To arrive at the rating, Ind-Ra continues to take a consolidated view of Subex, its foreign subsidiaries and Indian subsidiaries collectively known as the Subex Group, due to the operational and strategic linkages among them.
The Positive Outlook reflects Ind-Ra’s expectation of a sustained improvement in the group’s revenue and operating EBITDA, while maintaining the credit metrics. The rating remains supported by Subex ’s strong credit profile characterised by strong cash and equivalents and zero external debt.
Ind-Ra has withdrawn the rating since no specific debt was issued against the rating. The agency will no longer provide analytical or rating coverage for Subex, according to the rationale report.
At around 12:33 PM, Subex was trading at Rs56.25 apiece up by Rs1.45 or 2.65% on the BSE.