Oracle Financial Services Software Achieves Record High with 20% Surge on Stellar Q3 FY24 Performance

Oracle Financial Services Software Achieves Record High with 20% Surge on Stellar Q3 FY24 Performance

VoM News Desk | January 18, 2024 | 02:08 PM IST | Breaking News | Follow on Google News

Oracle Financial Services Software Achieves Record High with 20% Surge on Stellar Q3 FY24 Performance//Pixabay

Oracle Financial Services Software Achieves Record High with 20% Surge on Stellar Q3 FY24 Performance

Oracle Financial Services Software, a majority-owned subsidiary of Oracle, witnessed a remarkable 20% surge, reaching an all-time high of ₹6,103.40 per share in today’s trading session. This surge was driven by the company’s robust performance in the third quarter of the fiscal year 2024.

Following the post-market release of Q3 FY24 earnings on Wednesday, the company reported an impressive 69% increase in consolidated net profit, reaching ₹741 crore. This substantial growth compared to the previous year’s ₹437 crore and Q2FY24’s ₹417 crore net profit.

During the December quarter, the company reported a YoY revenue increase of 26%, amounting to ₹1,824 crore, while the operating profit for the quarter rose by 43% to ₹869 crore.

Breaking down the revenue streams, the products business showcased significant growth with ₹1,680 crore in revenue, up 29% YoY, while the services business posted a revenue of ₹144 crore, experiencing a slight decline of 2% YoY.

Oracle Financial Services Software demonstrated its global reach by signing license fees of $49.5 million during the quarter with customers spanning 37 countries. Notably, 19 customers adopted Oracle Financial Services Software products during the quarter.

For the nine months ending December 31, 2023, the company’s consolidated net profit improved by 25% to ₹1,659 crore, and revenue from operations increased to ₹4,730 crore from ₹4,227 crore in the same period last fiscal year.

Makarand Padalkar, Managing Director and CEO of Oracle Financial Services Software, expressed satisfaction with the strong Q3FY24 performance, highlighting substantial growth in revenue and profits. The company’s license signings reached US$117.4 million for the nine months ending December 2023, a remarkable 76% higher than the corresponding period in the previous fiscal year.

Despite the broader market challenges, Oracle Financial Services Software’s stock has outperformed, recording a remarkable 41% gain in the last five trading sessions and an impressive 47% monthly gain in January, surpassing its entire 2023 calendar year return.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.