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Nucleus Software Exports has posted about 29 per cent growth in consolidated net profit for three months ended September 2011, to Rs 11.45 crore. The performance came on the back of forex gains and deeper engagements with clients for product licences, a top company official said.
Nucleus said it has not seen any impact of the global uncertainty on the business operations. Nucleus, a mid-tier IT company, sells software solutions, development and consultancy services to banks and financial organisation, to support functions such as retail banking, corporate banking, cards and cash management.
“Our order sizes are relatively small and if we demonstrate value, then the need for the customers to postpone their decisions because the global macro environment is much lower,” said Mr Vishnu R Dusad, CEO of Nucleus Software.
The consolidated revenue stood at about Rs 74 crore, up 5.3 per cent over the same period previous year. The net profit was 127 per cent higher compared to the June quarter, and the revenue 15 per cent higher over the same period.
“The other income helped the sequential performance. That includes investments in mutual funds and also a foreign exchange benefit of Rs 4 crore,” Mr Dusad said.
Hiring plans
The company plans to hire 150-200 people between October and December, its third quarter of fiscal 2012. It will hire in Noida and Jaipur. “We will also ramp up our sales presence in Europe, Japan, UAE and the US,” he added.
Nucleus started a new development facility in Jaipur during the September quarter, with 250-seat capacity. “So we will be hiring in Jaipur to fill up the space,” he said.
With total expenses at about Rs 63 crore in comparison to about Rs 58.5 crore in the the year ago period, the consolidated EBITDA was at Rs 10.7 crore against Rs 11.7 crore in the year ago period.
For the quarter just ended, the company won four new product orders worldwide. Three new customers were added during the period.
In a statement, Mr Dusad said that the while the ongoing macroeconomic trends are a worrying factor for banking and financial institutions across the globe, they continue to streamline business processes further, including reducing turnaround time for customer servicing and controlling delinquencies to complete integration of IT infrastructure.
He said Nucleus is optimistic about the upcoming market opportunities in Latin America, Europe, West Asia, South East Asia and Africa.
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