31, 2023
(` in Lakhs)
Notes
Year ended
March 31, 2023
Year ended
March 31, 2022
1
Income
Revenue from operations 
23
 27,869 
 33,344 
Other income
24
 816 
 1,037 
Total income
 28,685 
 34,381 
2
Expenses
Employee benefits expense
25
 20,069 
 21,449 
Finance costs
26
 258 
 194 
 
Depreciation and amortization expense
27
 1,399 
 988 
Other expenses
28
 10,865 
 8,381 
Total expenses
 32,591 
 31,012 
3
Profit/(loss) before tax expense (1-2)
 (3,906)
 3,369 
4
Tax expense (net):
Current tax charge
22
 89 
 251 
Provision for MAT credit 
13
 - 
 (141)
Provision - foreign withholding taxes (net) 
22
 1,660 
 593 
Deferred tax (credit) / charge
22
 (534)
 567 
Total tax expense
 1,215 
 1,270 
5
Profit/(loss) for the year (3-4)
 (5,121)
 2,099 
6
Other comprehensive income/ (loss) ('OCI'), net of tax expense
Items that will be reclassified subsequently to profit or loss:
Net exchange gain on translation of foreign operations
 581 
 267 
Items that will not be reclassified subsequently to profit or loss:
Re-measurement loss on defined benefit plans
35
 39 
 (64)
Total comprehensive income, net of tax
 620 
 203 
7
Total comprehensive income for the year attributable to equity holders of the Company (5+6)
 (4,501)
 2,302 
8
Earnings per equity share [nominal value of ` 5/- each (March 31, 2022 : ` 5)]
30
Basic (`)
 (0.93)
 0.38 
Diluted (`)
 (0.93)
 0.38 
Corporate information and significant accounting policies
 1 & 2 
The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023

158
Subex Annual Report 2022-23
CONSOLIDATED STATEMENT OF CASH FLOWS  
for the year ended March 31, 2023
(` in Lakhs)
Year ended
March 31, 2023
Year ended
March 31, 2022
 (A) 
Cash flow from operating activities
(Loss)/ profit before tax expense
 (3,906)
 3,369 
Adjustments to reconcile profit before tax expense to net cash flows:
Depreciation of property, plant and equipment and right-of-use assets
 1,396 
 987 
Amortization of intangible assets 
 3 
 1 
Gain on disposal of property, plant and equipment (net)
 (3)
 - 
Interest income (including fair value changes)
 (250)
 (266)
Fair value gain on financial instrument at fair value through profit or loss
 - 
 (7)
Net gain on sale of investment
 (62)
 (15)
Finance costs (including fair value changes)
 255 
 194 
Allowance for expected credit losses
 1,991 
 536 
Expense on share based payment
 231 
 137 
Gain on termination/modification of lease agreement
 (55)
 (12)
Waiver of borrowings (PPP Loan and interest)
 - 
 (584)
Net foreign exchange differences
 (407)
 (165)
Operating (loss)/ profit before working capital changes
 (807)
 4,175 
Working capital adjustments:
(Increase)/ decrease in loans
 50 
 76 
(Increase)/ decrease in trade receivables
 (328)
 (27)
(Increase)/ decrease in other financial assets
 2,940 
 (1,006)
(Increase)/ decrease in other assets
 (14)
 (185)
Increase/ (decrease) in trade payables
 (747)
 329 
Increase/ (decrease) in other financial liabilities
 299 
 (1,375)
Increase/ (decrease) in other current liabilities
 331 
 (485)
Increase/ (decrease) in provisions
 (293)
 (34)
 1,430 
 1,468 
Income tax paid (including TDS, net of refund)
 (505)
 (2,278)
Net cash flow from/ (used in) operating activities
 925 
 (810)
 (B) 
Cash flow from investing activities
Purchase of property, plant and equipment
 (493)
 (540)
Proceeds from sale of property, plant and equipment
 4 
 - 
Investments in mutual fund
 (10,405)
 (9,672)
Investments in equity instruments
 (165)
-
Proceeds from sale of investments in mutual fund
 10,411 
 8,529 
Net investment in deposit account
 (3,323)
 (2,111)
Interest received
 190 
 260 
Net cash flows used in investing activities
 (3,781)
 (3,534)

159
Subex Annual Report 2022-23
Year ended
March 31, 2023
Year ended
March 31, 2022
 (C) 
Cash flow from financing activities*
Proceeds from exercise of ESOP
 101 
 440 
Interest paid on lease liability
 (220)
 (178)
Repayment of Lease liability
 (532)
 (389)
Payment of dividends [refer note 16(a)]
 - 
 (1,405)
Net cash flows used in financing activities
 (651)
 (1,532)
 (D) 
Net (decrease)/ increase in cash and cash equivalents (A+B+C)
 (3,507)
 (5,876)
Net foreign exchange difference on cash and cash equivalents
 206 
71
Cash and cash equivalents at the beginning of the year
 8,539 
 14,294 
 (E) 
Cash and cash equivalents at year end (refer note 9)
 5,238 
 8,539 
*Refer note 29 for cash and non-cash changes in liabilities arising from financing activities.
Corporate information and significant accounting policies (refer notes 1 & 2)
The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023
CONSOLIDATED STATEMENT OF CASH FLOWS (contd.)
for the year ended March 31, 2023
(` in Lakhs)

160
Subex Annual Report 2022-23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
for the year ended March 31, 2023
A.  Equity share capital (refer note 15):
 No. 
` in Lakhs
Equity shares of  ` 5 each, issued, subscribed and fully paid-up
As at April 1, 2021
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2022
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2023
 56,20,02,935 
 28,100 
B.  Other equity (refer note 16):
(` in Lakhs)
Particulars
Attributable to equity holders of the Company
Reserves and surplus
OCI
Total
Securities 
premium
General 
reserve
Employee 
stock 
options 
reserve
Surplus/ 
(deficit) in the 
statement of 
profit and loss 
Treasury 
Shares
Exchange 
reserve on 
consolidation 
As at April 1, 2021
 16,444 
 1,783 
 232 
 20,987 
 (1,121)
 (11,570)
 26,755 
Add: Profit for the year
 - 
 - 
 - 
 2,099 
 - 
 - 
 2,099 
Add/(less): Other comprehensive (loss)/ income
 - 
 - 
 - 
 (64)
 - 
 267 
 203 
Add: Share based expenses (refer note 34)
 - 
 - 
 137 
 - 
 - 
 - 
 137 
Add/(less): On account of exercise of stock options
 114 
 - 
 (98)
 - 
 424 
 - 
 440 
Add/(less): On account of vested options lapsed during the year
 - 
 4 
 (4)
 - 
 - 
 - 
 - 
Less: Dividends [refer note 16(a)]
 - 
 - 
 - 
 (1,367)
 - 
 - 
 (1,367)
As at March 31, 2022
 16,558 
 1,787 
 267 
 21,655 
 (697)
 (11,303)
 28,267 
Add: Loss for the year
 - 
 - 
 - 
 (5,121)
 - 
 - 
 (5,121)
Add/(less): Other comprehensive (loss)/ income
 - 
 - 
 - 
 39 
 - 
 581 
 620 
Add: Share based expenses (refer note 34)
 - 
 - 
 232 
 - 
 - 
 - 
 232 
Add/(less): On account of exercise of stock options
 26 
 - 
 (22)
 - 
 82 
 - 
 86 
Add/(less): On account of vested options lapsed during the year
 - 
 33 
 (33)
 - 
 - 
 - 
 - 
As at March 31, 2023
 16,584 
 1,820 
 444 
 16,573 
 (615)
 (10,722)
 24,084 
Corporate information and significant accounting policies (refer notes 1 & 2)
The accompanying notes are an integral part of the consolidated financial statements
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023

161
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
1.	 Corporate information
	
Subex Limited (“the Company” or “Subex” or “holding company” 
or “parent company”) a public limited company incorporated in 
1994, is a leading global provider of Operations and Business 
Support Systems (“OSS/BSS”) to communication service 
providers (“CSPs”) worldwide in the Telecom industry.
	
The Company pioneered the concept of a Revenue Operations 
Centre (“ROC”) – a centralized approach that sustains profitable 
growth and financial health for the CSPs through coordinated 
operational control. Subex’s product portfolio powers the ROC 
and its best-in-class solutions enable new service creation, 
operational 
transformation, 
subscriber-centric 
fulfilment, 
provisioning automation, data integrity management, revenue 
assurance, 
cost 
management, 
fraud 
management 
and 
interconnect/ inter-party settlement. Subex also offers a scalable 
Managed Services Program. The CSPs achieve competitive 
advantage through Business Optimization and Service Agility and 
improve their operational efficiency to deliver enhanced service 
experiences to their subscribers. The Company has its registered 
office in Bengaluru and operates through its subsidiaries in India, 
USA, UK, Singapore, Canada, Bangladesh and UAE and branches 
in USA, UK, Canada, Australia, Italy, UAE and Saudi Arabia.
	
Effective November 1, 2017, the Company has restructured 
its business by way of transfer of its Revenue Maximisation 
Solutions and related businesses (“RMS business”) and the Subex 
Secure and Analytics solutions and related businesses (“Digital 
business”) to its subsidiaries, Subex Assurance LLP (“SA LLP”) 
and Subex Digital LLP (“SD LLP”) (together referred to as “LLPs”), 
respectively, hereinafter referred to as the “Restructuring” to 
achieve amongst other aspects, segregation of the Company’s 
business into separate verticals to facilitate greater focus on 
each business vertical, higher operational efficiencies, and to 
enhance the Company’s ability to enter into business specific 
partnerships and attract strategic investors at respective business 
levels, with an overall objective of enhancing shareholder value.
	
Further, 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.
	
These consolidated financial statements for the year ended March 
31, 2023 comprise financial statements of Subex Limited and its 
subsidiaries (collectively hereafter referred to as “the Group”).
	
These consolidated financial statements for the year ended 
March 31, 2023 are approved by the Board of Directors on May 
15, 2023.
	
Following subsidiaries have been considered in the preparation of the consolidated financial statements:
Name of the subsidiary
Country of incorporation
% of holding and voting power either 
directly or indirectly through subsidiaries 
as at
March 31, 2023
March 31, 2022
Subex Americas Inc.
Canada
100
100
Subex Inc.
United States of America
100
100
Subex (Asia Pacific) Pte. Limited
Singapore
100
100
Subex (UK) Limited 
United Kingdom
100
100
Subex Middle East, FZE 
United Arab Emirates
100
100
Subex Technologies Limited *
India
100
100
Subex Azure Holdings Inc. *
United States of America
100
100
Subex Assurance LLP 
India
100
100
Subex Digital LLP 
India
100
100
Subex Bangladesh Private Limited
Bangladesh
100
100
Subex Account Aggregator Services Private Limited 
India
100
-
	
* Represents non-operating companies.
	
All the above subsidiaries are under the same management and are engaged in the same principle activities as the holding company.
	
Subex Limited is the sponsoring entity of Employee Stock Option Plan (‘ESOP’) trust. Management of the Company can appoint and remove 
the trustees and provide funding to the trust for buying the shares. Basis assessment by the management, it believes that the ESOP trust is 
controlled by the Company and accordingly Subex Employee Welfare and ESOP Benefit Trust is consolidated [refer note 2(p) and note 34].

162
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
2.	  Significant accounting policies
a.	
Basis of preparation
	
The consolidated financial statements of the Group have 
been prepared and presented in accordance with accounting 
principles generally accepted in India including Indian 
Accounting Standards (Ind AS) specified under section 133 
of the Companies Act, 2013 (“the Act”) read with Companies 
(Indian Accounting Standards) Rules, 2015 (as amended from 
time to time).
	
The consolidated financial statements have been prepared on 
a historical cost basis, except for certain financial instruments 
which are measured at fair value at the end of each reporting 
period, as explained further in the accounting policies below.
	
The consolidated financial statements are presented in INR (“`”) 
and all the values are rounded off to the nearest Lakhs (INR 
00,000) except when otherwise indicated.
b. 	 Basis of consolidation
	
The consolidated financial statements comprise the financial 
statements of the Company and its subsidiaries as disclosed in 
Note 1. Control exists when the parent has:
•	
Power over the investee (i.e. existing rights that give it the 
current ability to direct the relevant activities of the investee)
•	
Exposure or rights, to variable returns from its involvement 
with the investee, and
•	
The ability to use its power over the investee to affect its 
returns.
	
The Group re-assesses whether or not it controls an investee 
if facts and circumstances indicate that there are changes to 
one or more of the three elements of control. Consolidation 
of a subsidiary begins when the Group obtains control over 
the subsidiary and ceases when the Group loses control of the 
subsidiary. Assets, liabilities, income and expenses of a subsidiary 
acquired or disposed of during the year are included in the 
consolidated financial statements from the date the Group gains 
control until the date the Group ceases to control the subsidiary.
	
Consolidated financial statements are prepared using uniform 
accounting policies for like transactions and other events in 
similar circumstances. If a member of the group uses accounting 
policies other than those adopted in the consolidated 
financial statements for like transactions and events in similar 
circumstances, appropriate adjustments are made to that group 
member’s financial statements in preparing the consolidated 
financial statements to ensure conformity with the group’s 
accounting policies.
	
The financial statements of all entities used for the purpose of 
consolidation are drawn up to same reporting date as that of the 
parent company, i.e., year ended on March 31, 2023.
	
Consolidation procedure:
i.	
Combine like items of assets, liabilities, income, expenses 
and cash flows of the parent with those of its subsidiaries. 
For this purpose, income and expenses of the subsidiary 
are based on the amounts of the assets and liabilities 
recognised in the consolidated financial statements at the 
acquisition date.
ii.	
Offset (eliminate) the carrying amount of the parent’s 
investment in each subsidiary and the parent’s portion 
of equity of each subsidiary. The excess of cost to the 
Company of its investments in the subsidiary companies 
over its share of equity of the subsidiary companies, at 
the date on which the investment in the subsidiaries were 
made, is recognised as ‘Goodwill’ being an intangible asset 
in the consolidated financial statements and is tested for an 
impairment on an annual basis. On the other hand, where 
the share of equity in the subsidiary companies as on the 
date of investment is in excess of cost of investments of the 
Company, it is recognised as ‘Capital Reserve’ and shown 
in ‘Other Equity’, in the consolidated financial statements. 
The ‘Goodwill’ is determined separately for each subsidiary 
company and such amounts are not set off between 
different entities.
iii.	
Eliminate in full intragroup assets and liabilities, income, 
expenses and cash flows relating to transactions between 
entities of the group (profits or losses resulting from 
intragroup transactions that are recognised in assets, such 
as inventory and fixed assets, are eliminated in full).
iv.	
The ESOP Trust is consolidated in the standalone financial 
statements of the Company and the shares purchased 
and held by ESOP Trust are treated as treasury shares and 
recognised at cost and deducted from other equity. Refer 
note 2(p).
	
Profit or loss and each component of other comprehensive 
income (OCI) are attributed to the equity holders of the parent 
company.
c. 	
Use of estimates, assumptions and judgements
	
The preparation of the consolidated financial statements in 
conformity with Ind AS requires the management to make 
estimates, judgements and assumptions that affect the reported 
amounts of assets and liabilities, the disclosure of contingent 
assets and liabilities on the date of the consolidated financial 
statements and the reported amounts of revenues and expenses 
for the year reported. Actual results could differ from those 
estimates. Estimates and underlying assumptions are reviewed 
on an ongoing basis. Revisions to accounting estimates are 
recognised in the year in which the estimates are revised and 
future periods are affected.

163
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
	
Key source of estimation of uncertainty as at the date of 
consolidated financial statements, which may cause a material 
adjustment to the carrying amounts of assets and liabilities 
within the next financial year, is in respect of the following:
	
Revenue recognition
	
The Group uses the percentage of completion method in 
accounting for revenue from implementation and customisation 
projects. Use of the percentage of completion method requires 
the Group to estimate the completed efforts as a proportion of 
the total efforts. Efforts have been used to measure progress 
towards completion as there is a direct relationship between 
input and productivity. Provisions for estimated losses, if any, 
on uncompleted contracts are recorded in the year in which 
such losses become probable based on the expected contract 
estimates at the reporting date.
	
Impairment of non-financial assets
	
Impairment exists when the carrying value of an asset or cash 
generating unit (“CGU”) exceeds its recoverable amount, which 
is the higher of its fair value less costs of disposal and its value 
in use. The fair value less costs of disposal calculation is based 
on available data from binding sales transactions, conducted 
at arm’s length, for similar assets or observable market prices 
less incremental costs for disposing of the asset. The value 
in use calculation is based on a discounted cash flow (“DCF”) 
model. The cash flows are derived from the budget for future 
years and do not include restructuring activities that the Group 
is not yet committed to or significant future investments that will 
enhance the asset’s performance of the CGU being tested. The 
recoverable amount is sensitive to the discount rate used for the 
DCF model as well as the expected future cash-inflows and the 
growth rate used for extrapolation purposes. These estimates 
are most relevant to goodwill recognized by the Group. The key 
assumptions used to determine the recoverable amount for the 
different CGUs, are disclosed and further explained in note 5.
	
Impairment of financial assets
	
In accordance with Ind AS 109, the Group assesses impairment 
of financial assets (‘Financial instruments’) and recognises 
expected credit losses, which are measured through a loss 
allowance.
	
