Nucleus Software Exports shuts down Singapore subsidiary

NEW DELHI: IT services firm Nucleus Software Exports today said it has shut down its step-down subsidiary in Singapore as part of its "rationalisation" efforts.

"In order to rationalise operations, the company has closed down its step down subsidiary -- VirStra i-Technology (Singapore) Pte Ltd -- with effect from February 19, 2014," Nucleus said in a statement.

The name of the subsidiary has been struck off and published in the final gazette notification issued by Accounting and Corporate Regulatory Authority, Singapore, it added.

VirStra i-Technology Services was incorporated in May 2004 in India. A wholly owned subsidiary of Nucleus, the company provides offshore and onsite software support services to other group companies.

Its net profit was up by 16.7 per cent to Rs 3.84 crore, while revenues grew 23.4 per cent to Rs 20.84 crore for the year ended March 2013 compared to the previous fiscal. Last month, Nucleus Software it has set up a wholly owned subsidiary, Nucleus Software Australia Pty Ltd, with a view to tap the business potential in Australia.

Shares of the company today fell by 1.48 per cent to settle at Rs 219.45 apiece on the BSE.