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Nucleus Software Announces Q1 FY 2010 Results

July 27, 2009 | Press Release
New Delhi, India, July 27, 2009: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), has announced its Q1 results for the financial year 2009 - 2010. Nucleus Software's consolidated revenue for the quarter ending June 30, 2009, is at Rs. 80.54 crore in comparison to Rs. 82.90 crore in the corresponding quarter of the previous year. With total expenses at Rs. 64.53 crore in comparison to Rs. 68.71 crore in the corresponding quarter of the previous year, the consolidated EBITDA has increased to Rs. 16.01 crore in comparison to Rs. 14.19 crore in the previous year. Net profit after tax (PAT) increased by 26.19% to Rs.10.13 crore in comparison to Rs.8.03 crore in the corresponding quarter of the previous year.

Highlights

Quarter Ended June 30, 2009 
  1. Consolidated revenue at Rs. 80.54 crore from software products and software development services in comparison to Rs. 82.90 crore in the corresponding quarter of the previous year.
  2. Product business revenue for the quarter at Rs. 47.31 crore in comparison to Rs. 57.26 crore in the corresponding quarter of the previous year.
  3. EBITDA at Rs. 16.01 crore in comparison to Rs .14.19 crore in the corresponding quarter of the previous year.
  4. Net Profit After Tax (PAT) at Rs. 10.13 crore increased by 26.15 % in comparison to Rs. 8.03 crore in the corresponding quarter of the previous year.
  5. Earning Per Share for the quarter at Rs. 3.13 in comparison to Rs. 2.48 in the corresponding quarter of the previous year.
Other Key Information

For the Quarter Ended June 30, 2009 
  1. Won 11 new product orders worldwide
  2. 7 new customers added in the quarter
  3. Won orders for 38 product modules of FinnOne™ and CASH@WillTM Suite
  4. 18 product modules successfully implemented across the globe
  5.  Forrester in its new report on 'Global Banking Platform Deals 2008 : Vendors', recognized Nucleus Software amongst the 17 vendors of globally deployed banking platforms evaluated on their 2008 deals.
  6. Global strength of employees as on June 30, 2009 is 2,000.
  7. One of the major customers of an overseas subsidiary of the Company, has on July 25, 2009 given notice to this subsidiary of partial cancellation of contracts, on a date one month from receipt of notice. The customer has further asked for early meetings, to have mutual agreement for the purpose of reaching a settlement. As per legal opinion received and an assessment by management, there is no liability on the parent Company, and there is no impact on the financial results of the Company for this quarter. In relation to the consolidated accounts of the Company, in absence of any specific claim, and taking into consideration a legal opinion and assessment by management, no provision for any liability that may arise as a result of the notice of the cancellation has been made in the consolidated financial results of the Company
Vishnu R Dusad, CEO and Managing Director, Nucleus Software said, “We are a part of the global economy and India cannot remain insulated from recessionary trends in the US & Europe. The environment in which we are all operating is going through a lot of challenges and issues which will impact the decision making process of the industry as such. The US market contributes less than 1% of our business. Our diversified client base ensures that the current economic downturn does not cause any major impact to our business but we remain cautious considering the environment."

Accolades /Awards
Forrester in its new report on 'Global Banking Platform Deals 2008: Vendors', recognized Nucleus Software amongst the 17 vendors of globally deployed banking platforms evaluated on their 2008 deals.

Expansion of services and significant projects

     New Client Wins
Nucleus bagged 11 new product orders and acquired 7 new customers for implementing 38 product modules of the FinnOne™ and CASH@WillTM Suite in the first quarter of year 2009-2010. Product orders were bagged from leading financial institutions in Middle East, Africa, South East Asia, India and Japan

   Successful Global Implementations 
This quarter 18 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.
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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