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Nucleus Software Announces Q3 FY 10 Results

January 18, 2010 | Press Release
New Delhi, India, January 18, 2010: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), announced its third quarter results for financial year 2009-2010

Nucleus Software's consolidated revenue for the quarter ending December 31, 2009, is at Rs. 68.47 crore in comparison to Rs. 84.24 crore in the corresponding quarter of the previous year. With total expenses at Rs. 56.23 crore in comparison to Rs. 69.03 crore in the corresponding quarter of the previous year, the consolidated EBITDA is at Rs. 12.24 crore in comparison to Rs. 15.21 crore in the corresponding quarter of the previous year. Net Profit after tax (PAT) is at Rs. 9.20 crore in comparison to Rs. 10.55 crore for the corresponding quarter of the previous year.

For the nine month period ending December 31, 2009, consolidated revenue is at Rs. 219.76 crore in comparison to Rs. 242.59 crore in the corresponding nine month period of the previous year. With total expenses at Rs. 179.54 crore in comparison to Rs. 204.79 crore in the corresponding nine month period of the previous year, the consolidated EBITDA is at Rs. 40.22 crore in comparison to Rs. 37.80 crore in the corresponding nine month period of the previous year. Net Profit after tax (PAT) is at Rs. 29.21 crore in comparison to Rs. 22.65 crore in the corresponding nine month period of the previous year.

Highlights:

Quarter Ended December 31, 2009 

  1. Consolidated revenue at Rs. 68.47 crore from software products and software development services in comparison to Rs. 84.24 crore in the corresponding quarter of the previous year.
  2. Product business revenue at Rs. 39.69 crore in comparison to Rs. 55.70 crore in the corresponding quarter of the previous year.
  3. EBIDTA at Rs. 12.24 crore in comparison to Rs. 15.21 crore for the corresponding quarter of the previous year.
  4. Net Profit after tax (PAT) at Rs. 9.20 crore in comparison to Rs. 10.55 crore for the corresponding quarter of the previous year.
  5. Earning per Share for the quarter at Rs. 2.84 in comparison to Rs. 3.26 in the corresponding quarter of the previous year.
Nine Month Ended December 31, 2009 
  1. Consolidated revenue from software products and software development services at Rs. 219.76 crore in comparison to Rs. 242.59 crore in the corresponding nine month period of the previous year.
  2. Product business revenue at Rs. 126.07 crore in comparison to Rs. 165.06 crore in the corresponding nine month period of the previous year.
  3. EBIDTA at Rs. 40.22 crore in comparison to Rs 37.80 crore in the corresponding nine month period of the previous year.
  4. Net Profit after tax (PAT) at Rs. 29.21 crore in comparison to Rs. 22.65 crore in the corresponding nine month period of the previous year.
  5. Earning Per Share for the nine month period at Rs. 9.02 in comparison to Rs. 7.00 in the corresponding nine month period of the previous year.
Other Key Information 

For the Quarter Ended December 31, 2009
  1. 8 new order wins in the third quarter of the fiscal year
  2.  5 new customers added 
  3. Won orders for 29 new product modules
  4.  20 product modules successfully implemented across the globe − Nucleus Software has been ranked among the Top 25 companies adopting “Good Corporate Governance Practices” by ICSI for fourth consecutive year in 2009.
  5. Forrester Research, a leading independent analyst firm, has recognized Nucleus Software as an industry vertical specialist in their recent report “Working With Tier Two Offshore Providers.
  6. South Asian Federation of Accountants (SAFA) has adjudged Nucleus’ Annual Report as the recipient of the second runner’s up position for the Best Presented Accounts Award for the year 2008 under the Communication and Information Technology Sector Category. 
For Nine Month Ended December 31, 2009
  1. 22 new order wins in the nine month period of the fiscal year
  2. 14 new customers added
  3. Won orders for 78 new product modules
  4. 63 product modules successfully implemented across the globe
  5. Global strength of employees as on December 31, 2009 is 1668
Vishnu R Dusad, CEO and Managing Director, Nucleus Software said, “Nucleus Software is heading towards becoming one of the icons of the capabilities of our country in the field of intellectual property creation. Our products are becoming a benchmark across the globe with analyst firms like Gartner and Forrester recognizing Nucleus Software among the leading vendors in lending space. We believe that our technology leadership position in the industry is becoming increasingly clear with 22 order wins in the last nine months. We are very optimistic about the long-term opportunity for Nucleus Software and will continue to deliver value to our customers and boost our market share in Latin America, Europe, Middle East, South East Asia and India. Also, with Niraj Vedwa as the new COO of the organization, we aim to reach new heights as he synergizes the efforts of all our divisions towards the common goal of customer delight.”

Niraj Vedwa, COO, Nucleus Software said, “We will be working towards increasing operational efficiencies, controlling costs and generating higher new business. We aim to be a lean, productive and quality organisation delivering higher value to our customers. With additions to sales and channel partners and opening up of markets, we are targeting closure of higher number of product orders in the quarter. We continue to build on our vision of being a leading global end to end provider of banking products and solutions.”

Accolades/Awards
  1. Nucleus has been adjudged amongst the Top 25 companies adopting good corporate governance practices for the fourth consecutive year by ICSI in 2009.
  2. Nucleus Software’s FinnOneTM has been ranked ‘World's No 1 Selling Lending Software product ’ (for year 2008) by IBS Publishing
  3. Nucleus Software has been conferred the Best Independent Software Vendor (ISV) Partner (North India for 2008) award by IBM
  4. Nucleus Software was awarded for being the Fastest Growing ISV by Oracle Corporation, 2007.
  5. Forrester Research, a leading independent analyst firm, has recognized Nucleus Software as an industry vertical specialist in their recent report “Working With Tier Two Offshore Providers.
  6. South Asian Federation of Accountants (SAFA) has adjudged Nucleus’ Annual Report as the recipient of the second runner’s up position for the Best Presented Accounts Award for the year 2008 under the Communication and Information Technology Sector Category.
New Client Wins: 

This quarter we added 5 new customers and bagged 8 new orders for implementing 29 product modules in the third quarter of FY 2009-10, from the leading financial institutions in India, Middle East and South East Asia. This region has immense potential in terms of growth in the banking sector and institutions, both large and small, are increasingly realizing the importance of technology in enhancing businesses.

Consolidated for nine month ending December 31, 2009, Nucleus has won 14 new customers and 22 new product orders for implementing 78 modules of FinnOne™ and Cash Management Suite

Successful Global Implementations: 

This quarter 20 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. 

 

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