Oracle Financial records 2% sequential growth in Q1 PAT

21 Jul 2022 , 11:37 AM

As compared with Q1 FY22, the companys net profit has declined by 6% while revenue has risen by 0.4%. For the three months ended 30 June 2022, the Products business posted revenue of Rs 1,266 crore (up 10% QoQ) while the Services business posted revenue of Rs 137 crore (up 11% QoQ). Operating income in Q1 FY23 jumped by 20% to Rs 634.7 crore as compared with Q4 FY22. Income before provision of taxes in the first quarter was Rs 678.9 crore, up 19% QoQ. Chet Kamat, managing director and chief executive officer, Oracle Financial Services Software, said, ?We maintained a strong winning momentum to sign licenses of $2.2 million. Our product capability offers customers multiple deployment choices thereby helping them to have a competitive edge. Our margins continued to be robust, with operating margin of 45% and net margins at 35%.? Makarand Padalkar, executive director and chief financial officer, Oracle Financial Services Software, said, ?We have maintained consistency across major operating metrics, the margins continue to be strong and with robust collections, our debtors over 180 days are less than 1%.? Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation. The scrip shed 0.47% to currently trade at Rs 3247.85 on the BSE. Powered by Capital Market – Live News