Fri. Jan 26th, 2024

Oracle Q3: Net Profit Surges 69%, Strong Performance Noted

Oracle Q3: Net Profit Surges 69%, Strong Performance NotedOracle Q3: Net Profit Surges 69%, Strong Performance Noted

Oracle Financial Services Software Ltd reported a significant surge in its Q3 results, with net profit spiking by 69.4% to ₹740.8 crore for the quarter ending December 31, 2023.

The year-over-year increase in revenue from operations was notable at 25.9%, reaching ₹1823.6 crore compared to ₹1449.2 crore in the corresponding period of the previous fiscal year.

The quarter’s operating income showed a robust growth of 45% YoY, totaling ₹840 crore. The products business contributed significantly, posting a revenue of ₹1,680 crore, a 29% YoY increase, and an operating income of ₹867 crore, up by 41% YoY. Conversely, the services business reported a revenue of ₹144 crore, showing a slight decline of 2% YoY, while the operating income increased by 28% YoY, reaching ₹37 crore.

Makarand Padalkar, the managing director and CEO, highlighted positive trends in license fee signings, reaching $49.5 million for both Cloud/SaaS and on-premises deployment modes in the quarter. For the nine months ending December 2023, license signings were notably higher at $117.4 million, a 76% increase compared to the corresponding period in the last fiscal year.

Avadhut Ketkar, the CFO, emphasized strong margins for the quarter, with operating margin at 46.1% and net margin at 40.6%. The nine-month performance until December 31, 2023, reflected a 13% increase in operating income and a substantial 25% increase in net income compared to the same period in the previous financial year.

The market responded positively, with shares of Oracle Financial Services Software Ltd closing at ₹5,087.40, up by ₹175.25, or 3.57 percent on the BSE, after the release of the results.

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