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Nucleus Software's Revenues for Q2 up by 19%

October 18, 2004 | Press Release
INDIA, New Delhi, October 18, 2004 -- Nucleus Software Exports Limited (NSE: NUCLEUS), a leading global provider of next generation software products for the banking and financial sector, today announced its Q2 and half year results.

Nucleus Software's consolidated revenue for the quarter ending 30th September 2004 increased by 18.78 per cent to Rs. 241.56 million as compared to Rs.203.37 million for the corresponding quarter of the previous year. The Net Profit after Tax (PAT) increased to Rs. 33.86 million as compared to Rs. 21.02 million for the corresponding quarter in the previous year.

For the half year, the consolidated revenue increased by 16.88 per cent to Rs. 450.15 million as compared to Rs. 385.13 million for the first half of pervious year. The Net Profit after Tax (PAT) incresed to Rs. 63.26 million as compared to Rs. 36.46 million as compared to the first half of previous year.

Major Highlights:
Quarter ended September 30, 2004

- Consolidated revenue increased by 18.78 per cent as compared to corresponding quarter of the previous year.
- Net Profit after Tax increased by 61.13 per cent in comparison to corresponding quarter of the previous year.
- EPS for the quarter (adjusted for the bonus issue of 1:1 in August 2004) increased to Rs. 2.11 from Rs. 1.32 for the corresponding quarter of the previous year.

Half Year ended September 30, 2004
- Consolidated revenue increased by 16.88 per cent as compared to corresponding half year of the previous year.
- Net Profit after Tax increased by 73.51 per cent in comparison to corresponding half year of the previous year.
- EPS for the half year (adjusted for the bonus issue of 1:1 in August 2004) increased to Rs. 3.94 from Rs. 2.30 for the corresponding half of the previous year. Nucleus Software Exports Limited

Amongst significant highlights, Nucleus Software announced that he company and its nominees have invested in 10,040,000 Equity Shares of Chennai-based GMAC Financial Services India Limited (GMAC India), the Indian automotive finance operation of General Motors Acceptance Corporation. This represents 25.1 per cent of the equity capital of GMAC India. The total investment by Nucleus Software is around Rs 136.5 million. The remaining 74.9 per cent stake in the capital of GMAC India will continue to be held by US-based General Motors Acceptance Corporation (GMAC), a US-based wholly owned subsidiary of General Motors and one of the world‟s largest financial services companies. Nucleus Software has entered into a shareholders agreement with GMAC.

Commenting on the investment in GMAC India, Vishnu R. Dusad, Managing Director, Nucleus Software Exports Limited said, “We are always looking at deepening our understanding of processes within the markets in which our clients operate. We are confident that our stakeholders will receive enhanced value in terms of increased product functionality as well as „best practices‟ to be gained from this close working relationship with one of the world‟s largest financial services company.”

Commenting on the company‟s results, he said, “Revenue growth is positive for the quarter and the half year and there is significant increase as compared to the corresponding period of the previous year. We continue to be optimistic about the full year, with increasing focus on product sales.”

In the last quarter, Nucleus has also signed a pact with Sun Microsystems for deploying Sun Java Enterprise System (JES) in its products.

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