Nucleus Software declares its fourth quarter results

Posted By: Religare
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Nucleus Software declares its fourth quarter results
Nucleus Software Ltd. has posted its fourth quarter results ending March 2011 on 2 May 2011. The company has also recorded decrease in net profit by 51.72 per cent to Rs 443.61 lakh in the quarter ended March 2011 from Rs 918.82 lakh in the quarter ended March 2010. 

Although the company has recorded an increase in the other income by 49.66 per cent, but still the increase in selling and marketing expenses by 58.56 per cent and decrease in gross profit by 18.67 per cent has offset it. The other income increased to Rs. 308.00 lakh from Rs. 205.80 lakh in the quarter ended March 2010. The selling and marketing expenses grew to Rs. 784.09 lakh in the quarter ended March 2011 as compared to Rs. 494.52 lakh in the quarter ended March 2010.

Moreover, the gross profit declined to Rs 1, 969.99 lakh in the March 2011 quarter from Rs. 2,422.30 lakh in the corresponding quarter last year. The paid up equity share capital stood at Rs. 3,238.40 lakh from Rs. 3,237.15 lakh. India has generated the maximum revenue for the company amounting to Rs. 1,134.08 lakh.

The other geographical areas like Far East, South East Asia, Eurpoe, Middle East and others contributed Rs. 1,116.36 lakh, Rs. 653.61 lakh, Rs. 858.14 lakh, Rs. 833.12 lakh and Rs. 223.97 lakh, respectively.  Further, this year 61 product modules went live in various markets across the globe. Some of the implementations were completed in record time. This further gave increased visibility to Nucleus in the global markets, and reaffirmed its standing in the global lending and cash management space.

During the financial year ended 2011, the company added 32 new customers. It has strengthened its global partners" network by adding 9 new partners across Middle East, Asia-Pacific, Africa and Europe. The global employee strength of the company stood at 1720, s as on March 31, 2011.

During the quarter ended March 2011, the company won 11 product orders across the globe and 37 product modules for FinnOne™ and Cash@Will Suite. Moreover, 15 product modules were successfully implemented across the globe. The company also added 6 new customers. 

Additionally, Forrester recognized Nucleus as a “Global Pursuer" and stated it “regained traction in 2010". Based on the number of deals and regions covered, Nucleus was ranked among top Banking Platform providers. Moreover, Nucleus Software"s FinnOne has been ranked for the third consecutive year as the 'World's No. 1 Selling Lending Software product" (for year 2010) by IBS Publishing.

Commenting on the financial results, Mr. Vishnu R. Dusad, CEO and Managing Director, Nucleus Software, reported “As an IPR-led company we continue to focus on aligning our intellectual capital to the dynamic banking business requirement and being a trusted partner of choice for our clients to capitalize on opportunities arising out of new market trends.

With strong business traction in place, we will continue to generate new business from emerging opportunities in new markets. Our globally recognized services and solutions are well suited to help our customers in the financial services sector. We are glad to mention that in most cases our offerings have exceeded customer expectations around the world to be able to enhance our business further, we will continue to invest in research and innovation to maximize the value delivered to our clients."

Read more about: results, nucleus software, bse
Story first published: Tuesday, May 3, 2011, 9:30 [IST]
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