The Hindu Business Line : Matterhorn hikes stake in Subex

FOREIGN institutional investor, Matterhorn Advisory Singapore Pte Ltd, has increased its stake in the Bangalore-based telecom software maker, Subex Systems Ltd, to 7.75 per cent. Matterhorn has acquired some 37,000 shares through its sub accounts over the last two months to increase its shareholding to about 7.19 lakh shares.

As a result, Matterhorn Advisory has become the largest institutional shareholder in Subex Systems. The promoter and CEO, Mr Subash Menon, directly owns some 15 per cent stake in Subex Systems.

Through Subex Holdings, Mr Menon owns another 10 per cent in Subex Systems.

The Subex stock has appreciated by some 25 per cent since the beginning of the current financial year. Other major institutional investors include Prudential ICICI Mutual Fund, which under its various schemes, holds 7,45,059 shares aggregating 7.39 per cent of the total paid-up capital of Subex Systems. Reliance Energy Investments and Reliance Capital Trust have a stake close to five per cent each.

Subex recently received a $1.5-million order from an Asian company for deploying its flagship product, Ranger. For fiscal 2005, Subex reported a 45-per cent rise in net profits at Rs 25.72 crore on revenues of Rs 116 crore that grew by 33 per cent over the previous year.

Revenues from the products business grew by 58 per cent during the year accounting for 53 per cent of the overall revenues. In the current fiscal, Subex expects its products business to grow to Rs 95 crore-100 crore. Profit after tax is expected to grow to about Rs 38 crore-40 crore.

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