This Article is From Aug 07, 2015

Oracle Financial Services Software Soars on Strong Q1

Oracle Financial Services Software Soars on Strong Q1
Oracle Financial Services Software (OFSS) shares surged as much as 4 per cent to intraday high of Rs 4,375.65 as the Mumbai based tech company reported a 43 per cent sequential rise in net profit.
 

Oracle Financial Services Software reported a net profit of Rs 329 crore on revenues of Rs 1,057 crore in the June quarter on the back of robust performance of its products business. Oracle Financial Services Software, a subsidiary of global technology giant Oracle, had reported a net profit of Rs 230 crore on revenues of Rs 950 crore in the March quarter.
 

Profits were boosted by higher margins; Oracle Financial Services Software's operating margins increased by 200 basis points sequentially to 39 per cent in the June quarter.
 

Oracle Financial Services Software product business, which contributes more than 80 per cent to its consolidated revenues, posted sequential growth of 14 per cent in the June quarter with operating margins of 51 per cent, up from 46 per cent in the March quarter.
 

"We maintained a strong winning momentum to sign deals across all our product lines across the globe. For the quarter ended June 2015, we signed new licenses of $25 million. Our product capability offers customers multiple deployment choices thereby giving them the competitive edge," said Chet Kamat, managing director and CEO of Oracle Financial Services Software.
 

OFSS shares ended 1.14 per cent higher at Rs 4,259.75 apiece, outperforming the IT sub-index of NSE, which ended 0.17 per cent lower.