Vishnu Dusad, Nucleus Software

Vishnu Dusad, Nucleus Software

Nucleus Software’s net profit after tax decreased in the financial year (FY 2016), from INR 647 million ($9.7 million) in the previous year to INR 325 million ($4.8 million).

For the period ending 31 March 2016, revenue dipped from INR 3.48 billion ($52.2 million) compared to INR 3.53 billion ($53.03 million) in FY 2015.

Vishnu Dusad, CEO at Nucleus Software, makes no mention about the decline in profit and revenue, but says the company is “beginning to see changes” in its “revenue mix”.

Dusad says revenue from its products business is up and it now represents 75% of its business. Product business revenue for the year was INR 2.6 billion ($39.06 million) in comparison to INR 2.55 billion (38.3 million) in FY 2015.

He also claims the vendor gained six new customers and helped 28 others go live around the world on various modules.

One of these wins was from earlier this year, when Bank of Queensland went live on Nucleus’ FinnOne Neo lending platform. The project was started in December 2013.

In terms of its quarter results, consolidated revenue also went down – it was INR 927 million ($13.9 million) in comparison to INR 1 billion ($15.02 million) in the corresponding quarter of the previous year.

Despite this slight fall, Dusad says it has been a “rewarding quarter for us”.

Nucleus claims that during the year, 28 modules were implemented. In Q4, three product module implementations were completed worldwide.

In FY16, it says it won 13 product orders including two in Europe, two in Japan, two in South East Asia and seven in India. No names of the companies were disclosed.