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Nucleus Software's Quater3 Net soars 90% at Rs 23.38 cr

January 20, 2014 | The economic times

NEW DELHI: Nucleus Software Export today reported a 90 per cent jump in its consolidated net profit at Rs 23.38 crore for the third quarter ended December 31, 2013 aided by improved efficiencies and increasing penetration in new markets.

The Noida-based company had posted net profit of Rs 12.32 crore in the year-ago period, it said in a BSE filing.

Consolidated revenues rose 21 per cent to Rs 89.96 crore in the October-December quarter this fiscal from Rs 74.63 crore in the same quarter of 2012-13 fiscal.

Reacting to the results, Nucleus scrips today rose by 19.97 per cent to settle at Rs 162.50 apiece from its previous BSE closing.

Commenting on the performance, Nucleus Software Export CEO and Managing Director Vishnu Dusad told PTI: "We are happy to share that our increasing penetration in new markets has given us a positive momentum. Besides, improved operational efficiency have also helped us in clocking better revenues."

Additionally, with the objective of building capabilities for the future, Nucleus has been investing in new talent and nurturing its existing talent pool, he added.

Japan was the top revenue generator followed by Southeast Asia, India, Middle East, Africa, Europe and America, he said.

Nucleus won three clients in the third quarter taking its clients to 9 so far in the 2013-14 fiscal. Its total clients stood at over 150 as of December 31, 2013.

In Q3 FY 2013-14, the company hired a mix of over 100 campus graduate and experienced professionals. For the entire nine months of this fiscal, Nucleus hired over 200 campus graduates and over 190 experienced professionals.

On hiring in the fourth quarter, Dusad said: "We expect to hire about 100 people, which will be a mix of campus graduates and experienced professionals."

On outlook, he said there is optimism in the markets and going forward the company expects to clinch a few deals.