NSEL net profit up 58%

NEW DELHI: Nucleus Software Exports Ltd, a provider of software products for banking and financial sector, on Monday posted a 58% increase in its net profit for the third quarter ended December 2006 to Rs 13.94 crore compared to Rs 8.82 crore for the corresponding quarter of the previous year.

The company's consolidated revenue for the quarter was up 50.21% to Rs 56.18 crore as compared to Rs 37.40 crore in the year-ago period, a Nucleus statement said.

During the period in reference the Earning Per Share increased to Rs 8.65 from Rs 5.47 in the corresponding quarter of previous year.

While the product business revenues stood at Rs 31.76 crore, a 124.7% rise over the corresponding quarter, the projects and services business clocked revenue of Rs 24.42 crore, up 4.99% over the year-ago period.

During the period, the company added eight new clients to its portfolio, taking its overall client base to 143. The quarter was also marked by its latest win from ACOM Ltd, a consumer finance company in Japan for implementation of its flagship product FinnOne, and for providing PowerCARD offshore development services from India. The order size was about Rs 165 crore.