Oracle Financial’s net profit for the second quarter was 417 crore, while revenue increased 5% to 1,444 crore

Oracle Financial Services Software Ltd reported a 5% YoY increase in net profit at ₹417.4 crore for the quarter ending September 30, 2023. In the same period last year, the company had a net profit of ₹397.7 crore. The consolidated revenue for the quarter was ₹1,444.4 crore, marking a 5% increase compared to ₹1,376 crore in the corresponding period of the previous fiscal year.

Net income for the quarter reached ₹417 crore, a 5% YoY growth. Operating income, however, experienced a 2% YoY decline at ₹531 crore. The products business posted a revenue of ₹1,298 crore, up 6% YoY, with an operating income of ₹553 crore, matching the figure from the same quarter the previous fiscal year. Meanwhile, the services business reported a revenue of ₹147 crore, down 2% YoY, and an operating income of ₹33 crore, marking a 17% YoY decrease.

Makarand Padalkar, the newly appointed managing director and CEO of Oracle Financial Services Software, expressed optimism about the company’s strong license wins, including significant cloud victories contributing to a total of $40.5 million in the quarter.

Avadhut Ketkar, the CFO, highlighted the company’s consistency in performance, maintaining an operating margin of 36.8% and a net margin of 28.9%. The accounts receivables remained healthy, with a Days of Sales Outstanding (DSO) of 61 days.

The results were disclosed aftermarket hours, with Oracle Financial Services Software Ltd’s shares closing at ₹4,160.00, down by ₹17.00 or 0.41% on the BSE.

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