Latest News | Nucleus Software Q1 PAT Dips 83%
Get latest articles and stories on Latest News at LatestLY. IT company Nucleus Software on Thursday posted about 83 per cent decline in consolidated profit after tax to Rs 6 crore in the first quarter ended on June 30, 2021, due to the impact of Covid-19 pandemic.
New Delhi, Aug 12 (PTI) IT company Nucleus Software on Thursday posted about 83 per cent decline in consolidated profit after tax to Rs 6 crore in the first quarter ended on June 30, 2021, due to the impact of Covid-19 pandemic.
It had registered a profit after tax (PAT) of Rs 36.33 crore in the same period a year ago.
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The employee benefits expense of the company increased by 21.5 per cent to Rs 92.2 crore on year-on-year basis from Rs 75.88 crore. Increased employees compensation during the second wave of Covid-19 impacted its margin.
Nucleus Software consolidated revenue from operations declined by 15.5 per cent to Rs 108 crore during the reported quarter from Rs 128.35 crore it recorded in the corresponding quarter of 2020-21.
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"The second wave of Covid left almost every one of us scarred and at Nucleus we consider Nucleites (our employees as they are called) as not just a part of our team but our families. It was an extremely tough period for all of us," Nucleus Software managing director Vishnu R Dusad said in a statement.
He said that the other challenge wide attrition in the industry, due to huge increase in the digitization work to the country.
"To ensure that Nucleites continue to add value to our customers in uninterrupted manner we took some major steps. The compensation has been raised substantially.
"While this has affected our profitability, we are confident we will be able to get back to our standard profitability in not too distant a future. We believe that this is an investment for our future," Dusad said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)