Nucleus Software Q1 net dips 40% at Rs 9.6 cr

Nucleus Software today said it has reported a 40% drop in net profit to Rs 9.60 crore in the fourth quarter ended March 31, 2009, compared to Rs 16 crore in the same period last year.      

The company's revenue, however, increased by 10.0% to Rs 85.81 crore in the quarter from Rs 78 crore in the same period a year ago.       

Shares of the company were trading at Rs 66.50, up 3.58% the BSE.

Meanwhile, Nucleus Software Chief Financial Officer Pramod Sanghi said the company has planned to cut expenses, currently Rs 260 crore, by 10 per cent by freezing recruitment, moving people from onsite to offshore and cutting down on travel and communication cost.      

"The company has cancelled contracts of 50 newly hired people as part of its cost-cutting exercise," Nucleus Software chairman Vishnu Dusad said.      
Giving the outlook, he further said demand could increase in the next two quarters and after that there would be a lull for some time.