Nucleus Software's Q4 profit jumps 44 percent

Tuesday, 27 April 2004, 07:00 Hrs
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NEW DELHI: Nucleus Software, one of India's mid-size IT solutions companies, Monday said its profit in the January-March quarter rose 44 percent over the same period in the previous year on increased outsourcing.

The New Delhi-based company said its net profit in the quarter ended March 31, 2004, touched 43.5 million, up from 30 million logged in the January-March quarter of fiscal 2002-03.

Nucleus Software, which provides software solutions mainly to banking and financial companies, added eight new customers during fiscal 2003-04, taking its client base to 79.

New clients include Planters Development Bank of the Philippines, US-based Bancorp Bank, Reliance Infocomm of India and Japan's UBS Warburg.

Vishnu Dusad, managing director of Nucleus Software, told a news conference the company managed to post impressive profit in the January-March quarter due to a focus on "cost efficiency and cost rationalisation" measures.

The company also announced the launch of its new state-of-the-art facility at Noida, on the outskirts of New Delhi, which has been set up with an investment of 200 million and has a capacity to house over 700 people.

Dusad said his company would raise the headcount by 200 people by the end of the current calendar year, taking it to a total of 900.

"Our investment in people, intellectual property, infrastructure and sales and marketing is enabling us to acquire the capability and reach needed to address the growing marketing opportunities," he said.

Source: IANS
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