Nucleus Software Exports surges 19% on a strong set of Q3 earnings

The income from software products and services came in at Rs 169.33 crore in the December quarter, up 30.2 percent from the previous quarter

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Nucleus Software Exports share price rallied 19 percent on February 14 after the company posted a healthy set of numbers for the December quarter.

The stock settled at Rs 480.15 on the NSE, the highest closing since February 16, 2022.

The income from software products and services came in at Rs 169.33 crore for the quarter ended December FY23, growing 30.2 percent over the previous quarter.

The company recorded a 247.6 percent sequential growth in consolidated profit at Rs 38.34 crore for the quarter, driven by strong operating performance as well as a healthy topline.

On the operating front, Nucleus registered EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 47.87 crore for the three-month period ended December 31, 2022 was up 318 percent from the previous quarter. The operating profit margin expanded sharply by 1,947 bps sequentially to 28.27 percent for the quarter.

Technical View

The stock has formed a robust bullish candle on the daily charts after quarterly earnings, with significantly higher volumes. It decisively broke the downward-sloping resistance trendline adjoining the highs of July 2, 2021 and January 17, 2023, indicating positive sentiment among participants.

The stock traded way above all short-term (9 and 21-day EMA – exponential moving average) as well as long-term moving averages (50, 100 and 200-day EMA), while taking good support at upward sloping support trendline adjoining lows of December 26, 2022 and January 27, 2023.