NEWS

Nelito aims to more than double revenue to Rs 200 cr by 2020

Updated On : 11 May 2017 | Source : Times Of India

Nelito Systems, in which Japan's DTS Corporation owns a majority stake, is aiming to more than double its revenues to Rs 200 crore by the end of this decade, betting on the country's digital push. Besides, the company, which provides software solutions to co-operative banks, is looking to offer its IT services outside the country too.

Punit Jain, CEO of Nelito Systems, said that the Indian government's push for technology products to develop the banking system in the rural areas will augment the company's revenues. In fiscal 2016, Nelito reported an operating profit of Rs 6 crore on revenues of Rs 88 crore. Jain added that the company will leverage on DTS Corporation's network to cater to the US and South East Asian markets. He projected that these markets will contribute 20% to overall revenues by 2020.

DTS holds 44.5% stake in Nelito, which started as an IT division of Nelco, a Tata Group company, and became a separate entity in 1995. The Japanese company had acquired the stake from Nelco, Af-Taab Investment (arms of Tata Power) and Sunnynook (a unit of private equity capital firm Intrepid) last month. Tata Power Group reduced its interests in Nelito as it was a small and non-core business for the electricity generator which is currently struggling with its loss-making Mundra plant.

Nelco and Af-Taab Investment now holds 9.95% and 12.30% in Nelito while Sunnynook, co-owned by Cyrus Vandrevala, son of former Tata Power MD Firdose Vandrevala, owns 22.25%.

Sunnynook had bought Nelito's shares from Itochu, a Japanese company, in the early 2000s. Cyrus' younger brother Jerxis Vandrevala and Kersi Gherda, former Tata Power MD, represent Sunnynook on the board of Nelito while P J Nath and Sanjay Dube represent Nelco and Af-Taab respectively. DTS has three members on the board of Nelito.

CLIENT SPEAK

  • CBS

    “The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation.”

    D K Kandpal | Vice President (IT)

    Nainital Bank
  • MIS ADF

    “Good & Co-operative.”

    Ronniee Gupta | DGM

    UCO Bank
  • CBS

    “We appreciate your local team who continuously supported & assisted our team to meet the goal.”

    Nagendra Nath Sinha | Principal Secretary IT

    Government of Jharkhand, Ranchi
  • CBS

    Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others .

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • CBS

    • As Vendor strict adherence to process & procedures
    • Risk Mitigants in Place
    • Flexible to customer requirements

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • Custom Application Development testimonial

    Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc which help us in smooth automation of banking operation.

    K.T. Wadia | CEO

    The Sutex Co-op bank Ltd
  • CBS

    Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team.

    Ashuthsoh Satsangi | VP-Operations

    SMERA
  • CBS

    Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth.

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • CBS

    Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt organization. Many thanks for the sincere efforts.

    Sanjay Kamlakar | Under Secretary to GoM

    Govt of Maharashtra
  • DGM

    "We appreciate Nelito team who were always on time and responsive to our needs and changing ideas. They worked efficiently from the project inception to its completion in a timely and professional manner. Their understanding of this space has been invaluable to the success and launch of 'PMAY CLSS' app."

    Susanta K. Padhi | DGM

    National Housing Bank