Oracle Financial Services Software reports strong Q2FY24 results

India-based Oracle Financial Services Software Limited, a majority-owned subsidiary of Oracle, has announced its financial results for the second quarter of fiscal year 2024, ending September 30, 2023.

In this quarter, Oracle Financial Services Software reported the following financial highlights:

Robust Revenue and Income Growth: The consolidated revenue for the quarter reached Rs. 1,445 Crore, marking a solid 5% year-over-year increase.
 

Net income for the quarter amounted to Rs. 417 Crore, showing a significant 5% year-over-year rise.

Operating income for the quarter stood at Rs. 531 Crore, with a marginal decrease of 2% year-over-year.

Business Segments: 
The Products business demonstrated impressive performance, reporting a revenue of Rs. 1,298 Crore, an increase of 6% year-over-year. Operating income in this segment reached Rs. 553 Crore, remaining consistent with the previous fiscal year.

The Services business, however, posted a revenue of Rs. 147 Crore, indicating a 2% year-over-year decrease. The operating income for this segment was Rs. 33 Crore, reflecting a 17% year-over-year drop.

Makarand Padalkar (MD & CEO) expressed his optimism for the future, highlighting strong license wins driven by marquee cloud successes. The company also boasts a robust deal pipeline across its portfolio.

Avadhut Ketkar (CFO) noted the company's consistent performance during the quarter, maintaining healthy financial indicators, with an operating margin of 36.8% and a net margin of 28.9%. Additionally, Oracle Financial Services Software is maintaining sound accounts receivables, with a Days of Sales Outstanding (DSO) of 61 days.