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IT Consulting & Software company Oracle Financial Services Software announced Q4FY24 & FY24 results:
FY24 Financial Highlights:
- Consolidated revenue was Rs 6,373 crore, marking a 12% increase over the previous fiscal year.
- The year ended with a net income of Rs 2,219 crore, representing a boost of 23% from the last fiscal year.
- The company declared an interim dividend of Rs 240 per equity share with a face value of Rs 5.
- Operating margin for the fiscal year 2024 stood at 42%, with a net margin slightly higher at 35%.
Q4FY24 Financial Highlights:
- For the final quarter, revenue reached Rs 1,642 crore, a YoY increase of 12%.
- Operating income for the quarter was Rs 703 crore, reflecting a rise of 13% over the same period last year.
- Net income for the quarter was Rs 560 crore, up by 17% from the previous year.
- The quarterly operating margin was reported at 43% and the net margin was 34%.
- Product revenue reached Rs 1,491 crore for the quarter, up by 12% YoY.
Avadhut Ketkar, Chief Financial Officer, Oracle Financial Services Software, said, “For the quarter, our revenue increased by 12% and net income grew by 17% on a YoY basis. We continued to deliver robust financial performance by offering industry-leading products and services to the financial services industry. For the quarter ended March 31, 2024, our operating margin was 43% and net margin was 34%. For the year ended March 31, 2024, we posted an operating margin of 42% and a net margin of 35%.”
Makarand Padalkar, Managing Director and Chief Executive Officer, Oracle Financial Services Software, said, “We are very pleased to report double-digit growth in revenues, operating income, and net income for the fiscal year ended March 31, 2024. This was a result of our winning portfolio of products and services focused on the financial services industry. During the fiscal year 2024, we signed license fees of USD 137.3 million across our entire range of products registering 43.7% growth over license fee signings in fiscal year 2023. The robust growth of our cloud offering pipeline drove the strength of cloud bookings this fiscal year, and we expect to see continued strength in our cloud offering pipeline. With customer preference shifting toward cloud services, our revenue mix is shifting more toward recurring revenue services, including cloud services, and less for transactional revenue, including signed license fees which were USD 19.9 million for the quarter ended March 31, 2024.
We successfully delivered a number of complex and challenging product implementations across various regions, demonstrating the richness and quality of our offerings. Our strong financial performance this fiscal year reflects the continued importance of our product offerings to global financial institutions, supporting them in their innovation and transformation business objectives.”
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