Oracle Financial registers 10% sequential rise in Q3 PAT

Oracle Financial Services Software reported a consolidated net profit of Rs 437.33 crore in Q3 FY23, which is higher by 10% as compared with PAT of Rs 397.75 crore recorded in Q2 FY23.

Revenue rose by 5% QoQ to Rs 1,449.30 crore during the period under review.

As compared with Q3 FY22, the company's net profit and revenue are higher by 0.4% and 14%, respectively.

Operating income for the quarter was Rs 579 crore, up 4% year-over-year. Operating income margin was 44% in Q3 FY23 as against 40% in Q3 FY22.

For the three months ended 31 December 2022, the Products business posted revenue of Rs 1,303 crore, up 15% year-over-year, and operating income of Rs 616 crore, up 6% year over-year.

For the same period, the Services business posted revenue of Rs 147 crore, up 11% year-over-year, and the operating income of Rs 29 crore, down 11% year-over-year.

Oracle Financial Services said that the company has signed license fees of $27.5 million during this quarter with customers in 19 countries. 22 customers went live on Oracle Financial Services software products during the quarter, it added.

Total headcount was 8,687, up 13% YoY. Attrition rate on TTM basis was 17% in Q3 FY23 as against 21% in Q2 FY23 and 29% in Q1 FY23.

Chet Kamat, managing director and chief executive officer, Oracle Financial Services Software, said, The strategic investments we have made in enriching our solutions portfolio and focusing on customer success are resulting in the growing momentum of the business.

Increasing traction with prominent institutions is evident from license fee signing of $27.5 million this quarter, and is testimony to our domain-based business model with top-notch banking products based on the newest technologies including cloud computing.

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

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