The Group provides for impairment of trade receivables and 
unbilled revenue based on assumptions about risk of default 
and expected timing of collection. The Group uses judgement 
in making these assumptions and selecting inputs to the 
impairment calculation, based on the Group’s past history, 
customer’s creditworthiness, existing market conditions as 
well as forward looking estimates at the end of each reporting 
period. Also, refer note 2(j).
	
Defined benefit plans
	
The cost of the defined benefit gratuity plan and other post-
employment benefits and the present value of the gratuity 
obligation is determined using actuarial valuation. An actuarial 
valuation involves making various assumptions that may differ 
from actual developments in the future. These include the 
determination of the discount rate, future salary increases and 
mortality rates. Due to the complexities involved in the valuation 
and its long-term nature, a defined benefit obligation is highly 
sensitive to changes in these assumptions. All assumptions are 
reviewed at each reporting date (refer note 35).
	
The parameter most subject to change is the discount rate. In 
determining the appropriate discount rate for plans operated 
in India, the management considers the interest rates of 
government bonds in currencies consistent with the currencies 
of the post-employment benefit obligation.
	
The mortality rate is based on publicly available mortality 
tables. These mortality tables tend to change only at interval in 
response to demographic changes. Future salary increases and 
gratuity increases are based on expected future inflation rates.
	
Fair Value measurement of financial instruments
	
When the fair values of financial assets and financial liabilities 
recorded in the consolidated balance sheet cannot be measured 
based on quoted prices in active markets, their fair value is 
measured using internal valuation techniques. The inputs to 
these models are taken from observable markets where possible, 
but where this is not feasible, a degree of judgement is required 
in establishing fair values. Judgements include considerations of 
inputs such as liquidity risk, credit risk and volatility. Changes in 
assumptions about these factors could affect the reported fair 
value of financial instruments. Also refer note 2(l).
	
Share-based payments
	
Estimating fair value for share-based payment transactions 
requires determination of the most appropriate valuation 
model, which is dependent on the terms and conditions of 
the grant. This estimate also requires determination of the 
most appropriate inputs to the valuation model including the 
expected life of the share option, volatility and dividend yield 
and making assumptions about them. The assumptions and 
models used for estimating fair value for share-based payment 
transactions are disclosed in note 34.
	
Taxes
	
The Group’s three major tax jurisdictions are India, the United 
Kingdom and Bangladesh though the Group also files tax 
returns in other foreign jurisdictions. Significant judgments are 
involved in determining the provision for income taxes and tax 
credits including the amount expected to be paid or refunded 
for uncertain tax positions.
	
Deferred tax assets are recognised for unused tax losses to 
the extent that it is probable that taxable profit will be available 
against which the losses can be utilised. Significant management 
judgement is required to determine the amount of deferred tax 
assets that can be recognised, based upon the likely timing 

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Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
and the level of future taxable profits together with future tax 
planning strategies. Also refer note 2(s) and note 13, note 21 & 
note 22.
	
Leases
	
Ind AS 116 requires lessees to determine the lease term as the 
non-cancellable period of a lease adjusted with any option 
to extend or terminate the lease, if the use of such option is 
reasonably certain. The Group makes an assessment on the 
expected lease term on a lease-by-lease basis and thereby 
assesses whether it is reasonably certain that any options 
to extend or terminate the contract will be exercised. In 
evaluating the lease term, the Group considers factors such as 
any significant leasehold improvements undertaken over the 
lease term, costs relating to the termination of the lease and 
the importance of the underlying asset to Group’s operations 
taking into account the location of the underlying asset and 
the availability of suitable alternatives. The lease term in future 
periods is reassessed to ensure that the lease term reflects the 
current economic circumstances. After considering current and 
future economic conditions, the Group has concluded that no 
changes are required to lease period relating to the existing 
lease contracts [Refer to note 2(k)].
d.	
Current/ non-current classification
	
The Group presents assets and liabilities in the consolidated 
balance sheet based on current/ non-current classification.
	
An asset is treated as current when it is:
•	
Expected to be realised or intended to be sold or consumed 
in normal operating cycle
•	
Held primarily for the purpose of trading
•	
Expected to be realised within twelve months after the 
reporting period, or
•	
Cash or cash equivalent unless restricted from being 
exchanged or used to settle a liability for at least twelve 
months after the reporting period
	
All other assets are classified as non-current.
	
A liability is current when:
•	
It is expected to be settled in normal operating cycle
•	
It holds the liability primarily for the purpose of trading
•	
It is due to be settled within twelve months after the 
reporting period, or
•	
There is no unconditional right to defer the settlement of the 
liability for at least twelve months after the reporting period
	
The Group classifies all other liabilities as non-current.
	
Deferred tax assets and liabilities are classified as non-current 
assets and liabilities, respectively.
	
Advance tax paid is classified as non-current assets.
	
The operating cycle is the time between the acquisition of assets 
for processing and their realisation in cash and cash equivalents. 
The Group has identified twelve months as its operating cycle.
e.	
Business combination and goodwill
	
Goodwill is initially measured at cost, being the excess of the 
aggregate of the consideration transferred and the amount 
recognised for non-controlling interests, and any previous 
interest held, over the net identifiable assets acquired and 
liabilities assumed. After initial recognition, Goodwill is measured 
at cost less any accumulated impairment losses. For the 
purpose of impairment testing, goodwill acquired in a business 
combination is, from the acquisition date, allocated to each of 
the Group’s cash-generating units that are expected to benefit 
from the combination, irrespective of whether other assets or 
liabilities of the acquiree are assigned to those units.
	
A cash generating unit to which goodwill has been allocated is 
tested for impairment annually as at March 31 or more frequently 
when there is an indication that the unit may be impaired. If 
the recoverable amount of the cash generating unit is less than 
its carrying amount, the impairment loss is allocated first to 
reduce the carrying amount of any goodwill allocated to the 
unit and then to the other assets of the unit pro rata based on 
the carrying amount of each asset in the unit. Any impairment 
loss for goodwill is recognised in the consolidated statement of 
profit and loss. An impairment loss recognised for goodwill is 
not reversed in subsequent periods.
f.	
Revenue recognition
	
The Group derives its revenues primarily from sale and 
implementation of its license and implementation of its 
proprietary software and managed/ support services.
	
Revenue is recognized upon transfer of control of promised 
products or services to customers in an amount that reflects 
the consideration the Group expect to receive in exchange for 
those products or services.
	
The following specific recognition criteria must also be met 
before revenue is recognised:
	
Revenues from licensing arrangements is recognized at a point in 
time on transfer of the title in user licenses, except those contracts 
where transfer of title is dependent upon rendering of significant 
implementation and other services by the Group, in which 
case revenue is recognized over the implementation period in 
accordance with the specific terms of the contracts with clients.
	
Revenue from implementation and customisation services 
is recognised using the percentage of completion method. 
Percentage of completion is determined based on completed 
efforts against the total estimated efforts, which represent the 
fair value of services rendered.
	
Revenue from managed/ support services comprise income 
from fixed price contracts, time-and-material contracts and 

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for the year ended March 31, 2023
annual maintenance contracts. Revenue from fixed price 
contracts is recognized over the period of the contracts using 
the percentage of completion method. Revenue from time and 
material contracts is recognized when the services are rendered 
in accordance with the terms of contracts. Revenue from annual 
maintenance contracts is recognised rateably over the period of 
the contracts.
	
Revenue from sale of hardware under reseller arrangements 
is recognized when all the significant risks and rewards of 
ownership of the goods have been passed to the buyer, usually 
on delivery of goods to customers.
	
In case of multiple element arrangements for sale of software 
license, related implementation and maintenance services, 
the Group has applied the guidance in Ind AS 115, by applying 
the revenue recognition criteria for each distinct performance 
obligation. The arrangements generally meet the criteria for 
considering the sale of software license, related implementation 
and maintain services as distinct performance obligation. For 
allocating the consideration, the Group has measured the 
revenue in respect of each distinct performance obligation of 
a transaction at its standalone selling price, in accordance with 
principles given in Ind AS 115. The price that is regularly charged 
for an item when sold separately is the best evidence of its 
standalone selling price. In cases where the Group is unable to 
determine the standalone selling price, the Group has used a 
residual method to allocate the arrangement consideration. In 
these cases the balance of the consideration, after allocating 
the standalone selling price of undelivered components of a 
transaction has been allocated to the delivered components for 
which specific standalone selling price do not exist.
	
The Group collects Goods and Services tax and other taxes as 
applicable in the respective tax jurisdictions where the Group 
operates, on behalf of the government and therefore it is not 
an economic benefit flowing to the Group. Hence it is excluded 
from revenue.
	
Provisions for estimated losses on contracts are recorded in the 
period in which such losses become probable based on the 
current contract estimates. ‘Unbilled revenue’ included in other 
financial assets represent revenues recognized in excess of 
amounts billed to clients as at the balance sheet date. ‘Unearned 
revenue’ included in other current liabilities represent billings in 
excess of revenues recognized as at the balance sheet date.
	
Performance 
obligations 
and 
remaining 
performance 
obligations
	
The remaining performance obligation disclosure provides the 
aggregate amount of the transaction price yet to be recognized 
as at the end of the reporting period and an explanation as 
to when the Group expects to recognize these amounts in 
revenue.
	
Applying the practical expedient as given in Ind AS 115, the 
Group has not disclosed the remaining performance obligation 
related disclosures for contracts where the revenue recognized 
corresponds directly with the value to the customer of the 
entity’s performance completed to date, typically those 
contracts where invoicing is on time and material basis.
	
Remaining performance obligation estimates are subject 
to change and are affected by several factors, including 
terminations, changes in the scope of contracts, periodic 
revalidations, adjustment for revenue that has not materialized 
and adjustments for currency. Also, refer note 23.
	
Interest
	
Interest income is recognized as it accrues in the consolidated 
statement of profit and loss using effective interest rate method.
g.	
Property, plant and equipment
	
Property, plant and equipment is stated at cost, net of 
accumulated depreciation and accumulated impairment losses, 
if any. The cost comprises purchase price, borrowing costs 
if capitalization criteria are met, directly attributable cost of 
bringing the plant and equipment to its working condition for 
the intended use and cost of replacing part of the plant and 
equipment. When significant parts of plant and equipment are 
required to be replaced at intervals, the Group depreciates them 
separately based on their specific useful lives. Likewise, when 
a major inspection is performed, its cost is recognised in the 
carrying amount of the plant and equipment as a replacement 
if the recognition criteria are satisfied. All other repair and 
maintenance costs are recognised in the consolidated statement 
of profit and loss, as incurred. The present value of the expected 
cost for the decommissioning of an asset after its use is included 
in the cost of the respective asset if the recognition criteria for a 
provision are met.
	
Gains or losses arising from derecognition of the assets are 
measured as the difference between the net disposal proceeds 
and the carrying amounts of the assets and are recognized in 
the consolidated statement of profit and loss when the assets 
are derecognized.
h.	
Intangible assets (excluding goodwill on consolidation)
	
Intangible assets acquired separately are measured on initial 
recognition at cost. Following initial recognition, intangible 
assets are carried at cost less any accumulated amortization 
and accumulated impairment losses. Internally generated 
intangibles, excluding capitalised development costs, are 
not capitalised and the related expenditure is reflected in the 
consolidated statement of profit and loss in the period in which 
the expenditure is incurred.
	
Intangible assets with finite lives are amortized over the useful 
economic life and assessed for impairment whenever there 
is an indication that the intangible asset may be impaired. 
The amortization period and the amortization method for an 
intangible asset with a finite useful life are reviewed at least at the 
end of each reporting period. Changes in the expected useful 

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
life or the expected pattern of consumption of future economic 
benefits embodied in the asset are considered to modify the 
amortization period or method, as appropriate, and are treated 
as changes in accounting estimates.
	
Gains or losses arising from derecognition of an intangible 
asset are measured as the difference between the net disposal 
proceeds and the carrying amount of the asset and are 
recognised in the consolidated statement of profit and loss 
when the asset is derecognised.
i.	
Depreciation and amortization
	
Depreciation of property, plant and equipment and amortization 
of intangible assets with finite useful lives is calculated on a 
straight-line basis over the useful lives of the assets estimated by 
the management, basis technical assessment.
	
The Group has used the following useful lives to provide 
depreciation on plant and equipment and amortization of 
intangible assets:
Assets
Useful life
Computer equipment
3 years
Furniture and fixtures
5 years
Vehicles
5 years
Leasehold improvements
5 years
Office equipment
5 years
Computer software
4 years
	
The residual values, useful lives and methods of depreciation 
of property, plant and equipment and amortisation of intangible 
assets are reviewed at each financial year end and adjusted 
prospectively, if appropriate.
j.	
Impairment
	
Impairment of Financial Assets
	
The Group assesses at each date of balance sheet whether a 
financial asset or a group of financial assets is impaired. Ind AS 
109 (‘Financial instruments’) requires expected credit losses to 
be measured through a loss allowance. The Group recognises 
lifetime expected losses for all contract assets and/ or all trade 
receivables that do not constitute a financing transaction. For all 
other financial assets, expected credit losses are measured at an 
amount equal to the 12-month expected credit losses or at an 
amount equal to the life time expected credit losses if the credit 
risk on the financial asset has increased significantly since initial 
recognition.
	
Impairment of non-financial assets
	
Non-financial assets including Property, plant and equipment, 
intangible assets and right-of-use asset with finite life are 
evaluated for recoverability whenever there is any indication 
that their carrying amounts may not be recoverable. If any such 
indication exists, the recoverable amount (i.e. higher of the fair 
value less cost to sell and the value-in-use) is determined on an 
individual asset basis unless the asset does not generate cash 
flows that are largely independent of those from other assets. In 
such cases, the recoverable amount is determined for the CGU 
to which the asset belongs.
	
If the recoverable amount of an asset (or CGU) is estimated to be 
less than its carrying amount, the carrying amount of the asset (or 
CGU) is reduced to its recoverable amount. An impairment loss is 
recognised in the consolidated statement of profit and loss.
	
For assets excluding goodwill, an assessment is made at each 
reporting date to determine whether there is an indication that 
previously recognised impairment losses no longer exist or have 
decreased. If such indication exists, the Group estimates the 
asset’s or CGU’s recoverable amount. A previously recognised 
impairment loss is reversed only if there has been a change 
in the assumptions used to determine the asset’s recoverable 
amount since the last impairment loss was recognised. The 
reversal is limited so that the carrying amount of the asset does 
not exceed its recoverable amount, nor exceed the carrying 
amount that would have been determined, net of depreciation, 
had no impairment loss been recognised for the asset in prior 
years. Such reversal is recognised in the consolidated statement 
of profit and loss unless the asset is carried at a revalued amount, 
in which case, the reversal is treated as a revaluation increase.
k.	
Leases
	
The Group assesses at contract inception whether a contract 
is/ contains a lease. That is, if the contract conveys the right 
to control the use of an identified asset for a period of time in 
exchange for consideration.
	
Group as a lessee:
	
The Group applies a single recognition and measurement 
approach for all leases, except for short-term leases and leases 
of low-value assets. The Group recognises lease liabilities to 
make lease payments and right-of-use assets representing the 
right to use the underlying assets.
i)	
Right-of-use assets
	
The Group recognises right-of-use assets at the commencement 
date of the lease (i.e., the date the underlying asset is available 
for use). Right-of-use assets are measured at cost, less any 
accumulated depreciation and impairment losses, and adjusted 
for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognised, 
initial direct costs incurred, and lease payments made at or 
before the commencement date less any lease incentives 
received. Right-of-use assets are depreciated on a straight-line 
basis over the lease term.
	
If ownership of the leased asset transfers to the Group at the end 
of the lease term or the cost reflects the exercise of a purchase 
option, depreciation is calculated using the estimated useful life 
of the asset.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
	
The right-of-use assets are also subject to impairment. Refer 
note 2(j) on impairment of non-financial assets.
ii)	
Lease Liabilities
	
At the commencement date of the lease, the Group recognises 
lease liabilities measured at the present value of lease payments 
to be made over the lease term. In calculating the present value 
of lease payments, the Group uses its incremental borrowing 
rate at the lease commencement date because the interest 
rate implicit in the lease is not readily determinable. After the 
commencement date, the amount of lease liabilities is increased 
to reflect the accretion of interest and reduced for the lease 
payments made. In addition, the carrying amount of lease 
liabilities is remeasured if there is a modification, a change in 
the lease term, a change in the lease payments (e.g., changes 
to future payments resulting from a change in an index or rate 
used to determine such lease payments) or a change in the 
assessment of an option to purchase the underlying asset.
iii)	
Short-term leases and leases of low-value assets
	
The Group applies the short-term lease recognition exemption 
to its short-term leased assets (i.e., those leases that have a lease 
term of 12 months or less from the commencement date and 
do not contain a purchase option). It also applies the lease of 
low-value assets recognition exemption to leased assets that 
are considered to be low value. Lease payments on short-term 
leases and leases of low-value assets are recognised as expense 
on a straight-line basis over the lease term.
l.	
Financial instruments
	
A financial instrument is any contract that gives rise to a financial 
asset of one entity and a financial liability or equity instrument of 
another entity.
	
Financial assets and liabilities are recognised when the Group 
becomes a party to the contract that gives rise to financial assets 
and liabilities. Financial assets and liabilities are initially measured 
at fair value. Transaction costs that are directly attributable to 
the acquisition or issue of financial assets and financial liabilities 
(other than financial assets and financial liabilities at fair value 
through profit or loss) are added to or deducted from the 
fair value measured on initial recognition of financial asset or 
financial liability.
	
Cash and cash equivalents
	
The Group considers all highly liquid financial instruments, 
which are readily convertible into known amounts of cash 
that are subject to an insignificant risk of change in value and 
having original maturities of three months or less from the date 
of purchase, to be cash equivalents. Cash and cash equivalents 
consist of balances with banks which are unrestricted for 
withdrawal and usage.
	
Financial assets at amortized cost
	
Financial assets are subsequently measured at amortized 
cost if these financial assets are held within a business whose 
objective is to hold these assets in order to collect contractual 
cash flows and the contractual terms of the financial asset give 
rise on specified dates to cash flows that are solely payments of 
principal and interest on the principal amount outstanding.
	
Financial assets at fair value through other comprehensive 
income
	
Financial assets are measured at fair value through other 
comprehensive income if these financial assets are held within 
a business whose objective is achieved by both collecting 
contractual cash flows and selling financial assets and the 
contractual terms of the financial asset give rise on specified 
dates to cash flows that are solely payments of principal and 
interest on the principal amount outstanding.
	
Financial assets at fair value through profit or loss
	
Financial assets are measured at fair value through profit or 
loss unless it is measured at amortized cost or at fair value 
through other comprehensive income on initial recognition. 
The transaction costs directly attributable to the acquisition of 
financial assets at fair value through profit or loss are immediately 
recognised in the consolidated statement of profit and loss.
	
Financial liabilities
	
Financial liabilities are subsequently carried at amortized cost 
using the effective interest method, except for contingent 
consideration recognized in a business combination which is 
subsequently measured at fair value through profit or loss. For 
trade and other payables maturing within one year from the 
balance sheet date, the carrying amounts approximate fair value 
due to the short maturity of these instruments.
	
Derecognition of financial assets and liabilities
	
The Group derecognizes a financial asset when the contractual 
rights to the cash flows from the financial asset expire or 
it transfers the financial asset and the transfer qualifies for 
derecognition under Ind AS 109. A financial liability (or a part of a 
financial liability) is derecognized when the obligation specified 
in the contract is discharged or cancelled or expires. When an 
existing financial asset/ liability is replaced by another from the 
same lender on substantially different terms, or the terms of an 
existing liability are substantially modified, such an exchange 
or modification is treated as the derecognition of the original 
liability and the recognition of a new liability. The difference in 
the respective carrying amounts is recognised in the statement 
of profit and loss.
	
Reclassification of financial assets
	
The Group determines classification of financial assets and 
liabilities on initial recognition. After initial recognition, no 
reclassification is made for financial assets which are equity 
instruments and financial liabilities. For financial assets which 
are debt instruments, a reclassification is made only if there 
is a change in the business model for managing those assets. 
Changes to the business model are expected to be infrequent. 

168
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
The Group’s senior management determines change in the 
business model as a result of external or internal changes 
which are significant to the Group’s operations. Such changes 
are evident to external parties. A change in the business model 
occurs when the Group either begins or ceases to perform an 
activity that is significant to its operations. If the Group reclassifies 
financial assets, it applies the reclassification prospectively from 
the reclassification date which is the first day of the immediately 
next reporting period following the change in business model. 
The Group does not restate any previously recognised gains, 
losses (including impairment gains or losses) or interest.
	
Offsetting of financial instruments
	
Financial assets and financial liabilities are offset and the net 
amount is reported in the consolidated balance sheet if there 
is a currently enforceable legal right to offset the recognised 
amounts and there is an intention to settle on a net basis, to 
realise the assets and settle the liabilities simultaneously.
	
Fair value of financial instruments
	
The Group measures financial instruments, such as, derivatives 
at fair value at each balance sheet date.
	
Fair value is the price that would be received to sell an asset 
or paid to transfer a liability in an orderly transaction between 
market participants at the measurement date. The fair value 
measurement is based on the presumption that the transaction 
to sell the asset or transfer the liability takes place either:
•	
In the principal market for the asset or liability, or
•	
In the absence of a principal market, in the most 
advantageous market for the asset or liability
	
The principal or the most advantageous market must be 
accessible by the Group.
	
The fair value of an asset or a liability is measured using the 
assumptions that market participants would use when pricing 
the asset or liability, assuming that market participants act in 
their economic best interest.
	
In determining the fair value of its financial instruments, the 
Group uses following hierarchy and assumptions that are based 
on market conditions and risks existing at each reporting date.
	
Derivative financial instruments
	
Initial recognition and subsequent measurement
	
The Group uses derivative financial instruments, such as forward 
currency contracts. Such derivative financial instruments are 
initially recognised at fair value on the date on which a derivative 
contract is entered into and are subsequently re-measured at 
fair value. Derivatives are carried as financial assets when the 
fair value is positive and as financial liabilities when the fair value 
is negative. Any gains or losses arising from changes in the fair 
value of derivatives are taken directly to profit or loss.
	
Fair value hierarchy
	
All assets and liabilities for which fair value is measured 
or disclosed in the consolidated financial statements are 
categorised within the fair value hierarchy, described as follows, 
based on the lowest level input that is significant to the fair value 
measurement as a whole:
	
Level 1 — Quoted (unadjusted) market prices in active markets 
for identical assets or liabilities.
	
Level 2 — Valuation techniques for which the lowest level input 
that is significant to the fair value measurement is directly or 
indirectly observable.
	
Level 3 — Valuation techniques for which the lowest level input 
that is significant to the fair value measurement is unobservable.
	
For assets and liabilities that are recognised in the consolidated 
financial statements on a recurring basis, the Group determines 
whether transfers have occurred between levels in the hierarchy 
by re-assessing categorisation (based on the lowest level input 
that is significant to the fair value measurement as a whole) at 
the end of each reporting period.
m.	 Borrowing cost
	
Borrowing costs directly attributable to the acquisition, 
construction or production of an asset that necessarily takes 
a substantial period of time to get ready for its intended use 
or sale are capitalised as part of the cost of the asset. All other 
borrowing costs are expensed in the period in which they occur. 
Borrowing costs consist of interest and other costs that an entity 
incurs in connection with the borrowing of funds. Borrowing 
cost also includes exchange differences to the extent regarded 
as an adjustment to the borrowing costs.
n.	
Consolidated statement of cash flows
	
Cash flows are reported using the indirect method, whereby 
profit/ (loss) for the period is adjusted for the effects of 
transactions of a non-cash nature or any deferrals or accruals of 
past or future operating cash receipts or payments and item of 
income or expenses associated with investing or financing cash 
flows. The cash flows from operating, investing and financing 
activities of the Group are segregated.
o.	
Employee share based payments
	
The Group measures compensation cost relating to employee 
stock options plans using the fair valuation method in accordance 
with Ind AS 102, Share-Based Payment. Compensation expense 
is amortized over the vesting period of the option on a straight 
line basis. The cost of equity-settled transactions is determined 
by the fair value at the date when the grant is made using an 
appropriate valuation model (Black-Scholes valuation model). 
That cost is recognised, together with a corresponding increase 
in employee stock options reserves in other equity, over the 
period in which the performance and/or service conditions are 
fulfilled in employee benefits expense. The cumulative expense 

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Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
recognised for equity-settled transactions at each reporting date 
until the vesting date reflects the extent to which the vesting 
period has expired and the Group’s best estimate of the number 
of equity instruments that will ultimately vest.
	
The dilutive effect of outstanding options is reflected as 
additional share dilution in the computation of diluted earnings 
per share.
p.	
Treasury shares
	
The parent Company has formed Subex Employee Welfare 
and ESOP Benefit Trust (“ESOP Trust”) for providing share-based 
payment to its employees. The parent Company treats ESOP 
Trust as its extension and shares held by ESOP Trust are treated 
as treasury shares.
	
Own equity instruments that are purchased (treasury shares) 
are recognised at cost and deducted from equity. No gain 
or loss is recognised in profit or loss on the purchase, sale, 
issue or cancellation of the parent Company’s own equity 
instruments. Any difference between the carrying amount and 
the consideration, if reissued, is recognised in reserve. Share 
options exercised during the reporting period are adjusted with 
treasury shares.
q.	
Employee benefits
	
Employee benefits include provident fund, pension fund, 
gratuity and compensated absences.
	
Defined contribution plans
	
Contributions payable to recognized provident funds and 
which are defined contribution schemes, are charged to the 
consolidated statement of profit and loss.
	
Defined benefit plans
	
Gratuity, which is a defined benefit plan, is accrued based on 
an independent actuarial valuation, which is done based on 
projected unit credit method as at the balance sheet date. The 
Group recognizes the net obligation of a defined benefit plan in 
its balance sheet as an asset or liability. Gains and losses through 
re-measurements of the net defined benefit liability/ (asset) are 
recognized in other comprehensive income. In accordance with 
Ind AS, re-measurement gains and losses on defined benefit 
plans recognised in OCI are not to be subsequently reclassified 
to the consolidated statement of profit and loss. As required 
under Ind AS compliant Schedule III, the Group transfers it 
immediately to ‘Surplus/ (deficit) in the statement of profit loss’.
	
The parameter most subject to change is the discount rate. In 
determining the appropriate discount rate for plans operated 
in India, the management considers the interest rates of 
government bonds where remaining maturity of such bond 
correspond to expected term of defined benefit obligation.
	
Short-term employee benefits
	
Short-term employee benefits expected to be paid in exchange 
for the services rendered by employees are recognised during 
the year when the employees render the service. Compensated 
absences, which are expected to be utilised within the next 
12 months, are treated as short-term employee benefits. The 
Group measures the expected cost of such absences as the 
additional amount that it expects to pay as a result of the unused 
entitlement that has accumulated at the reporting date.
	
Long-term employee benefits
	
Compensated absences which are not expected to occur 
within twelve months after the end of the period in which the 
employees render the related services are treated as long-term 
employee benefits for measurement purpose. Such long-term 
compensated absences are provided for based on the actuarial 
valuation using the projected unit credit method at the year 
end, less the fair value of the plan assets out of which the 
obligations are expected to be settled. Actuarial gains/ losses 
are immediately taken to the consolidated statement of profit 
and loss and are not deferred.
	
The Group presents the entire compensated absences balance 
as a current liability in the consolidated balance sheet, since it 
does not have an unconditional right to defer its settlement for 
twelve months after the reporting date.
r.	
Foreign currencies
	
The Group’s consolidated financial statements are presented in 
INR, which is also the parent company’s functional currency. 
For each entity the Group determines the functional currency 
and items included in the financial statements of each entity are 
measured using that functional currency.
	
The functional currency of the Company and its Indian 
subsidiaries is Indian Rupee whereas the functional currency of 
foreign subsidiaries is the currency of their countries of domicile. 
Foreign currency transactions are initially recorded in the 
functional currency of the Company by applying exchange rates 
prevailing on the date of the transaction. For practical reasons, 
the Company uses an average rate if the average approximates 
the actual rate at the date of the transaction. Foreign currency 
denominated monetary assets and liabilities are restated into 
the functional currency using exchange rates prevailing on the 
balance sheet date.
	
Gains and losses arising on settlement and restatement of 
foreign currency denominated monetary assets and liabilities 
are included in the consolidated statement of profit and loss.
	
Assets and liabilities of entities with functional currency other 
than presentation currency have been translated to the 
presentation currency using exchange rates prevailing on the 

170
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
balance sheet date. The statement of profit and loss have 
been translated using weighted average exchange rates. The 
exchange differences arising on translation for consolidation 
are recognised in OCI as ‘Exchange reserve on consolidation’. 
On disposal of a foreign operation, the component of OCI 
relating to that particular foreign operation is recognised in the 
consolidated statement of profit and loss.
s.	
Taxes on income
	
Income tax expense comprises current tax expense and the 
net change in the deferred tax asset or liability during the year. 
Current and deferred tax are recognised in the consolidated 
statement of profit and loss, except when they relate to items 
that are recognised in other comprehensive income or directly 
in other equity, in which case, the current and deferred tax are 
also recognised in other comprehensive income or directly in 
other equity, respectively.
	
Current income tax
	
Current income tax for the current and prior periods are 
measured at the amount expected to be recovered from or 
paid to the taxation authorities based on the taxable income for 
that period. The tax rates and tax laws used to compute the 
amount are those that are enacted or substantively enacted 
by the balance sheet date. Management periodically evaluates 
positions taken in the tax returns with respect to situations in 
which applicable tax regulations are subject to interpretation 
and considers whether it is probable that a taxation authority will 
accept an uncertain tax treatment. The Group shall reflect the 
effect of uncertainty for each uncertain tax treatment by using 
either most likely method or expected value method, depending 
on which method predicts better resolution of the treatment.
	
Deferred income tax
	
Deferred income tax is recognised using the balance sheet 
approach, deferred tax is recognized on temporary differences 
at the balance sheet date between the tax bases of assets and 
liabilities and their carrying amounts for financial reporting 
purposes, except when the deferred income tax arises from 
the initial recognition of goodwill or an asset or liability in a 
transaction that is not a business combination and affects 
neither accounting nor taxable profit or loss at the time of the 
transaction.
	
Deferred income tax assets are recognized for all deductible 
temporary differences, carry forward of unused tax credits and 
unused tax losses, to the extent that it is probable that taxable 
profit will be available against which the deductible temporary 
differences, and the carry forward of unused tax credits and 
unused tax losses can be utilized.
	
The carrying amount of deferred income tax assets is reviewed 
at each balance sheet date and reduced to the extent that it is 
no longer probable that sufficient taxable profit will be available 
to allow all or part of the deferred income tax asset to be utilized.
	
Deferred income taxes are not provided on the undistributed 
earnings of subsidiaries and branches where it is expected that 
the earnings of the subsidiary or branch will not be distributed in 
the foreseeable future.
	
Deferred income tax assets and liabilities are measured at the 
tax rates that are expected to apply in the year when the asset is 
realized or the liability is settled, based on tax rates (and tax laws) 
that have been enacted or substantively enacted at the balance 
sheet date.
	
Deferred tax assets include Minimum Alternative Tax (“MAT”) 
paid in accordance with the tax laws in India, which is likely 
to give future economic benefits in the form of availability of 
set off against future income tax liability. Accordingly, MAT is 
recognized as deferred tax asset in the consolidated balance 
sheet when the asset can be measured reliably and it is probable 
that the future economic benefit associated with the asset will 
be realized. The Group reviews the “MAT credit entitlement” 
asset at each reporting date and writes down the asset to the 
extent that it is no longer probable that it will pay normal tax 
during the specified period.
	
Deferred tax assets and deferred tax liabilities are offset if a 
legally enforceable right exists to set off current tax assets 
against current tax liabilities and the deferred taxes relate to the 
same taxable entity and the same taxation authority.
t.	
Provision and contingencies
	
A provision is recognized when an enterprise has a present 
obligation (legal or constructive) as a result of past event and it 
is probable that an outflow of resources will be required to settle 
the obligation, in respect of which a reliable estimate can be 
made of the amount of the obligation. If the effect of time value 
of money is material, provision is discounted using a current pre-
tax rate that reflects, when appropriate, the risks specific to the 
liability. When discounting is used, the increase in the provision 
due to the passage of time is recognised as a finance cost.
	
Provisions for onerous contracts, i.e. contracts where the 
expected unavoidable costs of meeting obligations under 
a contract exceed the economic benefits expected to be 
received, are recognized when it is probable that an outflow 
of resources embodying economic benefits will be required 
to settle a present obligation as a result of an obligating event, 
based on a reliable estimate of such obligation.
	
A contingent liability is a possible obligation that arises from past 
events whose existence will be confirmed by the occurrence 
or non-occurrence of one or more uncertain future events 
beyond the control of the Group or a present obligation that 
is not recognized because it is not probable that an outflow of 
resources will be required to settle the obligation. A contingent 
liability also arises in extremely rare cases where there is a liability 
that cannot be recognized because it cannot be measured 
reliably. The Group does not recognize a contingent liability but 
discloses its existence in the consolidated financial statements.

171
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
u.	
Cash dividend to the equity holders of the Company 
	
The Company recognises a liability to make cash distributions 
to equity holders of the Company when the distribution is 
authorised, and the distribution is no longer at the discretion 
of the Company. Final dividends on shares is recorded as a 
liability on the date of approval by the shareholders and interim 
dividends are recorded as a liability on the date of declaration by 
the Company’s Board of Directors.
v.	
Earnings/ (loss) per share
	
Basic earnings/ (loss) per share is computed by dividing the 
profit/ (loss) after tax attributable to the equity holders of the 
Group by the weighted average number of equity shares 
outstanding during the year. Diluted earnings per share is 
computed by dividing the profit/ (loss) after tax as adjusted for 
dividend, interest (net of any attributable taxes) other charges to 
expense or income relating to the dilutive potential equity shares, 
by the weighted average number of equity shares considered 
for deriving basic earnings per share and the weighted average 
number of equity shares which could have been issued on the 
conversion of all dilutive potential equity shares. Potential equity 
shares are deemed to be dilutive only if their conversion to equity 
shares would decrease the net profit per share or increase the 
net loss per share. Potential dilutive equity shares are deemed 
to be converted as at the beginning of the period, unless they 
have been issued at a later date. The dilutive potential equity 
shares are adjusted for the proceeds receivable had the shares 
been actually issued at fair value (i.e. average market value of 
the outstanding shares). Dilutive potential equity shares are 
determined independently for each period presented.
w.	
Segment reporting
	
Operating segments are reported in a manner consistent with 
the internal reporting provided to the chief operating decision 
maker.
	
