Nucleus reports 100% Q2 revenue growth

BANGALORE: Nucleus Software Exports Ltd. has reported 100 per cent growth

rate in the quarter ended September 30, 2001, over the corresponding quarter

last year, with a total revenue of Rs 14.62 crore for the quarter. For the half

year ended September 30, 2001, the company reported total revenue of Rs 28 crore

with post tax profits of Rs 5.8 crore.

The company is projecting Rs 20 crore and Rs 25 crore as total revenues for

Q3 and Q4 respectively, in the current financial year. Post tax profits of Rs

2.61 crore for the quarter ended September 30 represents a growth of 60 per cent

over the same quarter last year. It also added six new clients this quarter,

taking its total active client base up to 50.

The company opened a fully owned subsidiary in Japan and started operations

in Europe as part of its global expansion plans. It added 112 employees in Q2

adding to a total of 642 employees as its present workforce strength. Offshore

revenues contribution of Nucleus has increased to Rs 10.69 crore of the revenues

from Rs 4.09 crore in the preceding quarter last year. Four new technology

products launched in the quarter were Powercard, Cash@Will, Tradefacto and Web-Finness.

Commenting on the company's performance, managing director Vishnu Dusad said,

"Our offshore business continues to be robust and its fundamental

competitive positioning is improving quarter by quarter despite the downturn

witnessed in early 2001 and the post September 11 scenario. I am confident that

we will achieve revenue target of Rs 70 crore for the FY 2001-02."

"The continued investment of Nucleus Software in research and

development is leading to consistent growth of Nucleus Software over the last 15

years. We are competing with the best software and product providers in the

banking and finance industry, and thus bringing Indian IT companies as

front-runners in the industry globally," he added.