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Nucleus Software announces Q3 FY 11 Results

January 24, 2011 | Press Release
New Delhi, January 24, 2011: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), announced its Q3 results for financial year 2010-2011.

Nucleus Software's consolidated revenue for the quarter ending December 31, 2010, is at Rs. 68.61 crore in comparison to Rs. 68.47 crore in the corresponding quarter of the previous year. With total expenses at Rs. 58.50 crore in comparison to Rs. 56.23 crore in the corresponding quarter of the previous year, the consolidated EBITDA is at Rs. 10.10 crore in comparison to Rs. 12.24 crore in the previous year. Net profit after tax (PAT) is at Rs. 7.71 crore in comparison to Rs. 9.20 crore in the corresponding quarter of the previous year.

For the nine month period ending December 31, 2010, consolidated revenue is at Rs. 204.94 crore in comparison to Rs. 219.76 crore in the corresponding nine month period in the previous year. With total expenses at Rs. 178.41 crore in comparison to Rs. 179.54 crore in the corresponding nine month period in the previous year, the consolidated EBITDA is at Rs. 26.53 crore in comparison to Rs. 40.22 crore in the corresponding nine month period in the previous year. Net Profit after tax (PAT) is at Rs. 21.90 crore in comparison to Rs. 29.21 crore in the corresponding nine month period in the previous year.

Highlights

Quarter Ended December 31, 2010

  1. Consolidated revenue at Rs. 68.61 crore from software products and software development services in comparison to Rs. 68.47 crore in the corresponding quarter of the previous year.
  2. Product business revenue for the quarter at Rs. 51.11 crore in comparison to Rs. 39.69 crore in the corresponding quarter of the previous year.
  3. EBITDA at Rs. 10.10 crore in comparison to Rs. 12.24 crore in the corresponding quarter of the previous year.
  4. Net Profit after Tax (PAT) at Rs. 7.71 crore in comparison to Rs. 9.20 crore in the corresponding quarter of the previous year.
  5. Earning per Share for the quarter at Rs. 2.38 in comparison to Rs. 2.84 in the corresponding quarter of the previous year.
For Nine month Ended December 31, 2010

  1. Consolidated revenue at Rs. 204.94 crore from software products and software development services in comparison to Rs. 219.76 crore in the corresponding nine month period of the previous year.
  2. Product business revenue at Rs. 144.65 crore in comparison to Rs. 126.07 crore in the corresponding nine month period of the previous year.
  3. EBITDA at Rs. 26.53 crore in comparison to Rs. 40.22 crore in the corresponding nine month period of the previous year
  4.  Net Profit After Tax (PAT) at Rs. 21.90 crore in comparison to Rs. 29.21 crore in the corresponding nine month period of the previous year.
  5. Earning per Share at Rs 6.77 in comparison to Rs. 9.02 in the corresponding nine month period of the previous year
Vishnu R Dusad, CEO and Managing Director, Nucleus Software said, “We have been investing substantially into next generation Banking products with a vision to deliver higher value to our customers. With newer products and market expansion, we would be able to deliver higher brand value and returns to our stakeholders. We continue to focus on an IPR led growth and have taken major initiatives to offer best functionalities and technology to our customers. “ 

Niraj Vedwa, COO, Nucleus Software said, Our investments into newer markets and channel partners has delivered substantial wins with over 40 orders this financial year. Our pipeline continues to remain very strong and we are confident of substantial order wins in the future. Our focus into operational efficiency has created a scalable and robust model to deliver all these projects globally. We are making very good progress on new product launches and are confident of delivering higher value to our customers.

Awards & Accolades
  1. Nucleus Software wins Gold shield for Excellence in Financial Reporting, 2010 by Institute of Chartered Accountants of India (ICAI) for the third consecutive year under the Category VIII – Service Sector (Other Than Banking & Insurance) (Turnover Less Than Rs. 500 crore)
  2. South Asian Federation of Accountants (SAFA) adjudged Nucleus’ Annual Report as the recipient of the joint first runner’s up position for the Best Presented Accounts Award for the year 2009 under the Communication and Information Technology Sector Category
Other Key Information

For the Quarter Ended December 31, 2010
  1. 10 new order wins in the third quarter of the fiscal year
  2. 8 new customers added
  3. Won orders for 34 new product modules
  4. 35 product modules successfully implemented across the globe
  5. Global strength of employees as on December 31, 2010 is 1647

For the Nine Months Ended December 31, 2010
  1. 40 new orders in the nine month period of the fiscal year
  2. 31 new customers added
  3. Won orders for 126 new product modules
  4. 46 product modules successfully implemented across the globe
  5. Global strength of employees as on December 31, 2010 is 1647
New Client Wins
This quarter we added 8 new customers and bagged 10 new orders for implementing 34 product modules in the third quarter of FY 2010-11, from the leading financial institutions in Middle East, Africa, South East Asia and Latin America .The 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.

Consolidating for nine month ending December 31, 2010, Nucleus has won 31 new customers and 40 new product orders for implementing 46 modules of FinnOneTM and Cash Management suite.

Successful Global Implementations:
This quarter 35 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