The Group identifies primary segments based on the dominant 
source, nature of risks and returns and the internal organization 
and management structure. The operating segments are the 
segments for which separate financial information is available 
and for which operating profit/ loss amounts are evaluated 
regularly by the Executive Management in deciding how to 
allocate resources and in assessing performance. The analysis 
of geographical segments is based on the areas in which major 
operating divisions of the Group operate.
	
The accounting policies adopted for segment reporting are 
in line with the accounting policies of the Group. Segment 
revenue, segment expenses, segment assets and segment 
liabilities have been identified to the segments on the basis of 
their relationship to the operating activities of the segment. 
	
Common allocable costs are allocated to each segment 
according to the relative contribution of each segment to the 
total common costs. Revenue, expenses, assets and liabilities 
which relate to the Group as a whole and are not allocable 
to segments on a reasonable basis have been included under 
‘unallocated revenue/ expenses/ assets/ liabilities’.
x.	
Recent accounting pronouncements:
	
Ministry of Corporate Affairs (“MCA”) notifies new standard 
or amendments to the existing standards under Companies 
(Indian Accounting Standard) Rules as issued from time to time. 
On March 31, 2023 MCA amendment the Companies (Indian 
Accounting Standards) Amendment Rules, 2023, as below:
	
Ind AS 1 – Presentation of Financial Statements - This 
amendment requires the entities to disclose their material 
accounting polices rather than their significant accounting 
policies. The effective date for adoption of this amendment is 
annual periods beginning on or after April 1, 2023. The Group has 
evaluated the amendment and the impact of the amendment is 
insignificant in the Group’s financial statements.
	
Ind AS 8 – Accounting Policies, Changes in Accounting 
Estimates and Errors - This amendment has introduced a 
definition of ‘accounting estimates’ and included amendments 
to Ind AS 8 to help entities distinguish changes in accounting 
policies from changes in accounting estimates. The effective 
date for adoption of this amendment is annual periods 
beginning on or after April 1, 2023. The Group has evaluated the 
amendment and there is no impact on its consolidated financial 
statements.  
	
Ind AS 12 - Income Taxes - This amendment has narrowed 
the scope of the initial recognition exemption so that it does 
not apply to transactions that give rise to equal and offsetting 
temporary differences. The effective date for adoption of this 
amendment is annual periods beginning on or after April 1, 
2023. The Group has evaluated the amendment and there is no 
impact on its consolidated financial statements.  

172
Subex Annual Report 2022-23
3.  Property, plant and equipment
(` in Lakhs)
 Computer 
equipment 
 Furniture and 
fixtures 
 Vehicles 
Leasehold
improvement
 Office 
equipment 
 Total 
Cost
As at April 1, 2021
 2,852 
 38 
 2 
 293 
 173 
 3,358 
Additions
 283 
 7 
 - 
 - 
 14 
 304 
Disposals
 (189)
 (3)
 - 
 - 
 (8)
 (200)
Exchange differences
 10 
 - 
 - 
 - 
 - 
 10 
As at March 31, 2022
 2,956 
 42 
 2 
 293 
 179 
 3,472 
Additions
 449 
 5 
 24 
 69 
 7 
 554 
Disposals
 - 
 - 
 (2)
 - 
 - 
 (2)
Exchange differences
 24 
 - 
 - 
 - 
 - 
 24 
As at March 31, 2023
 3,429 
 47 
 24 
 362 
 186 
 4,048 
Depreciation
As at April 1, 2021
 2,028 
 36 
 2 
 10 
 105 
 2,181 
Charge for the year
 448 
 2 
 - 
 59 
 21 
 530 
Disposals
 (189)
 (3)
 - 
 - 
 (8)
 (200)
Exchange differences
 2 
 - 
 - 
 - 
 - 
 2 
As at March 31, 2022
 2,289 
 35 
 2 
 69 
 118 
 2,513 
Charge for the year
 476 
 2 
 - 
 67 
 21 
 566 
Disposals
 - 
 - 
 (2)
 - 
 - 
 (2)
Exchange differences
 4 
 - 
 - 
 - 
 - 
 4 
As at March 31, 2023
 2,769 
 37 
 - 
 136 
 139 
 3,081 
Net block
As at March 31, 2022
 667 
 7 
 - 
 224 
 61 
 959 
As at March 31, 2023
 660 
 10 
 24 
 226 
 47 
 967 
4.  Intangible assets
(` in Lakhs)
Computer software
 Total 
Cost
As at April 1, 2021
 102 
 102 
Additions
 15 
 15 
Disposals
 (10)
 (10)
Exchange differences
 - 
 - 
As at March 31, 2022
 107 
 107 
Additions
 - 
 - 
Disposals
 - 
 - 
Exchange differences
 - 
 - 
As at March 31, 2023
 107 
 107 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

173
Subex Annual Report 2022-23
Computer software
 Total 
Amortization
As at April 1, 2021
 102 
 102 
Amortization for the year
 1 
 1 
Disposals
 (10)
 (10)
Exchange differences
 - 
 - 
As at March 31, 2022
 93 
 93 
Amortization for the year
 3 
 3 
Disposals
 - 
 - 
Exchange differences
 - 
 - 
As at March 31, 2023
 96 
 96 
Net block
As at March 31, 2022
 14 
 14 
As at March 31, 2023
 11 
 11 
5.  Goodwill on consolidation
 	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Carrying value as per last financial statement
 34,409 
 34,409 
Less: Impairment of goodwill 
 - 
 - 
 34,409 
 34,409 
Below is the Cash Generating Unit (‘CGU’) wise break-up of goodwill:
 	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Revenue Management Solutions ('RMS')
 33,444 
 33,444 
Data Integrity Management ('DIM')
 965 
 965 
 34,409 
 34,409 
Goodwill impairment testing
During the year ended March 31, 2020, considering the challenges and significant investment requirements of telecom operators which 
has resulted in longer opportunity conversion cycle and lower spends towards IT solutions, the management had carried out the annual 
impairment exercise as at December 31, 2019 in respect of carrying value of goodwill. Based on the above assessment and valuation carried 
out by an external valuation expert, there has been impairment of goodwill amounting to ` 28,712 Lakhs in relation to RMS CGU and ` 2,761 
Lakhs in relation to DIM CGU towards carrying value of goodwill as on March 31, 2020. As at March 31, 2023, the management has carried out 
the annual impairment exercise in respect of carrying value of goodwill and basis valuation carried out by an external expert and concluded 
that carrying value of investment in subsidiaries is appropriate considering future projections, various new initiatives, contracted backlog and 
current pipeline maturity.
The recoverable amount of a CGU is determined based on value-in-use calculations which require the use of assumptions. The calculations 
use cash flow projections based on financial budgets approved by the Board of Directors. An average of the range of each assumption used 
is mentioned below:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
4. Intangible assets (contd.)
(` in Lakhs)

174
Subex Annual Report 2022-23
5.  Goodwill on consolidation (contd.)
As at
March 31, 2023
As at
March 31, 2022
Growth rate
3% to 28%
3% to 8%
Operating margins
14% to 51%
9% to 18%
Discount rate
14.55% to 15.05%
13% to 16%
The above discount rate is based on the Weighted Average Cost of Capital (WACC) which represents the weighted average return attributable 
to all the assets of the CGU. These estimates are likely to differ from future actual results of operations and cash flows. Management believes 
that any reasonable possible changes in the key assumptions would not cause the carrying amount to exceed the recoverable amount of the 
cash generating unit.
6.  Loans
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Current
Unsecured, considered good
Loans to employees
 134 
 161 
Total
 134 
 161 
7. Investments
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non current Investments
Investment carried at fair value through other comprehensive Income
Investment in Privasapien Technologies Private Limited
 165 
 - 
[33,352 compulsory convertible preference shares of ` 2 each, fully paid (March 31, 2022 : Nil)]
 165 
 - 
Current Investments
Quoted
Investment carried at fair value through profit or loss
Investment in mutual funds
 1,222 
 1,165 
 1,222 
 1,165 
Nos
(` in Lakhs)
Particulars
As at
March 31, 2023
As at
March 31, 2022
As at
March 31, 2023
As at
March 31, 2022 
SBI Savings Fund Direct-Growth
 8,18,381 
 - 
 308 
 - 
SBI Overnight Fund Direct Growth
 4,000 
 - 
 146 
 - 
State bank of india
 - 
 13,640 
 - 
 455 
Axis bank mutual fund
 - 
 6,514 
 - 
 153 
SBI Liquid Fund Direct Growth
 4,260 
 - 
 150 
 - 
Nippon india liquid fund-Direct growth
 5,705 
 10,701 
 314 
 557 
Nippon india money market fund-Direct growth
 8,566 
 - 
 304 
 - 
 8,40,912 
 30,855 
 1,222 
 1,165 
Aggregate cost of quoted investments
 1,195 
 1,150 
Aggregate market value of quoted investments
 1,222 
 1,165 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

175
Subex Annual Report 2022-23
8. Trade receivables
Unsecured, carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Unsecured, considered good
 9,037 
 9,681 
Unsecured, credit impaired
 3,897 
 1,834 
Total (a)
 12,934 
 11,515 
Impairment allowance (allowance for expected credit loss)
Trade receivable, credit impaired
 (3,897)
 (1,834)
Total (b)
 (3,897)
 (1,834)
Net Trade Receivables (a+b)
 9,037 
 9,681 
Trade receivables ageing schedule:
As at March 31, 2023
(` in Lakhs)
Particulars
Unbilled
Current 
but not 
due
Outstanding for following periods from due date of payment
Total
Less than 
6 Months
6 months 
– 1 year
1-2 years
2-3 years
More than 
3 years
Undisputed Trade Receivables – considered good
 1,299 
 4,471 
 2,190 
 907 
 40 
 130 
 - 
 9,037 
Undisputed Trade Receivables – which have 
significant increase in credit risk
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Undisputed Trade receivable – credit impaired
 - 
 - 
 27 
 531 
 1,621 
 573 
 179 
 2,931 
Disputed Trade receivables - considered good
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – which have 
significant increase in credit risk 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed Trade receivables – credit impaired
 - 
 - 
 - 
 - 
 - 
 71 
 895 
 966 
Total
 1,299 
 4,471 
 2,217 
 1,438 
 1,661 
 774 
 1,074 
 12,934 
Less: Impairment allowance (allowance for 
expected credit loss)
 (3,897)
Net Trade Receivables
 9,037 
As at March 31, 2022
(` in Lakhs)
Particulars
Unbilled
Current 
but not 
due
Outstanding for following periods from due date of payment
Total
Less than 
6 Months
6 months 
– 1 year
1-2 years
2-3 years
More than 
3 years
Undisputed Trade Receivables – considered good
 1,076 
 3,902 
 3,105 
 1,482 
 116 
 - 
 - 
 9,681 
Undisputed Trade Receivables – which have 
significant increase in credit risk
 - 
-
-
-
-
-
-
 - 
Undisputed Trade receivable – credit impaired
 - 
-
-
54
567
27
388
 1,036 
Disputed Trade receivables - considered good
 - 
-
-
-
-
-
-
 - 
Disputed Trade receivables – which have 
significant increase in credit risk 
 - 
-
-
-
-
-
-
 - 
Disputed Trade receivables – credit impaired
 - 
-
-
-
17
78
703
 798 
Total
 1,076 
 3,902 
 3,105 
 1,536 
 700 
 105 
 1,091 
 11,515 
Less: Impairment allowance (allowance for 
expected credit loss)
 (1,834)
Net Trade Receivables
 9,681 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

176
Subex Annual Report 2022-23
During the year ended March 31, 2023, ` 4,588 Lakhs of unbilled revenue as of April 1, 2022 has been converted to trade receivables on billing. 
(During the previous year ended March 31, 2022, ` 3,854 Lakhs of unbilled revenue as of April 1, 2021 has been converted to trade receivables). 
Also, refer note 11.
No trade or other receivable are due from directors or other officers of the company either severally or jointly with any other person. Further, 
there are no trade or other receivables which are due from firms or private companies in which any director is a partner, a director or a member.
Trade receivables are non-interest bearing and are generally on terms of 30 to 180 days.
9. Cash and cash equivalents
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Balance with banks
In current accounts
 3,800 
 5,394 
In EEFC accounts
 33 
 165 
Deposits with original maturity less than 3 months
 1,405 
 2,980 
A
 5,238 
 8,539 
Bank balances other than cash and cash equivalents
Earmarked balances with banks being unpaid dividend accounts
 28 
 28 
Deposits with original maturity more than 3 months less than 12 months
 5,524 
 2,124 
Margin money deposits with original maturity more than 3 months less than 12 months
 125 
 176 
 5,677 
 2,328 
Less: Disclosed under Other balances with banks (Current) (refer note 10)
 (5,677)
 (2,328)
B
 - 
 - 
(A+B)
 5,238 
 8,539 
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise the total of current portion of cash and cash equivalents as 
above.
10. Other balances with banks
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Current
Other bank balances (refer note 9)
Earmarked balances with banks being unpaid dividend accounts*
 28 
 28 
Deposits with original maturity more than 3 months less than 12 months
 5,524 
 2,124 
Margin money deposits with original maturity more than 3 months less than 12 months
 125 
 176 
 5,677 
 2,328 
*These balances are not available for use by the Company as they represent corresponding unclaimed dividend liabilities. 	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

177
Subex Annual Report 2022-23
11. Other financial assets
Unsecured, considered good
Carried at amortized cost 	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current 
Security deposits
 697 
 317 
Margin money deposits with remaining maturity more than 12 months
 121 
 130 
 818 
 447 
Current 
Carried at amortized cost
Unbilled revenue*
 3,790 
 6,780 
Interest accrued but not due on bank deposits
 69 
 34 
Margin money deposits with remaining maturity less than 12 months
 186 
 181 
Carried at fair value through profit or loss 
Foreign currency forward contract
 6 
 8 
 4,051 
 7,003 
*Also, refer note 8
12. Income tax assets (net)
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current 
Advance income-tax [net of provision for taxation ` 2,916 Lakhs (March 31, 2022: ` 2,109 Lakhs)]
 3,793 
 4,947 
 3,793 
 4,947 
13. Deferred tax assets (net) *
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current 
Minimum alternative tax ('MAT') credit entitlement
 561 
 566 
Less: Provision for MAT credit**
 (425)
 (425)
A
 136 
 141 
Deferred tax assets (net)
Depreciation and amortization expense: Difference between  
tax depreciation and depreciation and amortization expense
 5 
 7 
Deferred tax asset recognised on carry forward losses^
 702 
 - 
B
 707 
 7 
(A+B)
 843 
 148 
* Also refer note 21 and note 22.
**Represents MAT credit entitlement of  ` 425 Lakhs (March 31, 2022: ` 425 Lakhs) been provided for considering the uncertainty as regards to its utilisation.	
^ Consequent to restructuring mentioned in note 1(c), the management of Subex Limited recognised deferred tax asset of ` 702 Lakhs, being reasonably certain 
that sufficient future taxable profits would be available in Subex Limited. As at year end, Subex Limited has reassessed availability of future taxable profits and is 
confident of utilisation of aforesaid deferred tax asset. In respect of remaining unused tax losses, Subex Limited would reassess and recognise when it’s probable 
that taxable profits would be available against which such tax losses can be recognised.
In respect of certain group entities, deferred tax asset has not been recognized in absence of reasonable certainty that future taxable profit will be available for 
utilisation against carry forward losses.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

178
Subex Annual Report 2022-23
14. Other assets
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current
Prepaid expenses
 49 
 42 
Balance with statutory/ government authorities*
 267 
 267 
Less: Provision for service tax receivable
 (267)
 (267)
 49 
 42 
Current
Balance with statutory/ government authorities
 140 
 68 
Advance recoverable in cash or kind
Prepaid expenses
 580 
 593 
Advance to suppliers
 66 
 87 
Expenses incurred on behalf of customers
 4 
 31 
 790 
 779 
*Balances represents service tax inadvertently paid by the Company during the financial years 2004 to 2008, under reverse charge mechanism, for which refund 
application has been filed with the service tax department and the same was under dispute. The Company carries a provision of ` 267 Lakhs considering the 
uncertainty as regards to its realisation.
15.  Equity share capital
 No. 
` in Lakhs
Authorised share capital
Equity shares of ` 5 each	
	
	
	
As at April 1, 2021
 1,17,60,80,000 
 58,804 
Increase during the year
 - 
 - 
As at March 31, 2022
 1,17,60,80,000 
 58,804 
Increase during the year
 - 
 - 
As at March 31, 2023
 1,17,60,80,000 
 58,804 
Preference shares of ` 98 each
As at April 1, 2021
 2,00,000 
 196 
Increase during the year
 - 
 - 
As at March 31, 2022
 2,00,000 
 196 
Increase during the year
 - 
 - 
As at March 31, 2023
 2,00,000 
 196 
Issued, subscribed and fully paid-up share capital
Equity shares of  ` 5 each^	
	
	
As at April 1, 2021
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2022
 56,20,02,935 
 28,100 
Issued during the year 
 - 
 - 
As at March 31, 2023
 56,20,02,935 
 28,100 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

179
Subex Annual Report 2022-23
15.  Share capital (contd.)
^ includes Nil (March 31, 2022: 243,207) shares in respect of which Global Depository Receipts of the Company are listed on London Stock Exchange. The Global 
depository receipt program was terminated in light of the low trading volume and the Financial Conducting Authority removed the securities from official list w.e.f. 
September 26, 2022.	
a) 	 Terms/ rights attached to equity shares
	
The Company has only one class of equity shares having par value of ` 5 per share w.e.f  September 29, 2020 and ` 10 per share upto 
September 28, 2020. Each holder of equity shares is entitled to one vote per share and such amount of dividend per share as declared by 
the Company. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to 
the approval of the shareholders in the ensuing Annual General Meeting.
	
