Nelito Systems, a Tata Group company serving the banking and finance sector, has posted a turnover of Rs46 crore for the financial year 2006-07, registering a 43-per cent growth over the last year. The company has recorded a profit of Rs9.56 crore before tax against 1.86 crore of the previous year with a growth rate of 413 per cent. The company recorded an earning of Rs29 per share and declared a dividend of 20 per cent.

During the year, Nelito launched its flagship core banking solution FinCraft Core to target tier II and tier III banks across the globe. The company has already secured four clients for this product. It has launched a novel and niche product SLiM (software lifecycle manager) which enables the customer to effectively manage their SDLC processes.

Nelito has successfully ventured into application development on Java and dotnet technologies. Application testing is yet another focus area of the company. It has secured a prestigious order from a leading nationalised bank for testing of various software products.

The company is the leading service provider for packaged implementations in the country and, during the year, it has set an industry record by implementing its core banking solution in over 1500 branches of leading public sector banks.

Being an ISO 9001:2000 certified company, Nelito has been pursuing quality in all its operations and was successfully appraised for CMMI maturity level 3.

During the year, the company moved into its own modern premises at the Millennium Business Park, Mumbai, and is expanding its infrastructure facilities across the country. As on date, the company has over 500 IT professionals.

There has been a major turnaround in the last two years due to proper restructuring and a working business model. The company is growing fast and aims to reach the Rs100-crore business mark in the next two years.