Nucleus Software Exports hits upper circuit at 20% as board to meet on August 22 to consider buyback

Further detail regarding the buyback price and the quantum are expected to be released later following the board meeting.

Meanwhile, during the first quarter of fiscal year 2024, consolidated revenue declined 5.5% year-on-year (YoY) to ₹195.4 crore. Net profit declined 43.66% YoY to ₹30.2 crore.

Vishnu R Dusad, Co-Founder and Managing Director, Nucleus Software said for the first quarter of FY2024-25, the firm’s focus has been on implementing and adopting lean principles in product development and relevant functions. “As we step into this new quarter, our mission is to innovate continuously to meet the evolving needs of our endcustomers,” he said.

During the earnings call, Parag Bhise, CEO of Nucleus Software stated that the firm is witnessing sustained interest from prospective customers. “Some of the conversations are taking longer than what we have been hoping but having said that, we continue to talk to customers in at least eight countries about rolling out FinnOne Neo or FinnAxia products for adding value to their businesses. And simultaneously, our pipeline is also building reasonably well,” he said.

Bhise also clarified there's no indication or belief that the market is saturated. “In fact, as we have been maintaining, we are getting good traction both from domestic market as well as from outside markets. So there's absolutely no saturation. We don't believe that,” he added.

Nucleus Software delivers fintech solutions to over 200 banks and financial institutions across 50+ countries supporting retail, corporate & SME finance, among other verticals. The firm facilitates over 26 million transactions each day through its globally integrated transaction banking platform. Its lending platform manages $500 billion of loans in India, and over $700 billion of loans globally, while enabling 500,000+ users to log in daily.

Shares of the firm have lost nearly 2% since the beginning of the year. The stock has gained over 38% in the last one year.