How has been the historical performance of Subex?

Answer:The historical performance of Subex shows a fluctuating trend in its financial metrics over the years, with significant losses in recent periods. Breakdown: Subex's net sales have seen a decline from 372.03 Cr in Mar'21 to 285.61 Cr in Mar'25, with a notable dip from 333.44 Cr in Mar'22 to 278.69 Cr in Mar'23. The total operating income followed a similar trend, decreasing from 372.03 Cr in Mar'21 to 285.61 Cr in Mar'25. The company has consistently reported no raw material costs or purchase of finished goods, indicating a unique operational model. Employee costs peaked at 214.49 Cr in Mar'22 but fell to 185.18 Cr in Mar'25. Other expenses increased from 76.33 Cr in Mar'21 to 115.08 Cr in Mar'25, contributing to total expenditures rising from 273.53 Cr in Mar'21 to 300.26 Cr in Mar'25. Operating profit has been negative since Mar'23, with a loss of -7.70 Cr in Mar'25 compared to a profit of 103.24 Cr in Mar'21. Profit before tax also turned negative, reaching -19.82 Cr in Mar'25, while profit after tax showed a loss of -31.44 Cr. The company's total assets decreased from 718.60 Cr in Mar'22 to 486.96 Cr in Mar'25, and total liabilities also fell from 695.19 Cr to 486.96 Cr in the same period. Cash flow from operating activities fluctuated, with a net cash outflow of -16.00 Cr in Mar'25, reflecting ongoing financial challenges.