Oracle Financial Services Q2 Results | Net profit rises 38% to ₹ 578 crore, revenue rises 16% to ₹ 1,674 crore

Oracle Financial Services Software Ltd on Friday (October 24) reported a 38.4% year-on-year (YoY) rise in net profit at ₹577.7 crore for the second quarter ended September 30, 2024.

In the corresponding quarter of the previous fiscal, Oracle Financial Services Software posted a net profit of ₹417.4 crore, the company said in a regulatory filing. The company’s operating revenue increased by 15.9% to ₹ 1,673.9 crore as compared to ₹ 1,444.5 crore in the corresponding period of the previous fiscal.

At the operational level, EBITDA rose 34.5% to ₹750.6 crore in the second quarter of this fiscal as against ₹558.1 crore in the corresponding period of the previous fiscal.

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The EBITDA margin was 44.8% in the quarter under review compared to 38.6% in the same period last year. EBITDA is earnings before interest, taxes, depreciation and amortization.

Oracle Financial Services’ operating profit rose 36% to ₹724 crore. Net profit for the quarter increased significantly by 38% and reached ₹578 crore. The products business contributed ₹1,518 crore to revenue, registering a growth of 17% year-on-year.

Additionally, the services business clocked in revenue of ₹156 billion, registering a growth of 7% compared to the same period last year.

Makarand Padalkar, Managing Director and Chief Executive Officer of Oracle Financial Services Software, said: “We are witnessing a shift in mindset in the global financial industry with greater demand for cloud offerings.”

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The continued growth of our license and cloud signatures is the result of our products’ proven ability to deliver end-to-end solutions that meet customers’ business needs and give them a competitive advantage. We successfully achieved double-digit year-over-year growth this quarter, with revenue growth of 16% and net income growth of 38%.”

The results came after the market closed. Shares of Oracle Financial Services Software Ltd closed at ₹10,736.95, down ₹469.75 or 4.19% on the BSE.