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, 
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) 	 As at March, 31, 2023 and as at March 31, 2022,  there is no individual shareholder or shareholder (together with ‘Person acting in concert’) 
holding more than 5% shares of the Company.	
c)  	 Shares reserved for issue under options (No.)
As at
March 31, 2023
As at
March 31, 2022
Outstanding employee stock options under below schemes, granted/ available for grant (refer note 34): 
ESOP - V
 1,11,10,800 
 1,25,33,720 
 1,11,10,800 
 1,25,33,720 
d) 	 Number of treasury shares outstanding
As at
March 31, 2023
As at
March 31, 2022
Balance as per last financial statements
 1,25,33,720 
 1,98,71,500 
Add: (Lapsed)/ Additions during the year
 - 
Less: Exercise during the year
 (14,22,920)
 (73,37,780)
Closing balance 
1,11,10,800
1,25,33,720
e)	
The Promoters, as defined by Companies Act 2013, do not hold any shares in the Company.
16. Other equity
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Securities premium
Balance as at April 01, 2022
 16,558 
 16,444 
Add: On account of exercise of share options
 26 
 114 
Closing balance
 16,584 
 16,558 
General reserve
Balance as at April 01, 2022
 1,787 
 1,783 
Add: On account of vested options lapsed during the year
 33 
 4 
Closing balance
 1,820 
 1,787 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

180
Subex Annual Report 2022-23
As at
March 31, 2023
As at
March 31, 2022
Employee stock options reserve
Balance as at April 01, 2022
 267 
 232 
Add: Share based expenses
 232 
 137 
Less: On account of exercise of share options
 (22)
 (98)
Less: On account of vested options lapsed during the year
 (33)
 (4)
Closing balance
 444 
 267 
Surplus/ (deficit) in the statement of profit and loss 
Balance as at April 01, 2022
 21,655 
 20,987 
Add: Profit for the year
 (5,121)
 2,099 
Less: OCI - Re-measurement losses on defined benefit obligations
 39 
 (64)
Less: Dividends [refer 16(a)]
 - 
 (1,367)
Closing balance
 16,573 
 21,655 
Exchange reserve on consolidation 
Balance as at April 01, 2022
 (11,303)
 (11,570)
Add: Effect of foreign exchange rate variations during the year
 581 
 267 
Closing balance
 (10,722)
 (11,303)
Treasury Shares
Balance as at April 01, 2022
 (697)
 (1,121)
Add: On account of exercise of share options
 82 
424
Closing Balance
 (615)
 (697)
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Summary of other equity:
Securities premium 
 16,584 
 16,558 
Securities premium is used to record the premium on issue of shares The reserve shall be utilised in accordance 
with the provisions of section 52 of the Companies Act, 2013.
General reserve
 1,820 
 1,787 
This represents appropriation of profit by the Company. Also, the amounts recorded in share options outstanding 
account are transferred to general reserve on account of lapse of vested stock options.
Employee stock options reserve
 444 
 267 
The employee stock option reserve is used to record the value of equity-settled share based payment 
transactions with employees. The amounts recorded in this account are transferred to reserves upon exercise 
of stock options by employees.
Surplus in the consolidated statement of profit and loss 
 16,573 
 21,655 
This represents surplus arising from operations of the Group.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
16. Other equity (contd.)
(` in Lakhs)

181
Subex Annual Report 2022-23
As at
March 31, 2023
As at
March 31, 2022
Exchange reserve on consolidation 
 (10,722)
 (11,303)
The exchange differences arising on translation of financial statements of foreign operations with functional 
currency other than Indian rupees is recognised in other comprehensive income and is presented within equity 
in the foreign currency translation reserve.
Treasury Shares
 (615)
 (697)
This represents own equity shares that are acquired from open market for issuance to employees under ESOP 
scheme. 
Total other equity
 24,084 
 28,267 
16(a) Distributions made and proposed
During the year ended March 31, 2023, no dividend was declared by the Company for the financial year 2022-2023.
During the year ended March 31, 2022, the Company has paid a final dividend of ` 0.25/-(5%) per equity share on face value of ` 5/- each for 
the financial year 2020-2021.
17. Trade payables
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Current
Trade payables
- total outstanding dues of micro enterprises and small enterprises*
 165 
 276 
- total outstanding dues of creditors other than micro enterprises and small enterprises
 1,097 
 1,396 
 1,262 
 1,672 
*Payable to micro enterprises and small enterprises
	
(` in Lakhs)
Description
As at
March 31, 2023
As at
March 31, 2022
a)
the principal amount remaining unpaid to any supplier as at the end of accounting year; 
 165 
 276 
b)
interest due thereon remaining unpaid to any supplier as at the end of accounting year; 
 - 
 - 
c)
the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises 
Development Act, 2006, along with the amount of the payment made to the supplier beyond the 
appointed day during each accounting year;
 - 
 - 
d)
the amount of interest due and payable for the period of delay in making payment (which have been paid 
but beyond the appointed day during the year) but without adding the interest specified under the Micro, 
Small and Medium Enterprises Development Act, 2006;
 - 
 - 
e)
the amount of interest accrued and remaining unpaid at the end of each accounting year; and
 - 
 - 
f)
the amount of further interest remaining due and payable even in the succeeding years, until such date 
when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance 
of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development 
Act, 2006.
 - 
 - 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
16. Other equity (contd.)
(` in Lakhs)

182
Subex Annual Report 2022-23
17. Trade payables (contd.)
Trade payable ageing schedule
As at March 31, 2023
(` in Lakhs)
Particulars
Unbilled
Not due
Outstanding for following periods from due 
date of payment
Total
<1 year
1-2 years
2-3 years
More than 
3 years
Total outstanding dues of micro enterprises and small enterprises
 - 
 117 
48
 - 
 - 
 - 
 165 
Total outstanding dues of creditors other than micro enterprises and 
small enterprises
 721 
 213 
 163 
 - 
 - 
 - 
 1,097 
Disputed dues -  micro enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Disputed dues -  Total outstanding dues of creditors other than micro 
enterprises and small enterprises
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Total
 721 
 330 
 211 
 - 
 - 
 - 
 1,262 
As at March 31, 2022
(` in Lakhs)
Particulars
Unbilled
Not due
Outstanding for following periods from due 
date of payment
Total
<1 year
1-2 years
2-3 years
More than 
3 years
Total outstanding dues of micro enterprises and small enterprises
-
 148 
128
 - 
 - 
 - 
 276 
Total outstanding dues of creditors other than micro enterprises and 
small enterprises
306
 1,003 
 87 
-
 - 
 - 
 1,396 
Disputed dues -  micro enterprises and small enterprises
-
-
-
-
-
-
 - 
Disputed dues -  Total outstanding dues of creditors other than micro 
enterprises and small enterprises
-
-
-
-
-
-
 - 
Total
 306 
 1,151 
 215 
 - 
 - 
 - 
 1,672 
Terms and conditions of the above financial liabilities:
-  Trade payables are non-interest bearing and are normally settled on 30 - 45 days terms.
-  For explanations on the Group’s liquidity risk management, refer note 39.
	
	
	
	
	
18.  Other financial liabilities
Carried at amortized cost	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Current
Employee related liabilities
 1,804 
 1,459 
Capital creditors
 71 
 4 
Unpaid Dividend
 28 
 28 
 1,903 
 1,491 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

183
Subex Annual Report 2022-23
19. Other current liabilities
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Unearned revenue
 2,307 
 1,803 
Statutory dues
 840 
 703 
 3,147 
 2,506 
20. Provisions
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current
Provisions for employee benefits
Gratuity [refer note 35(b)]
 222 
 304 
 222 
 304 
Current
Provisions for employee benefits
Gratuity [refer note 35(b)]
 127 
 134 
Leave benefits
 536 
 696 
 663 
 830 
21. Deferred tax liabilities (net)*
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Non-current
Deferred tax liabilities
Tax impact of depreciation arising from intangible assets pursuant to restructuring
 8,770 
 8,088 
A
 8,770 
 8,088 
Deferred tax assets
Depreciation and amortization expense: Tax impact of difference between tax depreciation and 
depreciation and amortization expense
 - 
 12 
Provision for employee benefits and others
 1,866 
 1,334 
B
 1,866 
 1,346 
(A-B)
 6,904 
 6,742 
*Also, refer note 22.
22. Income tax liabilities (net)
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Provision for tax
 - 
 84 
Provision for foreign taxes 
 576 
 382 
Provision for litigation*
 162 
 162 
 738 
 628 
*Provision for litigation consists of  matters which are sub-judice. There is no movement in the provision during the current and previous year, refer note 33(i) for 
further details.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

184
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
22. Income tax liabilities (net) (contd.)
Income tax expense in the consolidated statement of profit and loss consist of the following:
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Tax expense:
Current tax charge
 89 
 251 
Provision - foreign income taxes [Refer note I]
 1,660 
 593 
Deferred tax (credit)/charge (net) [Refer note II]
 (534)
 426 
Total tax expense
 1,215 
 1,270 
Reconciliation of tax to the amount computed by applying the statutory income tax rate to the income before tax is summarized below:	
	
(` in Lakhs)
Year ended
March 31, 2023
Year ended
March 31, 2022
Profit/ (loss) before tax expense
 (3,906)
 3,369 
Applicable tax rates in India
34.94%
34.94%
Computed tax charge (A)
 (1,365)
 1,177 
Components of tax expense:
Provision for foreign withholding taxes (net) [Refer note I]
 1,660 
 593 
Tax effect of differential overseas tax rates 
 (92)
 (465)
Deferred tax asset recognised on carry forward losses [Refer note II]
 (702)
 - 
Deferred tax asset not recognised on income tax losses/timing differences [Refer note II]
 1,759 
 - 
Others
 (45)
 (35)
Total adjustments (B)
 2,580 
 93 
Total tax expense (A+B)
 1,215 
 1,270 
Deferred tax relates to the following:
(` in Lakhs)
Particulars
Consolidated Balance Sheet
 Consolidated Statement of profit and loss 
As at
March 31, 2023
As at
March 31, 2022
Year ended
March 31, 2023
Year ended
March 31, 2022
Depreciation and amortization expense: Tax impact of 
difference between tax depreciation and depreciation and 
amortization expense
 (5)
 (16)
 11 
 4 
Tax impact of depreciation arising from intangible assets 
pursuant to restructuring
 8,770 
 8,088 
 682 
 1,030 
Deferred tax asset on carry forward losses available for 
offsetting against future taxable profits [Refer note II]
 (702)
 - 
 (702)
 - 
Provision for employee benefits and others
 (1,866)
 (1,337)
 (529)
 (463)
Minimum alternative tax ('MAT') credit entitlement
 (136)
 (141)
 5 
 (148)
Exchange differences
 - 
 - 
 (1)
 3 
Total
 6,061 
 6,594 
 (534)
 426 
Notes:	
	
	
	
	
	
	
I) Represents reversal/provision in respect of foreign withholding taxes deducted/ deductible by the overseas customers of the Group. Considering non utilisation 
of foreign withholding taxes due to tax losses incurred by the group in the current year, no credit has been availed for such taxes. Accordingly, provision of ` 1,559 
Lakhs has been created during the year ended March 31, 2023. Also includes ` 101 Lakhs on account of taxes paid in Kuwait on completion of assessments for 
the period FY 2011 to FY 2017. 
II) Consequent to restructuring mentioned in note 1(c), the management of Subex Limited recognised deferred tax asset of ` 702 Lakhs, being reasonably certain 
that sufficient future taxable profits would be available in Subex Limited. As at year end, Subex Limited has reassessed availability of future taxable profits and is 
confident of utilisation of aforesaid deferred tax asset. In respect of remaining unused tax losses, Subex Limited would reassess and recognise when it’s probable 
that taxable profits would be available against which such tax losses can be recognised.

185
Subex Annual Report 2022-23
23. Revenue from operations*
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Sale of products
 1,047 
 1,873 
Sale of services
 26,822 
 31,361 
Other operating income
 - 
 110 
 27,869 
 33,344 
Disaggregation of revenue:
Revenue by offering
Sale of products 
Sale of license
 1,047 
 1,873 
Sale of services 
Implementation and customisation
 7,362 
 10,099 
Managed services
 8,862 
 10,261 
Support services
 10,598 
 10,904 
Sale of hardware
 - 
 97 
 27,869 
 33,234 
Revenue by contract type
License transferred at point in time
 1,047 
 1,873 
Fixed price contract over a period of time
 7,362 
 10,099 
Time and material contract over a period of time
 19,460 
 21,262 
 27,869 
 33,234 
*During the year ended March 31, 2023, the Group recognized revenue of ` 3,170 Lakhs arising from opening unearned revenue, gross of trade receivables of 
` 4,588 Lakhs, as of April 01, 2022 (March 31, 2022: ` 3,420 Lakhs arising from opening unearned revenue, gross of trade receivables of ` 4,302 Lakhs, as of April 
01, 2021).	 	
	
Refer note 31 for disaggregation of revenue by geographical segment.	
Remaining performance obligations
The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2023, other than those contracts 
wherein invoicing is on time and material basis is ` 5,807 Lakhs (March 31, 2022 : ` 10,481 Lakhs).  Out of the total remaining performance 
obligation other than contracts where invoicing is on time and material basis, the Group expects to recognize revenue of around 75% within 
the next one year and the remaining thereafter. This includes contracts that can be terminated for convenience without a substantive penalty 
since, based on current assessment, the occurrence of the same is expected to be remote. 
24.  Other income  
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Income from government incentive schemes (refer note 42)
 - 
 706 
Interest income on:
Security deposits
 25 
 12 
Bank deposits
 225 
 254 
Others
 56 
 - 
Gain on termination of lease
 55 
 - 
Insurance claim
 79 
 - 
Income from investment in mutual fund
 62 
 22 
Net gain on disposal of property, plant and equipment
 4 
 - 
Other non-operating income
 310 
 43 
 816 
 1,037 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

186
Subex Annual Report 2022-23
25.  Employee benefits expense   
	
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022
Salaries and wages*
 17,977 
 19,340 
Contribution to provident and other funds (refer note 35)
 1,200 
 1,314 
Employee share based payments (refer note 34)
 231 
 137 
Gratuity expense [refer note 35 (b)]
 109 
 126 
Staff welfare expenses
 552 
 532 
 20,069 
 21,449 
* Net of reversal of provision no longer required, in respect of employee incentives amounting to ` 344 Lakhs (March 31, 2022: ` 786 Lakhs).
26. Finance cost  
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Interest
Interest expense on lease liability
 220 
 124 
Other borrowings
 - 
 1 
Finance cost on Actuarial valuation
 35 
 15 
Interest others
 3 
 54 
 258 
 194 
27. Depreciation and amortization expense    
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Depreciation of property, plant and equipment 
 566 
 530 
Depreciation on right-of-use assets 
 830 
 457 
Amortization of intangible assets 
 3 
 1 
 1,399 
 988 
28. Other expenses     
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Cost of hardware, software and support charges
 261 
 356 
Sub-contract charges
 2,261 
 2,491 
Rent
 758 
 639 
Power and fuel
 155 
 112 
Repairs and maintenance
 Building 
 140 
 126 
 Others 
 1,246 
 812 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

187
Subex Annual Report 2022-23
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Insurance
 165 
 114 
Communication costs
 166 
 221 
Printing and stationery
 11 
 19 
Traveling and conveyance
 1,483 
 564 
Rates and taxes
 299 
 278 
Advertisement and business promotion
 468 
 428 
Consultancy charges
 1,254 
 1,214 
Payments to auditors 
 152 
 156 
Sales commission
 11 
 249 
Commission to directors
 36 
 36 
Allowance for expected credit loss and bad debt written-off (net of reversal)
 1,991 
 536 
Exchange fluctuation (gain)/loss (net)
 (155)
 (133)
Directors' sitting fees (refer note 32)
 65 
 60 
Donation
 6 
 5 
Bank Charges
 77 
 77 
Miscellaneous expenses
 15 
 21 
 10,865 
 8,381 
28(i) Payments to auditors (excluding goods and services tax):
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
(a)
Statutory auditors
As auditor
Audit fee
 71 
 84 
Tax audit fee
 - 
 3 
In other capacity
Other services (certification services)
 5 
 6 
Reimbursement of expenses
 4 
 3 
 80 
 96 
(b)
Other auditors for the subsidiaries
As auditor
Audit fee
 64 
 59 
In other capacity
Reimbursement of expenses 
 - 
 1 
 64 
 60 
 144 
 156 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
28. Other expenses (contd.)    
	
