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Nucleus Software announces FY 11 Results

May 2, 2011 | Press Release
New Delhi, India, May 02, 2011: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209) today announced its results for the fourth quarter and year ended March 31, 2011.

Nucleus Software's consolidated revenue for the year ended March 31, 2011 is at Rs. 270.48 crore in comparison to Rs. 291.78 crore in the previous year. With total expenses at Rs. 240.01 crore in comparison to Rs. 237.70 crore in the previous year, the consolidated EBITDA is at Rs. 30.48 crore in comparison to Rs. 54.08 crore in the previous year. Net Profit after Tax (PAT) is at Rs. 26.34 crore in comparison to Rs. 38.40 crore in the previous year.

Consolidated revenue for the quarter ending March 31, 2011, is at Rs. 65.54 crore in comparison to Rs. 72.25 crore in the corresponding quarter of the previous year. With total expenses at Rs. 61.59 crore in comparison to Rs. 58.42 crore in the previous year, the consolidated EBITDA is at Rs. 3.95 crore in comparison to Rs. 13.83 crore in the corresponding quarter of the previous year. Net Profit after Tax (PAT) is at Rs. 4.44 crore in comparison to Rs. 9.19 crore in the corresponding quarter of the previous year.

Nucleus Software won substantial 48 orders during the year. The organization’s operational excellence, trust and accountability, helped adding 32 new clients in the financial year.

Highlights:

Financial Year Ended March 31, 2011
  1. Consolidated revenue at Rs. 270.48 crore from software products and software development services in comparison to Rs. 291.78 crore in the previous year.
  2.  Product business revenue for the year at Rs. 193.57 crore in comparison to Rs. 173.95 crore in the previous year.
  3. EBIDTA at Rs. 30.48 crore in comparison to Rs. 54.08 crore in the previous year.
  4. Net Profit after Tax (PAT) at Rs. 26.34 crore in comparison to Rs. 38.40 crore in the previous year.
  5. Earning Per Share for the year at Rs. 8.13 in comparison to Rs. 11.86 in the previous year.
  6. Dividend recommended at 25 % (Rs. 2.50 per share), against 25% (Rs. 2.50 per share) previous year
Quarter Ended March 31, 2011

  1. Consolidated revenue at Rs. 65.54 crore from software products and software development services in comparison to Rs. 72.25 crore in the corresponding quarter of the previous year.
  2. Product business revenue for the quarter at Rs. 48.93 crore in comparison to Rs. 48.11 crore in the corresponding quarter of the previous year.
  3. EBIDTA at Rs. 3.95 crore in comparison to Rs. 13.83 crore in the corresponding quarter of the previous year
  4. Net Profit after Tax (PAT) at Rs. 4.44 crore in comparison to Rs. 9.19 crore in the corresponding quarter of the previous year.
  5. Earning Per Share for the quarter at Rs. 1.37 in comparison to Rs. 2.84 in the corresponding quarter of the previous year. 
Other Key Information

For the Financial Year Ended March 31, 2011
  1. 48 product order wins from across the globe
  2. 32 new customers added
  3. Won orders for 155 product modules for FinnOne™ Suite and Cash@WillTM
  4. 61 product modules successfully implemented across the globe
  5. Global strength of employees as on March 31, 2011 is 1720
  6. Nucleus has further strengthened its global partners’ network, adding 9 new partners across MiddleEast, Asia-Pacific, Africa and Europe
For Quarter Ended March 31, 2011
  1. 11 product order wins from across the globe
  2. 6 new customer added
  3. Won order for 37 product modules for FinnOne™ and Cash@WillTM Suite
  4. 15 product modules successfully implemented across the globe
Key Highlights

  1. Sustained growth in product business 
  2. ‘Cash and Bank Balances’ and ‘Current Investments’ at Rs. 187.51 crore on March 31, 2011.
  3. 48 product orders won for implementing 155 product modules orders for FinnOne™ Suite and Cash@WillTM
Commenting on the financial results, Mr. Vishnu R. Dusad, CEO and Managing Director, Nucleus Software, said: “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 a 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.”

The financial results for the year are below our targets and expectations and have been affected by a steep drop of 34.73 % in our Projects and services business, which forms 28.43% of our total revenue

The product business which is the main focus is back on track and has grown by 11.28% on a yoy basis

Accolades/Awards

  1. 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. Source: Global Banking Platform Deals 2010, Forrester Research, Inc., 31 March 2011.
  2. Nucleus Software’s FinnOneTM has been ranked for the third consecutive year as the ‘World's No. 1 Selling Lending Software product’ (for year 2010) by IBS Publishing.
  3. Annual Report and Accounts of Nucleus Software for year ended March 31, 2010 have been adjudged as the BEST under the Category VII- Service Sector (Other than Banking & Insurance) (Turnover less Than Rs. 500 crore) of the 'ICAI Awards for Excellence in Financial Reporting' by the Institute of Chartered Accountants of India (ICAI). A GOLD SHIELD was awarded to the Company. Nucleus has received the Gold Shield for the third consecutive year.
  4. South Asian Federation of Accountants (SAFA) has adjudged Nucleus’ Annual Report as the recipient of the joint first runner’s up position for the Best Presented Accounts and Corporate Governance Disclosures Award 2009 under the Communication and Information Technology Sector Category.
  5. HDFC Bank, Nucleus Software customer, won the prestigious Celent 2010 Model Bank Award for its loan origination system, FinnOneTM.

Liquidity

Cash and cash equivalents, including investments in liquid mutual funds and Fixed Deposits with Banks, as on March 31, 2011 was Rs. 187.51 crore.





About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654