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FROM THE CHAIRMAN'S DESK:
It is my pleasure to report the results for the financial year ended March 31, 2013. In the year under review, on a consolidated basis, our net profit increased by 18 percent to Rs. 10,751 million. Our focus on innovation and operational excellence has reinforced our leadership in the marketplace, and a growing number of financial services organizations, worldwide, are selecting our products to achieve competitive differentiation, ensure regulatory compliance and deliver personalized service to their customers. In addition, these institutions value the consulting services provided by your Company.
Our strategy has been centered around consolidation of our position in markets where we are already present, and expansion of our addressable market by launching relevant offerings to segments hereto not addressed and opening major markets.
We maintain our focus on key areas of opportunity, including mobile banking, direct banking and Shariah–compliant banking. Your Company intends to stay ahead of competition by making substantial investments to our product suites that address these opportunities. We launched Oracle FLEXCUBE 12.0 earlier this year. The suite now includes in its ken Oracle FLEXCUBE Direct Banking and Private Banking functionality. This synthesized version also enables enhanced mobile banking with iPhone, iPad and Java ME devices.
During the financial year, we reported several marquee deals with Tier One banks, especially in North America, Europe, Middle East and Africa (EMEA) regions, relating to our risk management solutions stack. These are a direct result of the investments we have continued to make in our risk solutions portfolio to keep it at the leading edge.
This year, we announced the availability of Oracle Financial Services Analytical Applications for Customer Insight, a comprehensive solution that enables institutions to gain a 360–degree view of customer relationships across finance, risk management and marketing for extended and actionable insight into customer behavior. To address the specific requirements of complex regulations such as Basel III, Dodd Frank, and Foreign Account Tax Compliance Act (FATCA), we expanded our Enterprise Risk Management suite and the Enterprise Stress Testing & Capital Planning Analytics suite. We also launched the Oracle Financial Services Loan Loss Forecasting & Provisioning System, a new analytical application that helps organizations accurately forecast credit losses and compute loan loss provisions.
Your Company announced general availability of Oracle Banking Platform for banks in September 2012. The new offering already has gained the first two deployments in Asia. Oracle Banking Platform strengthens the portfolio and capability of your Company to address replacements at Tier 1 Retail Banking Institutions in Europe, North America and Asia.
Our track–record, technology assets and investments place us, along with Oracle, in an excellent position to leverage the opportunities that we see ahead of us, providing an application set that is complete and optimized on Oracle Hardware, along with the necessary services.
On behalf of the Board of Directors and the Management of Oracle Financial Services Software, I would like to thank you for your support over the financial year. I look forward to your continued patronage to help us achieve our mission of being the most preferred technology partner of banks across the world.
Oracle Financial Services Software Limited