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Oracle Financial Services hits record high, zooms 20% on strong Q3 results

On a consolidated basis, Q3 revenue was up 26 per cent year-on-year (YoY) at Rs 1,824 crore. Net profit jumped 69 per cent to Rs 741 crore on YoY basis

Sensex, Nifty, stock brokers

SI Reporter Mumbai

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Shares of Oracle Financial Services Software rallied 19.8 per cent on the BSE to hit a record high of Rs 6,098.50 in Thursday’s weak intraday trade. The rally came on a strong revenue and profit growth for the December quarter (Q3FY24).

The stock surpassed its previous high of Rs 5,145 touched on October 19, 2021. In comparison, the S&P BSE Sensex was down 0.72 per cent at 70,987 at 10:32 AM.

Oracle Financial provides products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

On a consolidated basis, Q3 revenue was up 26 per cent year-on-year (YoY) at Rs 1,824 crore. Net profit jumped 69 per cent to Rs 741 crore on YoY basis.

Margins were strong for the quarter with the operating margin at 46.1 per cent and net margin at 40.6 per cent.

The company’s products business posted a revenue of Rs 1,680 crore, up 29 per cent YoY and operating income of Rs 867 crore, up 41 per cent YoY.

The management said the company’s license fees signings were $49.5 million across its product lines for both Cloud/SaaS and on-premises deployment modes.

For the nine months ended December 2023, license signings were $117.4 million, up 76 per cent than the corresponding period last fiscal, the management said.

Oracle Financial Services Software signed a landmark cloud deal with Navy Federal Credit Union, USA during the previous quarter and the management continues to see a robust deal pipeline across all the regions.

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First Published: Jan 18 2024 | 9:45 AM IST

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