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Press Release

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 Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.

Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 200 billion of loans and enabling more than 200,000 users logging in daily.

Nucleus Software’s flagship products, built on the latest technology are:
  • FinnOne NEOTM : The next-generation digital lending solution that is built on an advanced technology platform, designed to shape the future of lending across Retail, Corporate and Islamic sectors for banks and other financial service companies. The 10 time winner of ‘World’s Best Selling Lending Solution’, helps digitize the complete loan lifecycle.
  • 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.
  • PaySeTM : The world's first online & offline digital payment solution designed and created with an aim to democratize money by making banking services available to the unbanked in remote geographies.
For more information, please visit : http://www.nucleussoftware.com

For Media related information, please contact:

Sunil Kumar Singh / Kiran Hans Khowal

Finese PR

Email: nucleus@finesepr.com
Phone: +91-9818363518 | +91-8375969143