Oracle Financial Q1 net profit up 76 per cent

MUMBAI, INDIA: Oracle Financial Services Software Limited, a majority owned subsidiary of Oracle, today announced Indian GAAP results for the first quarter of fiscal year 2010 with consolidated net profit of Rs 186 Crores, up by 76 per cent compared to the same quarter last year, and operating income of Rs 223 Crores, an increase of 304 per cent against the same quarter last year. Consolidated Indian GAAP revenues were Rs 710 Crores, up 12 per cent on year over year basis.

“We are pleased to open fiscal year 2010 on a positive note, with product business revenues of Rs 442 Crores, an increase of 22 percent compared to the same quarter last year. Our domain expertise and comprehensive solutions portfolio continue to deliver significant value to banking customers. In particular, we are seeing increased traction for our Enterprise Risk and Compliance offerings.” said N.R.K. Raman, Managing Director and CEO of the company.

“We are pleased to report strong operating performance with enhanced profitability across all lines of business. Operating margins for our products business increased to 41 per cent, from 19 per cent during the same quarter last year, and our services business operating margins increased to 25 per cent, from 11 per cent last year. We also maintained focus on collections, reducing the DSO by 14 per cent over previous quarter.” said Makarand Padalkar, the company's Chief Financial Officer.

During the quarter, the company added 9 new name customers, 16 customer projects went live with successful deployment of our products, and the company saw strong cross-sell results, with 11 new customer engagements for the services business.