Nucleus Software Posts 4 Per Cent Rise in Q1 Profit

New Delhi: IT services firm Nucleus Software on Monday reported a 4 per cent rise in net profit at Rs 11.65 crore for the first quarter that ended on June 30, 2014.

The Noida-based firm had posted a net profit of Rs 11.17 crore for the corresponding period a year ago.

Revenue declined 8 per cent to Rs 79.43 crore in the quarter under review this fiscal year from Rs 86.32 crore a year ago.

Nucleus shares, on Monday, ended at Rs 192 apiece on the BSE, down 5.51 per cent from the previous close.

"The revenue decline is due to shifting of some orders. There was also a delay in completing a major order, which we expect to do this quarter," Nucleus Software CEO Vishnu R Dusad said.

The third and fourth quarter will see better results as Nucleus's existing clients are also responding positively to its new solutions, he added.

Nucleus Software has also announced that its continued focus on strategic investments in R&D and product innovation will remain to be one of its top priorities in the coming quarters, Mr Dusad said.

"With the launch of our lending suite, FinnOne Neo, we continue to focus on re-energising the existing product portfolio."

Cash and cash equivalents, including investments in debt schemes of mutual funds, fixed deposits with banks and tax free PSU bonds stood at Rs 319.63 crore as on 30th June, 2014.

Nucleus also announced that its Board has appointed R P Singh as an additional and whole-time director of the company with immediate effect.

In the first quarter, Nucleus Software completed a total of seven product module implementations across Middle East, India and Japan. The company won two product orders worldwide.

Global strength of employees at Nucleus Software stood at 1,488 as of June 30, 2014.