Oracle Fin Services posts 23 pc revenue growth

MUMBAI, INDIA: The Board of Directors of Oracle Financial Services Software Limited, formerly known as i-flex solutions, a provider in providing products and services to the financial services industry and a majority owned subsidiary of Oracle, has approved the results for the quarter ended September 30, 2008.

The net income for the quarter stood at Rs. 93.4 crore as compared to Rs 87.4 crore in the corresponding quarter in the previous year. The net income before the exceptional items for the quarter stood at Rs.140.3 crore, said a press release.

The company’s revenue was up 12 per cent Q-o-Q and 23 per cent Y-o-Y. The revenue for the quarter was Rs. 707.4 crore as compared to Rs. 575.8 crore for the corresponding quarter during the previous year, the release said.  Operating income was up 92 per cent Q-o-Q and 40 per cent Y-o-Y.

During the quarter Oracle Financial Services Software signed new license fees of US$27.4 million and added 16 new customers across product and services business spanning across multiple geographies, the release said.

“During the quarter, we continued to demonstrate our strong value proposition through new signings across our portfolio of offerings,” said N.R.K. Raman, Managing Director and CEO, Oracle Financial Services Software Limited.

“Our past investments have helped grow products license fees by 55 per cent, compared to the same period last year. The overall revenue stream is well diversified geographically,” he added.

“The branding and integration with Oracle has helped drive synergies and expand operating margins sequentially as well as over last year,” Makarand Padalkar, CFO, Oracle Financial Services Software Limited said.