Oracle Financial Services Software Ltd on Wednesday (July 24) reported a 23.1% year-on-year (YoY) increase in net profit at ₹616.7 crore for the first quarter that ended June 30, 2024.

In the corresponding quarter, Oracle Financial Services Software posted a net profit of ₹501 crore, the company said in a regulatory filing. The company’s revenue from operations increased 19.08% to ₹1,741.4 crore versus ₹1,462.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA surged 36.3% to ₹847.1 crore in the first quarter of this fiscal over ₹621.5 crore in the corresponding period in the previous fiscal.

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The EBITDA margin stood at 48.6% in the reporting quarter compared to 42.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Oracle Financial reported an operating income of ₹825 crore, showing a 36% YoY increase. The net income for the quarter stood at ₹617 crore, marking a 23% rise compared to the previous year.

The products business generated revenue of ₹1,595 crore, up by 21% YoY, while the services business posted a revenue of ₹146 crore, showing a modest 1% growth over the year-ago period.

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Makarand Padalkar, Managing Director and Chief Executive Officer of Oracle Financial Services Software, said, “We are pleased with the overall performance, delivering a double-digit growth on all key metrics. We signed new licence deals for $35.1 million during the quarter representing a growth of 28% year-on-year. Our execution continues to be strong with successful delivery of a number of consulting and product implementation engagements.”

The results came after the close of the market hours. Shares of Oracle Financial Services Software Ltd ended at ₹11,132.20, up by ₹144.10, or 1.31%, on the BSE.

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