Nucleus Software net up 15% y-o-y

[B. KARTHICK]

Global banking and financial solutions company Nucleus Software today
said it is planning to expand its operations by setting up a 1000-
seater facility in the country entailing an investment of up to Rs 30
crore.

"The company will be investing Rs 20-30 crore in 17 acres of land in a
notified SEZ in Jaipur (Rajasthan) for the 1000-seater facility, which
would be operational by the end of June-July next year," Nucleus
Software CEO and Managing Director Vishnu R Dusad told reporters here.

The firm which earns 70 per cent of its revenue from IP-related
product and services today announced a net profit of Rs 16.02 crore
for the quarter ended March 31, 2008, a 14.84 per cent growth over the
corresponding period a year ago.

The company had a consolidated profit of Rs 13.95 crore in the
corresponding period last year.

The consolidated revenue increased by 29.75 per cent to Rs 78.06 crore
from Rs 60.16 crore in the corresponding period last quarter.

"The company's exposure to the US market is mere five per cent which
helped us to maintain a healthy growth despite a slowdown in the
global market," he added.

Almost 50 per cent of the company's business comes from Japan and the
rest from India, US, West Asia and Africa.

Nucleus which provides software solutions to the banking and financial
services industry, with its flagship product -FinnOne also registered
a 46.78 per cent growth in its product business during this quarter.

The consolidated net profit for the year ended March 31, 2008, stood
at Rs 288.72 crore, a 30.53 per cent growth over the corresponding
period a year ago.

The company recommended a final dividend of 30 per cent that is Rs 3 a
share, on post bonus capital.