(` in Lakhs)

188
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
29. Leases
The company has lease contracts for buildings. The leases for buildings generally have lease terms in between 1 to 5 years.
During the year ended March 31, 2023, part of the premises in Subex Assurance LLP (Subsidiary) has been transfered to Subex Limited under 
restructuring. Consequently, on account of the termination of lease agreement and in accordance with Ind AS 116 – ‘Lease’, the group had 
written-off the amortized value of existing right-of-use asset of ` 952 Lakhs and Lease liability of  ` 1,007 Lakhs determined till the completion 
of notice period and vacation of existing premises, and has recognized a net gain of ` 55 Lakhs as other income.
On account of entering into the new lease agreement, the group recognised a right-of-use asset of ` 3,526 Lakhs and lease liability of  ` 3,380 
Lakhs. The  average incremental borrowing rate in range 5.80% to 8.35% has been applied to lease liabilities recognised in the balance sheet 
at the date of commencement of the  leases.
During the year ended March 31, 2022, one of the subsidiary namely Subex Inc. has decided to shift its earlier registered office to a new 
premises in United States of America. Consequently, on account of the termination of lease agreement and in accordance with Ind AS 116 – 
‘Lease’, the group had written-off the amortized value of existing right-of-use asset of ` 136 Lakhs and Lease liability of  ` 148 Lakhs determined 
till the completion of notice period and vacation of existing premises, and has recognized a net gain of ` 12 Lakhs as other income.
On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the right-to-use 
asset, and finance cost for interest accrued on lease liability.		
	
	
	
The details of the right-of-use asset held by the Group is as follows:
(` in Lakhs)
 Buildings 
 Total 
Gross Carrying Value
As at April 1, 2021
 2,326 
 2,326 
Disposals during the year on termination of lease agreement
 (225)
 (225)
Exchange differences
 26 
 26 
As at March 31, 2022
 2,127 
 2,127 
Additions during the year
 3,526 
 3,526 
Disposals during the year on termination /modification of lease agreement
 (1,312)
 (1,312)
Exchange differences
 28 
 28 
As at March 31, 2023
 4,369 
 4,369 
Accumulated Depreciation
As at April 1, 2021
 364 
 364 
Charge for the year
 457 
 457 
Disposals during the year on termination of lease agreement
 (89)
 (89)
Exchange differences
 9 
 9 
As at March 31, 2022
 741 
 741 
Charge for the year
 830 
 830 
Disposals during the year on termination of lease agreement
 (360)
 (360)
As at March 31, 2023
 1,211 
 1,211 
Net block
As at March 31, 2022
 1,386 
 1,386 
As at March 31, 2023
 3,158 
 3,158 
During the year ended March 31, 2023, the Group has incurred ` 758 Lakhs (March 31, 2022 : 639 Lakhs) towards expenses relating to short-term leases and leases 
of low-value assets.	
	
	

189
Subex Annual Report 2022-23
29. Leases (contd.)
Set out below are the carrying amounts of lease liabilities and the movements during the period:	 	
	
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Opening
 1,468 
1,995
Additions 
 3,380 
 - 
Interest on lease liabilities
 220 
 124 
Payments
 (752)
 (513)
On account of lease modification
 (1,007)
 (148)
Exchange difference
 30 
 10 
Closing
3,339
1,468
Current 
864
 470 
Non-current 
 2,475 
 998 
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2023 and March 31, 2022 on an 
undiscounted basis:	
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Less than one year
 1,080 
 469 
One to five years
 2,720 
 1,194 
More than five years
 - 
 - 
Total
3,800
1,663
The following are the amounts recognised in statement of profit and loss:	
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Depreciation expense of right-of-use assets
 830 
457
Interest expense on lease liabilities
 220 
124
Expense relating to short-term leases (included in other expenses)
 758 
639
Gain on termination of lease agreement 
 (55)
 (12)
Total amount recognised in statement of profit and loss
1,753
1,208
During the year ended March 31, 2023, the Group had total cash outflows for leases of ` 752 Lakhs (March 31, 2022: ` 513 Lakhs). During the year ended the Group 
also had non-cash additions to right-of-use assets of ` 3,526 (March 31, 2022: Nil) and lease liabilities of ` 3,380 (March 31,2022: Nil). There are no future cash 
outflows relating to leases that have not yet commenced.
Cash and non-cash changes in liabilities arising from financing activities:
(` in Lakhs)
As at 
April 1, 2022
Cash flow
Non-cash changes 
As at 
March 31, 2023
Other 
movements*
Foreign exchange 
movement
Lease Liabilities
 1,468 
 (752)
 2,593 
 30 
 3,339 
Total
 1,468 
 (752)
 2,593 
 30 
 3,339 
* Other movements to :	
	
	
	
	
(a) Lease liabilities includes interest on lease liabilities , addition and deletion in lease liability on account of lease modification. 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

190
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
29. Leases (contd.)
(` in Lakhs)
As at 
April 1, 2021
Cash flow
Non-cash changes 
As at 
March 31, 2022
Other 
movements**
Foreign exchange 
movement
Borrowings
 584 
 - 
 (578)
 (6)
 - 
Lease Liabilities
 1,995 
 (513)
 (24)
 10 
 1,468 
Total
 2,579 
 (513)
 (602)
 4 
 1,468 
** Other movements to :	
	
	
	
	
(a) Borrowings represents waiver of borrowings (PPP Loan).	
	
	
	
	
(b) Lease liabilities includes interest on lease liabilities and deletion in lease liability on account of lease modification. 	
	
	
	
30.  Earnings/ (loss) per share
Basic earnings/ (loss) per share (EPS) amounts are calculated by dividing the profit/ (loss) for the year attributable to equity holders of the 
company by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit/ (loss) attributable to equity holders of the Parent Company by the weighted average 
number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion 
of all the dilutive potential equity shares into equity shares.
Computation of basic and diluted EPS:	
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Nominal value per equity share ` 5/- each
 5 
 5 
Profit attributable to equity shareholders (` in Lakhs)
 (5,121)
 2,099 
Weighted average number of equity shares (No. in Lakhs)*
Basic
 5,501 
 5,461 
Diluted
 5,572 
 5,548 
Earnings per share (` per share) **
Basic
 (0.93)
 0.38 
Diluted
 (0.93)
 0.38 
*The weighted average number of shares takes into account the weighted average effect of changes in treasury shares transactions during the year.	
**Employee stock options outstanding as at March 31, 2023 are anti-dilutive (March 31, 2022: anti-dilutive) and accordingly have been considered for the purpose 
of computing dilutive EPS.	
	
	
	
	
31.  Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The board 
of directors of the Group assesses the financial performance and position of the Group. The Chief Executive Officer has been identified as the 
chief operating decision maker.
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.
The Group’s operations spans across the world and are categorized geographically as (a) Americas, (b) EMEA (c) India and (d) APAC and rest 
of the World. ‘Americas’ comprises the Group’s operations in North America, South America and Canada. ‘EMEA’ comprises the Group’s 
operations in Europe, Middle East and Africa and the Group’s operations in the rest of the world, excluding India are organized under ‘APAC 
and the rest of the world’. Customer relationships are driven based on customer domicile.	

191
Subex Annual Report 2022-23
31.  Segment reporting (contd.)
Segment revenue by geographical location are as follows*:	
	
(` in Lakhs)
Region
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
 Americas 
 4,299 
 5,945 
 EMEA 
 15,561 
 20,161 
 India 
 858 
 520 
 APAC and rest of the world  
 7,151 
 6,718 
 27,869 
 33,344 
* Revenues by geographic area are based on the geographical location of the customer.	
No single customer represents 10% or more of the Group’s total revenue for the year ended March 31, 2023 (March 31, 2022 : Nil) 
Non-current operating assets by geographical location are as follows**:	
	
(` in Lakhs)
Region
As at
March 31, 2023
As at
March 31, 2022
India
 3,715 
 1,920 
Outside India
 470 
 481 
Unallocated ***
 34,409 
 34,409 
Total non-current operating assets
 38,594 
 36,810 
** Non-current operating assets includes Property, plant and equipment, Right-of-use assets, Other intangible assets, Balance with statutory/ government 
authorities and Prepaid expenses.	
*** Unallocated represents Goodwill on consolidation. The management is of the view that it is not practically feasible to allocate such goodwill to various regions.
32.  Related party transactions
i.  Name of related parties and nature of relationship
Trust that is consolidated
Subex Employee Welfare and ESOP Benefit Trust 
Key management personnel of the Company:
Anil Singhvi 
Chairman, Non-Executive & Non-Independent Director
Nisha Dutt  
Independent Director (upto May 01, 2023) & Chief Executive Officer (w.e.f. May 02, 2023)
Poornima Kamalaksh Prabhu 
Independent Director 
George Zacharias 
Independent Director 
Pratima Ram
Independent Director (w.e.f. May 09, 2022) of Subex Account Aggregator Services Private Limited
Devika Sathyanarayana
Non-Executive, Non-Independent Director
Vinod Kumar Padmanabhan
Managing Director & Chief Executive Officer (upto May 01, 2023),
Non-Executive & Non-Independent Director (w.e.f. May 02, 2023)
Designated partner of Subex Assurance LLP
Designated partner of Subex Digital LLP
Shiva Shankar Naga Roddam 
Whole-time Director (upto May 03, 2023) & Chief Operating Officer#
Designated partner of Subex Assurance LLP (w.e.f. December 10, 2021)
Designated partner of Subex Digital LLP (w.e.f. December 10, 2021)
Sumit Agarwal
Chief Financial Officer (w.e.f. January 31, 2022)
G V Krishnakanth
Company Secretary & Compliance Officer 
Venkatraman G S
Chief Financial Officer & Senior Vice President (upto December 10, 2021)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

192
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
32.  Related party transactions (contd.)
ii. Details of transactions with key management personnel during the year ended March 31, 2023:
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Salary and perquisites:*
Vinod Kumar Padmanabhan (includes remuneration from Subex Assurance LLP)
 319 
 568 
Shiva Shankar Naga Roddam (includes remuneration from Subex Assurance LLP) #
 147 
 509 
Sumit Agarwal
 72 
 17 
G V Krishnakanth
 49 
 77 
Venkatraman G S
 - 
 327 
 587 
 1,498 
Dividend
Venkatraman G S 
 - 
 2 
Shiva Shankar Naga Roddam
 - 
 1 
Anil Singhvi^
 - 
 - 
G V  Krishnakanth^^
 - 
 - 
 - 
 3 
Director sitting fees
Anil Singhvi 
 19 
 18 
Nisha Dutt  
 15 
 14 
Poornima Prabhu
 17 
 13 
George Zacharias 
 11 
 11 
Pratima Ram
 2 
 - 
Devika Sathyanarayana
 1 
 1 
 65 
 57 
Commission payable
Anil Singhvi 
 9 
 11 
Nisha Dutt  
 9 
 9 
Poornima Prabhu
 9 
 7 
George Zacharias 
 9 
 9 
 36 
 36 

193
Subex Annual Report 2022-23
32.  Related party transactions (contd.)
iii. Details of balances receivable from and payable to related parties are as follows:
	
(` in Lakhs)
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Salary and perquisites:
Vinod Kumar Padmanabhan (includes remuneration from Subex Assurance LLP)
 21 
 - 
Shiva Shankar Naga Roddam (includes remuneration from Subex Assurance LLP) 
 10 
 - 
Sumit Agarwal
 16 
 - 
G V  Krishnakanth 
 4 
 - 
 51 
 - 
Commission payable
Anil Singhvi 
 9 
 11 
Nisha Dutt  
 9 
 9 
Poornima Prabhu
 9 
 7 
George Zacharias 
 9 
 9 
 36 
 36 
iv. Details of Employee stock options plans (‘ESOPs’) outstanding for Key Managerial Personnel’s
Year ended 
March 31, 2023 
Year ended 
March 31, 2022
Opening options 
 23,30,000 
 40,40,000 
Options granted during the year
 - 
 - 
Options exercised during the year
 (6,50,000)
 (17,10,000)
Closing options 
 16,80,000 
 23,30,000 
* The remuneration to the key managerial personnel does not include the provision/ accruals, made on best estimate basis, as they are determined for the Group 
as a whole.
^ Represents dividend paid ` Nil during the year ended March 31, 2023 and ` 15,000 during the year ended March 31, 2022 which are presented as ` Nil due to 
rounding off.
^^ Represents dividend paid ` Nil during the year ended March 31, 2023 and ` 21,250 during the year ended March 31, 2022 which are presented as ` Nil due to 
rounding off.
# The Board of Directors of Subex Limited at its meeting held on February 03, 2023 approved the re-appointment of Mr. Shiva Shankar Naga Roddam as whole-
time director effective February 07, 2023 subject to the shareholder’s approval. The special resolution proposed before the shareholders vide postal ballot notice 
dated February 03, 2023 was not passed by the shareholders of Subex Limited with requisite majority. Consequently, Mr. Shiva Shankar Nagar Roddam ceased to be 
whole-time director of Subex Limited with effect from May 03, 2023 and accordingly, an amount of ` 1.5 Lakhs representing remuneration for the period February 
07, 2023 to March 31, 2023 is recoverable from him.	
	
	
	
	
	
	
	
33. Contingent liabilities and commitments   
	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
Income tax demands [refer note (i)]
 369 
 6,609 
Service tax demands [refer note (ii)]
 3,687 
 3,687 
Bank guarantees (furnished to customers)
 419 
 508 
Claim against the Company in the Employment Tribunal in the UK
 98 
 - 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

194
Subex Annual Report 2022-23
i. 	
Income tax
a) 	 The Company has recevied favourable orders from Hon’ble Karnataka High Court for FY 2010-11 and from ITAT for FY 2013-14 and FY 
2014-15 therefore, contingent liabilty has been reduced to ` 369 lakhs. The Company is yet to receive the order giving effects (OGE) 
for the said assessment years. Further, the Company has filed an appeal before the Hon’ble Karnataka High Court for FY 2013-14 and 
the management, including it’s tax experts/advisors are confident that it’s position will likely be upheld on ultimate resolution and it 
will not have material adverse effect on the Company’s financials position and results of operations.  With respect to the aforesaid 
demands ` 1,776 Lakhs has been paid/refund adjusted under protest.	
b) 	 One of the subsidiary, Subex Technologies Limited, has received favourable order from Hon’ble Karnataka High Court with respect to 
appeal filed by the Income Tax Department for AY 2008-09 relating to matter under section 201(1) of Income Tax Act,1961 quashing 
Notice of Demand dated 15.02.2016 and the Show Cause Notice dated 03.02.2015.
	
Further Subex Technologies Limited, has also received favourable order from ITAT for AY 2008-09 relating to matter under section 
143(3) of the Income Tax Act, 1961.
ii. 	
Service tax
	
The Company has received demand order towards the service tax  on import of certain services and equivalent amount of penalties 
under the provisions of the Finance Act, 1994 along with the consequential interest during the period April 2006 to July 2009. These 
demands are disputed by the management and the Group has filed appeals against these orders with various appellate authorities. The 
management is of the view that the service tax is not applicable on those import of services, and is confident that the demands raised by 
the Assessing Officers are not tenable under law. 
34.  Employee stock options plans (‘ESOPs’)
During the year 2018-2019, the Board of Directors and the shareholders of the Company approved “Subex Employees Stock Option Scheme 
– 2018” (referred to as the “ESOP Scheme 2018” or “ESOP - V”) to be administered through Subex Employee Welfare and ESOP Benefit Trust 
(referred to as the “ESOP Trust”). The ESOP Trust is authorised to acquire shares of the Company through secondary market for administering 
ESOP for its employees. The ESOP Trust is consolidated in the standalone financial results of the Company and the shares reacquired and 
held by ESOP Trust are treated as treasury shares recognised at cost and deducted from other equity. The ESOP trust held 1,11,10,800 and 
12,533,720 treasury shares as at March 31, 2023 and March 31, 2022, respectively.
The Nomination & Remuneration Committee in their meeting held on January 31, 2022 granted 14,48,000 options under approved “Subex 
Employees Stock Option Scheme – 2018” to the eligible employees. The shares granted vest over a period of 1 to 3 years and can be exercised 
over a maximum period of 3 years from the date of vesting.
There is an extension of exercise period till June 30, 2023 for those vested options which were getting lapsed in February 2023.	
Employees stock options details as on the balance sheet date are:
2022-23
2021-22
Options (no.)
Weighted average 
exercise price per 
stock option (`)
Options (no.)
Weighted average 
exercise price per 
stock option (`)
Options outstanding at the beginning of the year
     ESOP – V
 1,14,57,628 
 8.86 
 1,98,71,500 
 6.75 
Exercised during the year
     ESOP – V
 14,22,920 
 6.11 
 73,37,780 
 6.00 
Granted during the year
     ESOP – V
 - 
 - 
 14,48,000 
 20.00 
Forfeited and expired during the year
     ESOP – V
 4,53,250 
 15.57 
 25,24,092 
 6.95 
Options outstanding at the end of the year
     ESOP – V
 95,81,458 
 8.95 
 1,14,57,628 
 8.86 
Options exercisable at the end of the year
     ESOP – V
 79,46,523 
 8.66 
 94,89,628 
 6.66 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
33. Contingent liabilities and commitments (contd.)

