Nelito systems clocks a net profit of Rs 5.78 crore

Mumbai, May 21 (UNI) Nelito Systems Limited, a TATA group company, in core banking and finance sector, has posted a net profit of Rs 5.78 crore against Rs 0.61 crore of the previous year. The company declared a dividend of 20 per cent for its shareholders.

During the last financial year, Nelito has launched its flagship Core Banking Solution FinCraft Core' to target tier II and tier III banks across the globe.

Company has already secured 4 clients for this product.

It has also launched a product SLiM' (Software Lifecycle Manager) which enables the customer to effectively manage their SDLC (Software Development Life Cycle) processes.

Mr P Bhaskara Rao, CEO, Nelito Systems, said,''There has been a major turnaround in the last two years due to proper restructure and a working business model. Company is growing fast and aims to clock Rs 100 Cr business mark in next two years.'' The company hasventured into application development on Java and DotNet technologies.

The company is also a leading service provider for packaged implementations in the country and during the year, it has set an industry record by implementing Core Banking Solution in over 1500 branches of leading public sector banks.

UNI