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Mr Vishnu R. Dusad, Managing Director, Nucleus Software Exports Ltd, with Ms Mita Ray Brahma, Head Corporate HR, and Mr P.K. Sanghi , CFO, at a press conference in the Capital on Thursday.

NEW DELHI, May 23

THE Delhi-based Nucleus Software Exports Ltd (NSEL) has announced a 74-per cent growth in its revenues for 2001-02 at Rs 62.29 crore. However, profits grew by a marginal 13 per cent due to increased personnel expenses during the fiscal.

NSEL's net profit in 2001-02 stood at Rs 10.84 crore as against Rs 9.60 crore in the previous fiscal. The healthy growth in the top line did not reflect in the bottom line mainly because expenses on personnel more than doubled to Rs 26.90 crore from Rs 12 crore in 2000-01, company officials said here.

During the year, the company added about 200 people to take the total number of employees to nearly 700. ``International business contributed Rs 52.23 crore while our domestic business accounted for Rs 8.97 crore. As much as 20 per cent of our revenues came from product business,'' said Mr Vishnu Dusad, Managing Director of NSEL.

Mr Dusad declined to make any forecast on the company's financials for the current fiscal, but said NSEL's present order book was larger than its turnover in 2001-02. ``Even in these difficult times, we have bagged 12 new clients worldwide, including Arab National Bank, Carrier Aircon Ltd, Essar Cellphone, ShipExpress, Bank of India etc. We have also set up subsidiaries in Japan, Hong Kong and Australia to meet the growing demands for banking software in these markets,'' he said.

Despite the turmoil in the technology sector, NSEL had been consistently growing as its revenues swelled from Rs 13.50 crore in 1999-00 to Rs 35.73 crore in 2000-01 and to the current levels, Mr Dusad claimed. The company has clients in American Express Bank, BNP Paribas, Citibank, GE Capital, General Motors Acceptance Corporation, HDFC Bank, Shinsei Bank and Standard Chartered Bank.

Founded in 1996, NSEL has developed a range of software solutions for the financial sector. Its offerings include the `Finnone' suite, `PowerCard', `ReQueST' and `Cash@Will'.

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