195
Subex Annual Report 2022-23
Details of weighted average remaining contractual life and range of exercise prices for the options outstanding at the balance sheet date:
Particulars
Weighted average remaining 
contractual life(years)*
Range of exercise prices (`)
2022-23
2021-22
2022-23
2021-22
ESOP – V
 1.23 
 1.84 
 6.00-20.00 
 6.00-20.00 
* considering vesting and exercise period
Fair value methodology
The key assumptions used in Black-Scholes model for calculating fair value of ESOP during the year is as below:	
	
	
Particulars
March 31, 2023
March 31, 2022
Risk-free interest rate
5%-7%
5%-7%
Expected volatility of share
41%-72%
41%-72%
Expected life (years)
2-3
2-3
Dividend yield
0%-1.88%
0%-1.88%
Exercise Price (`)
6.00-20.00
6.00-20.00
Weighted average fair value as on grant date (`)
0.96-30.24
0.96-30.24
The expected life of stock options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The 
expected volatility reflects assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not 
necessarily be the actual outcome.
35. Employee benefit plans
a)  	 Provident fund
	
The Group makes contributions to Provident Fund, Pension Fund, Employee State Insurance scheme and other funds which are defined 
contribution plan for qualifying employees. Under the scheme, the Group is required to contribute a specified percentage of the payroll 
costs to fund the benefits. The Group recognized ` 1,196 Lakhs (March 31, 2022: ` 1,310 Lakhs) towards Provident Fund contribution 
(including administration charges) and Pension Fund contributions (including ` 401K contribution).
b)  	 Gratuity
 	
The Group offers Gratuity benefits to employees, a defined benefit plan. Gratuity plan is governed by the Payment of Gratuity Act, 1972. 
Under gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure @15 days of last drawn 
salary for each completed year of service. The scheme is funded with an insurance company in the form of qualifying insurance policy. 
The following tables set out the status of the gratuity plan:
Disclosure as per Ind AS 19
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
A.
Change in defined benefit obligation
Obligations at beginning of the year
 859 
 758 
Service cost
 109 
 126 
Interest cost
 45 
 37 
Benefits settled
 (236)
 (137)
Actuarial loss (through OCI)
 (21)
 67 
Currency translation adjustment
 19 
 8 
Obligations at end of the year
 775 
 859 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
34.  Employee stock options plans (‘ESOPs’) (contd.)

196
Subex Annual Report 2022-23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
35. Employee benefit plans (contd.)
(` in Lakhs)
As at
March 31, 2023 
As at
March 31, 2022
B.
Change in plan assets
Plan assets at beginning of the year, at fair value
 421 
 356 
Expected return on plan assets
 28 
 22 
Actuarial gain (through OCI)
 2 
 3 
Contributions
 211 
 177 
Benefits settled
 (236)
 (137)
Plan assets at the end of the year
 426 
 421 
C.
Net liability recognised in the consolidated balance sheet
Present value of defined benefit obligation at the end of the year
 (775)
 (859)
Fair value of plan assets at the end of the year
 426 
 421 
Net liability
 (349)
 (438)
(` in Lakhs)
Year ended 
March 31, 2023
Year ended 
March 31, 2022
D.
Expenses recognised in the consolidated statement of profit and loss:
Service cost
 109 
 126 
Interest cost (net)
 35 
 15 
Net gratuity cost
 144 
 141 
E.
Re-measurement (losses)/ gains in OCI
Actuarial (loss)/ gain due to financial assumption changes
 (6)
 (3)
Actuarial (loss)/ gain due to experience adjustments
 27 
 (64)
Actuarial (loss)/ gain - return on plan assets greater than discount rate
 18 
 3 
Total expenses recognised through OCI
 39 
 (64)
F.
Assumptions
Discount rate
4.9% - 7.36%
4.20%
Expected return on plan assets
6.19% - 6.63%
6.15%
Salary escalation*
4% - 7%
6.00%
Attrition rate
18% - 20%
18.00%
Retirement age
 60 years 
 60 years 
Assumptions regarding future mortality experience are set in accordance with the published statistics by Indian Assured Lives Mortality (2012-14) [March 31, 2022: 
Indian Assured Lives Mortality (2012-14)].	
	
	
	
	
*The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors, benefit obligation 
such as supply and demand in the employment market.	
(` in Lakhs)
As at
March 31, 2023
As at
March 31, 2022
G.
Five years pay-outs
Year 1
 127 
 134 
Year 2
 116 
 126 
Year 3
 107 
 115 
Year 4
 102 
 105 
Year 5
 93 
 97 
After 5th Year
 533 
 584 
H.
Contribution likely to be made for the next one year
 127 
 134 
I.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Investment with insurer
100%
100%

197
Subex Annual Report 2022-23
J.
Sensitivity analysis
(` in Lakhs)
Particulars
Year ended March 31, 2023
Year ended March 31, 2022
Effect of change in discount rate
0.5% increase
0.5% decrease
0.5% increase
0.5% decrease
Impact on defined benefit obligation increase/ (decrease)
 (16)
 16 
 (18)
 19 
Effect of change in salary
1% increase
1% decrease
1% increase
1% decrease
Impact on defined benefit obligation increase/ (decrease)
 30 
 (28)
 35 
 (33)
Effect of change in withdrawal assumption
 5% increase 
 5% decrease 
 5% increase 
 5% decrease 
Impact on defined benefit obligation increase/ (decrease)
 (6)
 3 
 (19)
 22 
K.
The average duration of the defined benefit plan obligation at the end of the reporting period of gratuity is 6 years (March 31, 2022: 6 years).	
36. Additional information pursuant to para 2 of general instructions for the preparation of consolidated 
financial statements:
Contribution of net assets/ (liability), Share in profit or loss/ comprehensive income in the consolidated financial statements:  
As at and for the year ended March 31, 2023	
(` in Lakhs)
Name of the entity
Net Assets i.e., total assets 
minus total liabilities
Share in profit or loss
Share in other 
comprehensive income or 
(loss)
Share in total 
comprehensive income 
or (loss)
As % of 
Consolidated 
net assets 
Amount
As % of 
Consolidated 
profit or 
(loss)
Amount
As % of 
consolidated 
other 
comprehensive 
income or 
(loss)
Amount
As % of 
consolidated 
total 
comprehensive 
income or 
(loss)
Amount
Parent 
Subex Limited
51%
 42,387 
56%
 (6,876)
3%
 19 
59%
 (6,857)
Indian subsidiaries
Subex Assurance LLP
38%
 30,921 
7%
 (793)
3%
 17 
7%
 (776)
Subex Digital LLP
(3%)
 (2,582)
19%
 (2,355)
 - 
 (3)
20%
 (2,358)
Subex Technologies Limited
 - 
 5 
 - 
 (3)
 - 
 - 
 - 
 (3)
Subex Account Aggregator Services 
Private Limited
 - 
 222 
 - 
 (3)
 - 
 - 
 - 
 (3)
Foreign subsidiaries
Subex (Asia Pacific) Pte Ltd.
1%
 845 
(1%)
 101 
15%
 90 
(2%)
 191 
Subex (UK) Ltd.
9%
 7,824 
8%
 (934)
110%
 685 
2%
 (249)
Subex Americas Inc. 
7%
 5,623 
 - 
 (56)
(6%)
 (35)
1%
 (91)
Subex Inc.
(1%)
 (502)
(2%)
 272 
(10%)
 (61)
(2%)
 211 
Subex Middle East
(2%)
 (2,034)
12%
 (1,486)
(14%)
 (88)
14%
 (1,574)
Subex Bangladesh Pvt.Ltd
 - 
 (141)
1%
 (69)
(1%)
 (4)
1%
 (73)
Total
100%
 82,568 
100%
 (12,202)
100%
 620 
100%
 (11,582)
Adjustments arising out of consolidation
 (30,384)
 7,081 
 - 
 7,081 
Total
 52,184 
 (5,121)
 620 
 (4,501)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
35. Employee benefit plans (contd.)

198
Subex Annual Report 2022-23
As at and for the year ended March 31, 2022	
(` in Lakhs)
Name of the entity
Net Assets i.e., total assets 
minus total liabilities
Share in profit or loss
Share in other 
comprehensive income or 
(loss)
Share in total 
comprehensive income 
or (loss)
As % of 
Consolidated 
net assets 
Amount
As % of 
Consolidated 
profit or 
(loss)
Amount
As % of 
consolidated 
other 
comprehensive 
income or 
(loss)
Amount
As % of 
consolidated 
total 
comprehensive 
income or 
(loss)
Amount
Parent 
Subex Limited
48%
 48,926 
33%
 (447)
(1%)
 (3)
39%
 (450)
Indian subsidiaries
Subex Assurance LLP
40%
 40,893 
(102%)
 1,368 
(17%)
 (35)
(117%)
 1,333 
Subex Digital LLP
(1%)
 (1,408)
195%
 (2,618)
(5%)
 (11)
231%
 (2,629)
Subex Technologies Limited
 - 
 8 
 - 
 (4)
 - 
 - 
 - 
 (4)
Foreign subsidiaries
Subex (Asia Pacific) Pte Ltd.
1%
 653 
(10%)
 143 
8%
 17 
(14%)
 160 
Subex (UK) Ltd.
8%
 8,073 
11%
 (152)
140%
 286 
(12%)
 134 
Subex Americas Inc. 
6%
 5,713 
2%
 (33)
(7%)
 (14)
4%
 (47)
Subex Inc.
(1%)
 (713)
(70%)
 937 
(11%)
 (22)
(80%)
 915 
Subex Middle East
(1%)
 (460)
39%
 (518)
(6%)
 (13)
47%
 (531)
Subex Bangladesh Pvt.Ltd
 - 
 (68)
2%
 (20)
(1%)
 (2)
2%
 (22)
Total
100%
 1,01,617 
100%
 (1,344)
100%
 203 
100%
 (1,141)
Adjustments arising out of consolidation
 (45,250)
 3,443 
 - 
 3,443 
Total
 56,367 
 2,099 
 203 
 2,302 
37. Capital management
The Group financial strategy aims to foster its strategic priorities and provide adequate capital to its businesses to grow and invest for generating 
sustained stakeholder value. The Group funds its operations mainly through internal accruals. The Group aims at maintaining a strong capital 
base so as to maintain adequate supply of funds towards future growth of its businesses as a going concern. The capital structure of the Group 
comprises only of equity as detailed in the Statement of Changes in Equity. The Group does not have any long-term debt obligation.
The Group is not exposed to any externally imposed capital requirements	
	
	
	
	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023
36. Additional information pursuant to para 2 of general instructions for the preparation of consolidated 
financial statements: (contd.)

199
Subex Annual Report 2022-23
38. Fair value hierarchy   
The carrying value of financial instruments by categories is as follows:	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at
March 31, 2022
Financial assets measured at amortized cost
Interest accrued but not due on bank deposits*
 69 
 34 
Trade receivables*
 9,037 
 9,681 
Unbilled revenue*
 3,790 
 6,780 
Security deposits^
 697 
 317 
Loans and advances to employees*
 134 
 161 
Margin money deposits with remaining maturity more than 12 months
 121 
 130 
Margin money deposits with remaining maturity less than 12 months
 186 
 181 
 14,034 
 17,284 
Financial assets measured at fair value through profit or loss
Investment in mutual fund**
 1,222 
 1,165 
Foreign currency forward contract***
 - 
 8 
 1,222 
 1,173 
Financial assets measured at fair value through other comprehensive Income
Investment in Privasapien Technologies Private Limited^
 165 
 - 
 165 
 - 
Cash and cash equivalents and other balances with banks
Balance with banks
 10,762 
 10,663 
Earmarked balances with banks being unpaid dividend accounts
 28 
 28 
Margin money deposits with original maturity more than 3 months but less than 12 months
 125 
 176 
 10,915 
 10,867 
Financial liabilities measured at amortized cost
Employee related liabilities*
 1,804 
 1,459 
Trade payables*
 1,262 
 1,672 
Capital creditors*
 71 
 4 
Lease liabilities^
 3,339 
 1,468 
 6,476 
 4,603 
* The carrying value of these accounts are considered to be the same as their fair value, due to their short term nature. Accordingly, these are classified as level 3 
of fair value hierarchy.	 	
	
	
	
** Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities.	
	
	
	
	
*** Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
 (i.e. derived from prices).	
	
	
	
	
^ The fair value of these accounts was calculated based on cash flow discounted using a current lending/ borrowing rate, they are classified as level 3 fair value 
hierarchy due to inclusion of unobservable inputs including counterparty credit risk.	
39. Financial risk management
The Group’s activities expose it to the following risks:
i.	 Credit risk
ii.	Interest rate risk
iii.	Liquidity risk
iv.	Market risk
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

200
Subex Annual Report 2022-23
39. Financial risk management (contd.)
i.	
Credit risk
	
Credit Risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract leading to a 
financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and unbilled revenue) and from 
its financing activities including deposits with banks, foreign exchange transactions and other financial instruments.	 	
	
a.  Trade receivables
	
Credit risk is managed by each business unit as per the Group’s established policy, procedures and control relating to customer credit risk 
management. Outstanding customer receivables are regularly monitored.
	
The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor 
receivables are grouped into homogeneous groups and assessed for impairment collectively. The maximum exposure to credit risk at the 
reporting date is the carrying value of each class of financial assets. The Group does not hold collateral as security.
	
b.  Credit risk exposure
	
The Group’s credit period generally ranges from 30 - 180 days. The credit risk exposure of the Group is as below:
	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at
March 31, 2022
Trade receivables
 9,037 
 9,681 
Unbilled revenue
 3,790 
 6,780 
Total
 12,827 
 16,461 
	
The movement in credit loss allowance on customer balance is as follows :	
	
	
	
	
	
(` in Lakhs)
Particulars 		
	
As at
March 31, 2023
As at
March 31, 2022
Opening balance
 1,834 
 2,088 
Add/(less): Provided/(reversal) during the year
 1,991 
 351 
Less: Bad-debts written-off 
 (229)
 (654)
Add/(less): Translation difference
 301 
 49 
Closing balance
 3,897 
 1,834 
	
c.  Other financial assets and deposits with banks
	
Credit risk is limited, as the Group generally invests in deposits with banks with high credit ratings assigned by international and domestic 
credit rating agencies. Counterparty credit limits are reviewed by the Group periodically and the limits are set to minimise the concentration 
of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.
ii.  	 Interest rate risk
	
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest 
rates. The Group risk of changes in interest rates relates primarily to the Group’s debt obligations with floating interest rates for the period 
the group was holding the debts. 	 	
	
	
	
	
The Group does not have any debt outstanding as at March 31, 2023. Also, the Group’s investments are primarily in fixed rate interest 
bearing investments. Hence, the Group is not significantly exposed to interest rate risk as at March 31, 2023.
iii.  	 Liquidity risk
	
The Group’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Group 
believes that the cash and cash equivalents is sufficient to meet its current requirements. Accordingly no liquidity risk is perceived.	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

201
Subex Annual Report 2022-23
39. Financial risk management (contd.)	
	
The break-up of cash and cash equivalents and deposits is as below:	
	
	
	
(` in Lakhs)
Particulars 
As at
March 31, 2023
As at
March 31, 2022
Cash and cash equivalents
 5,238 
 8,539 
Other balances with banks
 5,984 
 2,639 
Investment in mutual fund
 1,222 
 1,165 
 12,444 
 12,343 
	
The table below summarises the maturity profile of the Group’s financial liabilities at the reporting date. The amounts are based on 
contractual undiscounted payments. 	
	
	
	
	
  	
	
	
	
	
	
	
	
	
	
	
(` in Lakhs)
Particulars
On demand
0-180 Days
181-365 Days
More than 365 Days
Total
As at March 31, 2023
Trade payables
 - 
 1,254 
 8 
 - 
 1,262 
Lease liabilities*
 - 
 530 
 550 
 2,720 
 3,800 
Other financial liabilities
 28 
 1,507 
 368 
 - 
 1,903 
 28 
 3,291 
 926 
 2,720 
 6,965 
As at March 31, 2022
Trade payables
 - 
 1,669 
 3 
 - 
 1,672 
Lease liabilities*
 - 
 236 
 233 
 1,194 
 1,663 
Other financial liabilities
 28 
 1,417 
 46 
 - 
 1,491 
 28 
 3,322 
 282 
 1,194 
 4,826 
	
*Includes future cash outflow toward estimated interest on lease liabilities
iv.  	 Market risk
	
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign 
exchange rates. The Group’s exchange risk arises from its foreign operations, foreign currency revenues and expenses. The Group has 
exposures to United States Dollars (‘USD’), Great Britain Pound (‘GBP’), Euro (‘EUR’) and other currencies. The Group’s exposure to the risk 
of changes in foreign exchange rates relates primarily to the Group’s operating activities and financing activities.
	
Below is the summary of foreign currency exposure of Group’s financial assets and liabilities.
	
