Subex Limited has received an order on June 30, 2024 under section 254 of the Income tax Act, 1961 from the Deputy Commissioner of Income Tax Circle 6(1)(1), Bengaluru, for the Assessment Year 2017-18. As per the order, the Company is entitled to a refund of INR 7.886 million. As per the order, the additional income determined on account of the Transfer Pricing Adjustment of INR 183.1 million now stands deleted, pursuant to which a refund of INR 788.6 million has been determined.

The Company is in the process of evaluating the implications of the order on the financial statements for the quarter ended June 30, 2024. Order Giving effect to the order passed by Hon'ble Income-tax Appellate Tribunal (ITAT), Bangalore, of AY 2017-2018.