BANGALORE, INDIA: Subex Ltd, a provider of operations and business support systems (OSS/BSS) for communications service providers, announced on Thursday that it has recorded a net profit of Rs.. 24.04 crore (US $ 5.28 million) for the quarter ended December 31, 2010, a YoY growth of 112 per cent, compared to the net profit of Rs.. 11.38 crore (US $ 2.5 million) in the corresponding quarter of FY10.

The consolidated revenue for the quarter stood at Rs.. 126.77 crore (USD 27.83 million), up from Rs.. 126.57 crore (US $ 27.78 million) in FY 2010 Q3, while the EBITDA was Rs.. 37.84 crore, i.e. 34.03 per cent, as against Rs.. 29.98 crore, or 27.89 per cent in the corresponding quarter of FY10 Q3. Consolidated EBITDA for the period stood at Rs.. 38.66 crore (US $ 8.49 million).

Commenting on the business, Subash Menon, founder chairman, managing director and CEO, Subex Limited said, “We have recorded a strong turn around during this financial year on the back of several long term contracts. The changing nature of our contracts is leading to deeper relationships with our customers and better visibility and stability.”

He said Subex has seen strong traction for its ROC and Managed Services offering, with multiple million dollar customer wins across geographies during this quarter.

“We are confident to end this financial year on an extremely positive note as we continue to witness growth in revenue and higher EBITDA in the Product business,” said Subash Menon.