New Delhi: Nucleus Software's consolidated revenues for the first quarter of FY 2004 stood at Rs 18.18 crore as against Rs 22.52 crore for Q1 of FY 2003. Profit after Tax (PAT) stood at Rs 1.54 crore against Rs 1.52 crore for Q1 of FY 2003.

Speaking on the company results, Vishnu Dusad, managing director, Nucleus Software Exports said, "There has been fall in revenue in comparison to previous quarters due to movement of delivery model from onsite to offshore and delay in decision for product licenses in South East Asia and Middle East which were affected by Severe Acute Respiratory Syndrome (SARS) and Gulf war respectively.

However, we have been able to control our costs and report profits marginally higher than the same quarter of previous year. We continue to be optimistic about the full year FY 2004 with continued focus on product sales."