Oracle Financial Q1 net profit climbs 23% y-o-y

25 Jul 2024 , 11:26 AM

On Wednesday (July 24), Oracle Financial Services Software Ltd reported a 23.1% YoY rise in net profit of ₹616.7 Crore for the first quarter ended June 30, 2024.

Oracle Financial Services Software reported a quarterly net profit of ₹501 Crore in a regulatory filing. Revenue from operations climbed by 19.08% to ₹1,741.4 Crore, up from ₹1,462.4 Crore in the previous fiscal period.

EBITDA increased by 36.3% to ₹847.1 Crore in the first quarter of this fiscal year, up from ₹621.5 Crore in the same period last year.

The EBITDA margin was 48.6% in the reporting quarter, up from 42.5% in the same period last fiscal year.

Oracle Financial reported an operating income of ₹825 Crore, a 36% YoY increase. The net income for the quarter was ₹617 Crore, up 23% over the previous year.

Revenue from the products business increased by 21% YoY to ₹1,595 Crore, while the services business grew by 1% to ₹146 Crore from the previous year.

Makarand Padalkar, Managing Director and CEO of Oracle Financial Services Software, stated, “We are pleased with the overall performance, delivering double-digit growth on all key metrics. During the quarter, we signed new license transactions totalling $35.1 Million, representing a 28% increase year on year. Our execution remains robust, as seen by the successful completion of several advising and product implementation projects.”

Oracle Financial Services allows financial institutions to address the challenges of establishing client intimacy and competitive advantage with cost-effective solutions that meet the strict requirements of a dynamic regulatory environment. Oracle Financial Services provides the world’s most comprehensive and modern banking applications, as well as a technology footprint that handles challenging IT and business needs.

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