Nucleus Software's Q2 Net up 8% at Rs 10.94 cr

Company posted net profit of Rs 10.10 crore in the same quarter of last fiscal

Nucleus Software Exports today reported 8% growth in consolidated net profit at Rs 10.94 crore for the July-September quarter aided by access to new markets and growth in mobility solutions.

The Noida-based company had posted net profit of Rs 10.10 crore in the same quarter of last fiscal, 2012-13.

Consolidated revenue for the second quarter of 2013-14 fiscal rose by 14.65% to Rs 82.25 crore from Rs 71.75 crore in the year-ago period helped by software products and solutions.

"Our performance has been commendable. Access to new markets and our focus on realising the full potential of mobility has enhanced our performance," Nucleus Software CEO and Managing Director Vishnu R Dusad told PTI.

    The firm is leveraging innovative technologies with an expanding product portfolio as the global banking industry gears up for the next generation of requirements. It recently launched the mobility suite of its global lending solution, FinnOne, he added.

Besides, its mobility suite, mCAS, mServe and mCollect caters to the growing demand for a flexible, future-ready mobile platform, which seamlessly integrates with desktop applications running mission critical banking operations, he said.

"The firm is looking at profitable growth by penetrating deeper into fast growing markets like Africa, Middle East and Australia. As part of transformational initiatives, we will continue to invest in strengthening our sales and marketing backbone," Dusad said.

Cash and cash equivalents, including investments in debt schemes of mutual funds, fixed deposits with banks and tax free PSU bonds stood at Rs 290.01 crore on September 30, 2013.

For the first half of 2013-14 fiscal, Nucleus won 7 new product orders globally and added six new customers.

The global strength of employees at Nucleus Software as on September 30, 2013 stood at 1,650, as against 1,622 in the year-ago period.