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Nucleus Software reported a 52 per cent drop in its consolidated net profit for the fourth quarter ended March 2011 due to a sharp decline in its services business. The company reported a net profit of Rs 4.44 crore for the March quarter as against Rs 9.19 crore in corresponding last quarter. Revenues stood at Rs 65.54 crore (Rs 72.25 crore).
“The results are below our targets and expectations and have been affected by a steep drop of 34.73 per cent in our projects and services business, which forms 28.43 per cent of our total revenue,” the Nucleus CEO and MD, Mr Vishnu R Dusad, said in a statement. Its income from services declined to Rs 16.61 crore from Rs 24.14 crore. For the year ended March 31, 2011, Nucleus reported a 31.43 per cent dip in net profit to Rs 26.34 crore from Rs 38.40 crore a year-ago. Revenue stood at Rs 270.48 crore (Rs 291.78 crore). The board has proposed a final dividend of Rs 2.50 a share.
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