Oracle Financial Services Q4 Results: Products and Services push revenue up 12% to ₹6,373 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oracle Financial Services Software Limited, a subsidiary majority-owned by Oracle, has disclosed its financial outcomes for the quarter and fiscal year concluding on March 31, 2024, in which it reported a 12% year-on-year rise in its consolidated revenue to ₹6,373 crore.

Operating income for fiscal year 2024 stood at ₹2,680 crore, exhibiting a robust 13% escalation from fiscal year 2023. Net income also surged to ₹2,219 crore for fiscal year 2024, demonstrating an impressive 23% increase compared to the previous year.

The company’s consolidated revenue for the quarter ending March 31, 2024, amounted to ₹1,642 crore, showing a 12% year-over-year growth. Operating income for the quarter reached ₹703 crore, up by 13% compared to the same quarter last year. Net income for the quarter was reported at ₹560 crore, indicating a robust 17% year-over-year increase.

Breaking down the business segments:
– The Products business exhibited a revenue of ₹1,491 crore for the three months ending March 31, 2024, demonstrating a 12% increase year-over-year. The operating income for this segment was ₹718 crore, up by 13% year-over-year.
– Meanwhile, the Services business posted a revenue of ₹151 crore for the same period, marking a 13% year-over-year growth, with an operating income of ₹44 crore, showing an impressive 47% increase year-over-year.

₹The Board of Directors declared an Interim Dividend of ₹240 per equity share with a face value of ₹5 each for the financial year 2023-24.

CEO Makarand Padalkar expressed contentment with the company’s performance, stating, “We are very pleased to report double-digit growth in revenues, operating income, and net income for the fiscal year ended March 31, 2024.” Padalkar underscored the success of their products and services within the financial industry, noting a 43.7% growth in license fee signings compared to fiscal year 2023.

Chief Financial Officer Avadhut Ketkar emphasised the company’s strong financial performance, stating, “For the quarter, our revenue increased by 12% and net income grew by 17% on a year-over-year basis.” Ketkar pointed out the company’s operating margin of 43% and a net margin of 34% for the quarter ended March 31, 2024, along with an operating margin of 42% and a net margin of 35% for the fiscal year 2024.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow