Nucleus Software announces 33.96% increase in Q1 revenue

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:

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(tm) 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 13^th 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).

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