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Nucleus Software Q1 2007-08 results - 33.96% increase in revenue over Q1 06-07

July 25, 2007 | Press Release
INDIA, New Delhi, July 25, 2007 -- Nucleus Software Exports Limited (NSE: NUCLEUS), today announced its Q1 results for financial year 2007-2008. Nucleus Software's consolidated revenue for the quarter ending 30th June 2007 increased by 33.96 % to Rs. 66.66 crore as compared to Rs 49.76 crore for the corresponding quarter of the previous year.Net Profit after Tax (PAT) increased by 4.54 % to Rs. 14.01 crore as compared to Rs. 13.40 crore for the corresponding quarter in the previous year.

Major Highlights:

Quarter ended 30th June 2007


- Consolidated revenue at Rs. 66.66 crore from software products and software development services increased by 33.96 % in comparison to Rs. 49.76 crore in the corresponding quarter of the previous year.

- Product business revenue for the quarter at Rs. 44.17 crore increased by 82.67 % in comparison to Rs. 24.18 crore in the corresponding quarter of the previous year.

- Projects & Services business revenue for the quarter at Rs. 22.48 crore decreased by 12.12% in comparison to Rs. 25.58 crore in the corresponding quarter of the previous year.

- EBIDTA at Rs. 14.82 crore increased by 2.84% in comparison to Rs. 14.42 crore in the corresponding quarter of the previous year.

- Net Profit After Tax (PAT) at Rs. 14.01 crore increased by 4.54 % as compared to Rs. 13.40 crore for the corresponding quarter of the previous year.

- Earning Per Share for the quarter increased to Rs. 8.67 from Rs. 8.32 as compared to corresponding quarter of the previous year.

Other Key Information

- 6 customers added this quarter

- Won 8 new product orders for flagship product FinnOne TM Suite

- Added 39 new employees taking the total global strength of employees to 1571

Vishnu R Dusad, CEO & Managing Director, Nucleus Software Exports Limited said “ Our first quarter results this year showcases our consistent growth and expansion across the globe.”

Expansion of services and significant projects:
The company is optimistic on its products business and foresees increasing demand for such niche products. The company continues to focus and invest on development of niche banking products.

New Client Orders:
During the quarter, we won 8 new product orders for 23 product modules as well as added 6 new customers. Orders for product business were bagged from a leading financial institution in Dubai; a leading bank in South East Asia and from other banking and financial institutions in India.
“Growing world economy continues to boost the growth of Retail Banking market. All banks including the large as well as small banks understand the need of investment in technology and this provides a great scope for banking software solution providers like us to explore and capture new banking markets across the globe.” added Mr. Dusad.

Outlook
As per market trends available, the company sees immense demand for niche products in the global banking industry. The new and replacement market for retail banking systems is gaining momentum globally as consumer demand surges and Nucleus has a wide array of products to cater to this market. Also, Cash Management area is seeing a very large demand in Asia Pacific and Nucleus Software is well positioned to address this market.
Nucleus will continue to focus and strive to gain increase in market share in retail lending and cash management area globally with focus on sales / marketing / quality delivery /speedy implementation and focus on R&D.


Accolades/Awards

• Nucleus Software’ flagship FinnOne™ was ranked as the No. 1 best selling lending software for year 2006 by IBS publishing, the UK based financial consultant reporting on banks, their advisors and other financial institutions.
• Nucleus selected amongst the top 25 companies adopting “Good Corporate Governance Practices” by the Institute of Company Secretaries of India for 2006.
• Nucleus Software was conferred as Partner of the year, 2007- Fastest Growth in ISV by Oracle Corporation
• Nucleus Software is ranked 13th best employer by IDC – Dataquest survey (2006)
• Annual Report for the financial year 2005 received ‘Merit Award’ for “Best Presented Accounts Award”, in January 2007 by the South Asian Federation of Accountants for the year 2005 in the Category of ‘Communication and Information Technology Sector”.
• Nucleus Software received Asia Pacific Level Technology Award from Oracle for developing Outstanding Oracle Fusion Middleware Solution”(2005).

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