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Dolat Capital Report
Nucleus Software Exports Ltd. reported 6.5% QoQ revenue growth (our estimate: 5.6%) but management said softness in order-to-revenue conversion continues due to lingering impact of supply side challenges (headcount slides down 15% YoY).
Reported operating profit margin of 1.3% versus estimate of 4.3% and Ebit of Rs 16 million.
OPM remains subdued due to increased general and administrative expenses, rising by 20% QoQ. Lateral hiring challenges continues while it is hiring freshers aggressively.
Nucleus Software's order book stood at Rs 5.6 billion up 3.1% QoQ (up 22.4% YoY basis). The net new orders stood at Rs 1.38 billion which is higher than revenue during the quarter (largely implying order conversion delay).
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