Nucleus Software Q2 net down 75%

Delhi-based software company, Nucleus Software has reported 75 per cent decline in net profit for the second quarter ended 30 September, 2008. Net profit for the company declined to Rs 4.07 crore as compared to Rs 16.18 crore for the corresponding quarter in the previous year.

For the same time period the revenues of the company  increased by 7 per cent to Rs 75.46 crore compared to Rs 70.37 crore in the same quarter last year.

Earning per share for the quarter decreased to Rs 1.26 from Rs 5 in the corresponding quarter in the previous fiscal.

Commenting on the results Vishnu Dusad, CEO and Managing Director, Nucleus Software said, “ We are a product company with a long term perspective. The numbers for the quarter are disappointing and we have not achieved revenue at our desired and structured level. Our booking in our niche market continues to be robust and we have the capacity to deliver higher revenue without incurring additional expense on resources and infrastructure.”

He further said, “Project starts continue to get delayed and at the end of the quarter we had orders exceeding $9 million where work has not commenced. We are taking necessary steps for initiating these projects.”