March 31, 2023	
(` in Lakhs)
Particulars
Denominated currency
Total
 USD 
 GBP 
 EUR 
 Others 
Financial assets
Trade receivables
 1,996 
 367 
 1,027 
 1,750 
 5,140 
Cash and cash equivalents and other bank balances
 378 
 286 
 101 
 1,394 
 2,159 
Other financial assets
 1,422 
 284 
 594 
 701 
 3,001 
Total financial assets
 3,796 
 937 
 1,722 
 3,845 
 10,300 
Financial liabilities
Other financial liabilities
 97 
 47 
 95 
 162 
 401 
Trade payable
 178 
 56 
 30 
 163 
 427 
Total financial liabilities
 275 
 103 
 125 
 325 
 828 
Net financial assets/ (liabilities)
 3,521 
 834 
 1,597 
 3,520 
 9,472 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

202
Subex Annual Report 2022-23
	
March 31, 2022	
(` in Lakhs)
Particulars
Denominated currency
Total
 USD 
 GBP 
 EUR 
 Others 
Financial assets
Trade receivables
 1,925 
 733 
 2,342 
 863 
 5,863 
Cash and cash equivalents and other bank balances
 341 
 467 
 240 
 682 
 1,730 
Other financial assets
 1,521 
 109 
 1,078 
 1,001 
 3,709 
Total financial assets
 3,787 
 1,309 
 3,660 
 2,546 
 11,302 
Financial liabilities
Other financial liabilities
 480 
 88 
 502 
 236 
 1,306 
Total financial liabilities
 480 
 88 
 502 
 236 
 1,306 
Net financial assets/ (liabilities)
 3,307 
 1,221 
 3,158 
 2,310 
 9,996 
The Company holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in 
exchange rates on foreign currency exposures. The counter party for these transactions are banks. These derivative financial instruments 
are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in 
the market place.
Forward contracts outstanding are as below:
Currency
Foreign currency amount
Amount in ` lakhs
As at
March 31, 2023
As at
March 31, 2022
As at
March 31, 2023
As at
March 31, 2022
USD
 15,95,000 
 20,85,000 
 1,311 
 1,580 
GBP
 - 
 - 
 - 
 - 
Sensitivity analysis
Every 1% appreciation or depreciation in the respective foreign currencies against functional currency of the each of the group entities 
would cause the profit before exceptional items in proportion to revenue to increase or decrease respectively by 0.34% (March 31, 2022: 
0.30%).
40.	As per section 135 of The Company’s Act, 2013, a Corporate Social Responsibility (‘CSR’) committee has been formed by Subex Limited. 
The primary function of the Committee is to assist the Board of Directors in formulating the CSR policy and review the implementation 
and progress of the same from time to time. The CSR Policy focuses on creating opportunities for the disadvantaged with emphasis on 
persons with disabilities. During the year ended March 31, 2023, considering losses incurred in past years, the Company does not have 
the obligation to incur expenses in relation to CSR. 	
	
	
	
	
	
	
41.	 The Group Companies has entered into ‘International transactions’ with ‘Associated Enterprises’ which are subject to Transfer Pricing 
regulations in India, as well as in the other geographies. The Group is in the process of carrying out transfer pricing study for the year 
ended March 31, 2023 in this regard, to comply with the requirements of the Income Tax Act, 1961 and other applicable laws in other 
countries. The Management of the Group, is of the opinion that such transactions with Associated Enterprises are at arm’s length and 
hence in compliance with the aforesaid legislation. Consequently, this will not have any impact on the consolidated financial statements, 
particularly on account of tax expense and that of provision for taxation.	
	
	
	
	
	
	
42.	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 year ended March 31, 2022, 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. 	
	
	
	
	
	
	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

203
Subex Annual Report 2022-23
43.	Pursuant to the Ministry of corporate affairs (“MCA”) notification dated August 05, 2022 relating to maintenance of electronic books of 
accounts as per Rule 3 of the Companies (Accounts) rules, 2014 of of section 128 of Companies Act, 2013, the Company maintains the 
data in electronic mode and the applications are accessible in India all times. The Company is taking steps to ensure that backup is taken 
on a daily basis and stored in servers located in India. 	 	
	
	
	
44.	The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards 
Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on 
November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess 
the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in 
the period in which, the Code becomes effective and the related rules to determine the financial impact are published.	
	
As per our report of even date
For and on behalf of the Board of Directors of Subex Limited
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
Anil Singhvi  	
Chairman, Non- Executive & Non-Independent Director
DIN : 00239589 
Place: Mumbai, India  	
Nisha Dutt
Chief Executive Officer
Place: Bengaluru, India
per Rajeev Kumar
Partner
Membership No.: 213803
Sumit Kumar
Chief Financial Officer
Place: Bengaluru, India
G V Krishnakanth  	
Company Secretary 	
Place: Bengaluru, India 	
Place: Bengaluru, India
Date: May 15, 2023
Date: May 15, 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended March 31, 2023

204
Subex Annual Report 2022-23
“SHAREHOLDERS’ INFORMATION”
REGISTERED OFFICE
The Registered office of the Company is at 
Pritech Park – SEZ, Block-09, 4th Floor, B Wing, 
Survey No. 51 to 64/4, Outer Ring Road, Bellandur Village, 
Varthur Hobli, Bangalore, Karnataka-560103.
DATE AND VENUE OF THE 28TH ANNUAL GENERAL MEETING (AGM)
Date 	
: September 29, 2023
Venue 	
: Video Conference/Other Audio-Visual Means
	
  (Deemed Venue is at the Registered Office of the Company situated at
	
  Pritech Park - SEZ, Block-09, 4th Floor, B Wing, Sy No. 51-64/4,
	
  ORR, Bellandur Vlg, Varthur Hobli, Bangalore- 560103 )
Time 	
: 11:00 A.M (IST)
DATES OF BOOK CLOSURE
From September 23, 2023 to September 29, 2023 (both days inclusive)
BOARD MEETINGS & FINANCIAL CALENDAR
The Company financial year begins on April 1 and ends on March 31 every year.
Calendar of Board Meetings to adopt the accounts
Financial year 2023-24 	
	
	
: April 01, 2023 to March 31, 2024
For quarter ending June 30, 2023 	
	
: 2nd week of August 2023
For quarter ending September 30, 2023 	
: 2nd week of November 2023
For quarter ending December 31, 2023 		
: 2nd week of February 2024
For the year ending March 31, 2024	
	
: 4th week of May 2024
DIVIDEND
The Directors have not proposed any dividend to be paid for the financial year 2022-23.
LISTING ON STOCK EXCHANGES
Equity Shares of the Company are quoted on the National Stock Exchange of India Limited (NSE) since September 5, 2003 and on the BSE 
Limited (BSE) since July 31, 2000. The Company has paid listing fees for the financial year(s) 2022-23 and 2023-24 in accordance with the 
provisions of the SEBI (LODR) Regulations, 2015.
2,43,207 Global Depositary Receipts (GDRs) of the Company are listed on the Professional Securities Market of London Stock Exchange. The 
Board of Directors of the Company on May 30, 2022 passed a resolution approving the termination of the GDR program in light of the low 
trading volume of the Global Depository Receipts, and the outstanding equity shares underlying the GDRs not constituting more than 0.04% 
of the Company’s issued and paid-up equity shares as of March 31, 2022. Consequently, GDRs were de-listed from the Professional Securities 
Market of London Stock Exchange  effective from September 26, 2022
The stock codes of the Company at the Stock Exchanges are as follows:
Name and address of the Stock Exchange
Stock code
National Stock Exchange of India Limited,
Exchange Plaza, 5th Floor, Plot No. C/1, G Block Bandra Kurla Complex,
Bandra (East) Mumbai- 400051
SUBEXLTD
BSE Limited,
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001
532348
The International Securities Identification Number (ISIN) for the Company’s Equity Shares in dematerialized form is INE754A01055.
CUSTODIAL FEE
Pursuant to the Securities and Exchange Board of India (SEBI) Circular No. MRD/DoP/SE/Dep/Cir-4/2005 dated January 28, 2005 issuer 
companies are required to pay custodial fees to the depositories with effect from April 1, 2005. The said circular has been partially modified 
vide SEBI’s Circular No. MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009. The Company, in accordance with the aforesaid circulars, paid 
custodial fees for the financial year 2022-23 and 2023-24 to NSDL and CDSL on the basis of the number of beneficial accounts maintained by 
them as on March 31, 2022 and March 31, 2023 respectively.

205
Subex Annual Report 2022-23
STOCK MARKET DATA RELATING TO EQUITY SHARES LISTED IN INDIA
Monthly high and low quotes during each month in the financial year 2022-23 as well as the volume of shares traded on NSE and BSE are as 
under:
Month
NSE
BSE
High Price
Low Price
Number of shares 
traded
High Price
Low Price
Number of shares 
traded
Apr-22
43.10
31.15
1268.27
43.10
32.20
257.70
May-22
35.10
27.25
567.68
35.15
27.20
164.01
Jun-22
30.60
18.60
856.75
30.50
18.70
194.00
Jul-22
28.70
23.60
607.66
28.70
23.60
125.13
Aug-22
48.25
26.30
2543.16
48.25
26.30
555.14
Sep-22
38.20
30.95
643.79
38.10
30.95
122.47
Oct-22
34.00
29.75
386.70
34.00
29.75
76.92
Nov-22
33.20
28.30
705.25
33.20
28.70
154.72
Dec-22
36.00
30.70
1614.07
35.90
30.75
342.19
Jan-23
39.10
33.50
1239.64
39.10
33.50
229.70
Feb-23
35.05
28.20
415.55
35.05
28.20
77.67
Mar-23
30.35
25.00
443.07
30.30
25.00
110.75
SUBEX LIMITED SHARE PRICE VERSUS NSE S&P CNX NIFTY AND SENSEX (* Closing indices)
Month
BSE Sensex *
Nifty 50
Apr-22
57060.87
16953.95
May-22
55566.41
15782.15
Jun-22
53018.94
15293.50
Jul-22
57570.25
15752.05
Aug-22
59537.07
17312.90
Sep-22
57426.92
16818.10
Oct-22
60746.59
16887.35
Nov-22
63099.65
18028.20
Dec-22
60840.74
17806.80
Jan-23
59549.90
17604.35
Feb-23
58962.12
17303.95
Mar-23
58991.52
16945.05

206
Subex Annual Report 2022-23
CREDIT RATING
As per the CRISIL’s letter dated October 19, 2022, the Company’s credit rating is CCR BBB+/Negative.
Rating History is as mentioned below:
Instrument Type
Current Rating/Outlook
Historical Rating Outlook
Rating
September 03, 2021
September 04, 2020
August 07, 2019
Issuer Rating
CCR BBB+/Negative
CCR A - /Stable
IND A - /Positive
IND A - /Stable
Based on the request of the Company vide its letter dated March 28, 2023, requesting CRISIL Ratings to withdraw the outstanding Corporate 
Credit Rating of Subex Limited, CRISIL vide its letter ref no. RL/GDS21072/317608/Corporate Credit Rating/0423/57907/96327563 dated 
April 21, 2023, has withdrawn the “CCR BBB+Negative” (pronounced as CCR triple B plus rating with Negative outlook) rating assigned to the 
Company.
SHAREHOLDING PATTERN
Distribution of Shareholding:
No. of Equity shares held
As on March 31, 2023
As on March 31, 2022
No. of share holders
% to total share holders
No. of share holders
% to total share holders
 1-5000
3,12,615
85.12
3,13,967
85.12
 5001- 10000
24,178
6.58
23,928
6.49
 10001- 20000
13,865
3.78
13,653
3.70
 20001- 30000
6,135
1.67
6,367
1.73
 30001- 40000
2,316
0.63
2,291
0.62
 40001- 50000
2,435
0.66
2,471
0.67
 50001- 100000
2,978
0.81
3,150
0.85
100001& Above
2,741
0.75
3,045
0.83
Total
3,67,263
100
3,68,872
100
Categories of Shareholders:
Categories of Shareholders
No. of Shares of face value of ` 5 each
% of holding
Promoter & Promoter group
Nil
Nil
Public
55,08,92,135
98.02
Non-Promoter, Non-Public *
1,11,10,800
1.98
Total
56,20,02,935
100
*Includes shares held by the Subex Employee Welfare and ESOP Benefit Trust

207
Subex Annual Report 2022-23
REGISTRAR AND SHARE TRANSFER AGENTS (RTA) AND SHARE TRANSFER SYSTEM
KFin Technologies Limited (Formerly known as KFin Technologies Private Limited) are the Registrar and Share Transfer Agent of the Company 
having its registered office at Karvy Selenium, Tower B, Plot No- 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad – 
500032.
A.	
Process for Transfer of Shares:
	
According to SEBI (LODR) Regulations, 2015, no shares can be transferred unless they are held in dematerialized mode. Members holding 
shares in physical form are therefore requested to convert their holdings into dematerialized mode to avoid loss of shares and fraudulent 
transactions and avail better investor servicing. Accordingly, only valid transmission or transposition cases may be processed by the RTA 
of the Company, subject to compliance with the guidelines prescribed by SEBI.
	
The Board has delegated the authority for approving transmissions or transposition of shares etc. to the Stakeholders Relationship 
Committee. The decisions of the Stakeholders Relationship Committee are placed before the Board at the subsequent Board Meeting.
	
Shares in physical form for transfer/transmission/transposition should be lodged with the office of the Company’s Registrar & Share 
Transfer Agent, M/s. KFin Technologies Limited, at the addresses given above or at the Registered Office of the Company. The above cases 
are processed if technically found to be in order and complete in all respects.
B.	
Share transfers and other communication regarding Share certificates, updation of records, e-mail id’s, etc. may be addressed to:
	
KFin Technologies Limited,
	
Selenium Building, Tower-B,
	
Plot No- 31 & 32, Financial District,
	
Nanakramguda, Serilingampally,
	
Hyderabad, Telangana - 500032
	
Tel Nos. +91 40 6716 2222
	
E-mail: einward.ris@kfintech.com
	
Website: https://www.kfintech.com/
SHARES HELD IN PHYSICAL AND DEMATERIALISED FORM
As on March 31, 2023, 99.99% of the Company’s shares were held in dematerialized form and the rest in physical form.
OUTSTANDING GDRs/ADRs/WARRANTS/CONVERTIBLE INSTRUMENTS AND THEIR IMPACT ON EQUITY
There are no outstanding convertible instruments in the company.
LOCATIONS
 	
Westminster, Colorado USA
 	
Harrow, Middlesex, UK
 	
Burlington Square, Singapore
 	
Sharjah Airport International Free Zone, Sharjah, UAE
 	
Dhaka, Bangladesh
LEGAL PROCEEDINGS
There are no legal proceedings against the Company which are material in nature.
NOMINATION
Pursuant to the provisions of Section 72 of the Companies Act, 2013, members may file nomination in respect of their shareholdings. Any 
member willing to avail this facility may submit to the Company the prescribed Form SH 13 (in duplicate), if not already filed. Form SH 13 can 
be obtained from the RTA Agents of the Company. Members holding shares in electronic form are requested to give the nomination request 
to their respective Depository Participants directly.

208
Subex Annual Report 2022-23
INVESTOR GRIEVANCES
Details of the investor grievances received from the Registrar and Transfer agent (RTA) for the period from April 01, 2022 to March 31, 2023 are 
as stated below. Additionally, the Company has attended to all the investor grievances/correspondence received through E-mails or telephone 
on a timely manner.
Sl. No
Nature of Complaints
Received
Closed
1
Non receipt of Securities
Nil
Nil
2
Non Receipt of Annual Reports
12
12
3
Request for Correction / Duplicate / Revalidation of Dividend Warrant
3
3
4
Investors complaints through Stock Exchanges
Nil
Nil
4
Investors complaints through SEBI
4
4
5
Non Receipt of Dividend Warrant
17
17
6
Compliant regarding Demat / Remat 
Nil
Nil
 
Total
36
36
ADDRESS FOR CORRESPONDENCE
For any queries, please write to:
Mr. G V Krishnakanth
Company Secretary,
Subex Limited, Pritech Park – SEZ, Block-09,
4th Floor, B Wing, Survey No. 51 to 64/4,
Outer Ring Road, Bellandur Village,
Varthur Hobli, Bangalore, Karnataka-560103. India
Telephone: +91 80 3745 1377
Email: investorrelations@subex.com
WEBSITE
Company’s website www.subex.com contains comprehensive information about the Company, products, press releases, financials and 
investor relations. It serves as a source of information to the shareholders by providing key information like Board of Directors and the 
committees, financial results, shareholding pattern, preceding year’s Annual Reports, Annual General Meetings, distribution of shareholding, 
dividend, etc.

209
Subex Annual Report 2022-23
NOTES

www.subex.com  | Regional oﬃces: Dubai, Ipswich
India
CIN : L85110KA1994PLC016663
Pritech Park – SEZ
Block -09, 4th Floor, B Wing
Survey No. 51 to 64/4
Outer Ring Road, Bellandur Village
Varthur Hobli
Bangalore, Karnataka – 560 103
Tel No. 080 3745 1377
UK
Subex (UK) Limited
1st Floor, Rama Apartment,
17 St Ann’s Road, Harrow,
Middlesex, HA1 1JU, UK
Middle East
Subex Middle East (FZE)
Executive Desk Q1-04-098/B,
P.O. Box: 513156,
Sharjah Airport International
Free Zone, Sharjah, UAE
USA
Subex Inc.
1499 W 120th Ave,
Suite 210 Westminster,
CO 80234, USA
Singapore
Subex (Asia Paciﬁc)
Pte Limited
175A Bencoolen Street
#08-03 Burlington Square
Singapore - 189650
Canada
Subex Americas Inc.
C/O BDO Canada LLP,
5494, Manotick Main Street
Box. 978, Manotick, Ontario
Canada, K4M1A8
Bangladesh
Subex Bangladesh Private Limited
Wakil Tower, Ta-131 (8th Floor)
Gulshan Badda Link Road, 
Gulshan
Dhaka-1212, Bangladesh.