Nucleus Results for Q2’23show some improvement, revenues are up slightly, so are margins.
- Consolidated revenues Rs. 130.09 Cr ( vs 114.12 Q2’fy22)
- PAT Rs. 11.03 Cr (vs 8.58 Cr Q’fy22)
- EPS Rs. 4.12 ( vs 2.95 Q2’fy22)
Segments - India business has shown some growth, but none of the international segments (potentially higher margin business) have shown growth.
- The best two potential markets Europe and Australia have declined both YoY and QoQ. Taking H1 totals, both markets are flat
- Press release mentions attrition is down, but no specific number provided, will see when inv call transcript is available.
- Nucleus financial performance on both revenue and margins is still way below the performance 2 years ago, new CEO has not shown much change in the business.
Results PPT: https://www.primeinfobase.in/z_Nucleus/files/financials/Nucleus_AuditReport_Q2Results_2022-23_30092022.zip
Disc: Holding the qty left after tendering in the buyback. Current valuation is reasonable, promoters are ethical, and underlying product has potential, but the business is not showing any improvement, not looking at adding or selling yet.
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