Chennai, NFAPost: Nucleus Software has reported 64% jump in net profit for the quarter ended March 31, 2020, at Rs 28.1 crore compared to Rs 17.1 crore in the corresponding quarter of the last year.
Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry.
The company’s consolidated revenue for the quarter ended March 31, 2020, stood at Rs 138.2 crore, a 9% increase compared to Rs 127 crore in the corresponding quarter of the previous year.
Also, the company’s revenue for FY20 stood at Rs 520.8 crore compared to Rs 484 crore in FY19. For the full financial year ended March 31, 2020, the company recorded a 19% increase in net profit at Rs 89 crore, compared to Rs 74.5 crore in the previous year.
Nucleus Software CEO R P Singh said, “Our business rapidly adapted to the changing situation with 100% of our staff working from home days before the nationwide lockdown came into force. During the year, we recorded 32 product orders and gained our 50th cloud customer. “
“Powered by our solutions, our customers continued to win awards – Roha Housing Finance won the Best Lending Implementation award at the IBS FinTech Innovation Awards and RattanIndia won a Celent Model Bank Award for Retail Lending. We continued to release new versions of our market leading solutions – FinnOne Neo and FinnAxia, adding sophisticated capabilities and advanced technologies such as Artificial Intelligence and intelligent automation,” he added.
The Board of Directors of the Company at its meeting held on March 16, 2020, has approved the appointment of Parag Bhise as an Additional Director (Executive Director) of the company.
During the year, 65 product module implementations successfully went live, and in the last quarter, 24 product module implementations were completed worldwide, the company said. In Q4 FY20, it won 8 product orders, and added 4 new customers.
“Communicating the business benefits that our solutions offer and the benefits of our decades of focus is vitally important. We do this in a number of ways. For example, during the year, our teams travelled worldwide to demonstrate our expertise and product offerings at industry events, roundtables and briefings,” the company said.
Its software powers the operations of 200 financial institutions in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software has two flagship products, built on the latest technology.