Profit before tax increased 14.51% to Rs 785.24 crore in the quarter ended 31 March 2024 as compared with Rs 685.76 crore in the quarter ended 31 March 2023.

The three months ended 31 March 2024, the Products business posted a revenue of Rs 1,491 crore, up 12% year-over-year, and operating income of Rs 718 crore, up 13% year-over-year. For the same period, the Services business posted a revenue of Rs 151 crore, up 13% year-over-year, and the operating income of Rs 44 crore, up 47% year-over-year.

Meanwhile, the company’s board has declared an interim dividend of Rs 240 per equity share for FY24.

Makarand Padalkar, managing director and chief executive officer, said, “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 $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 $19.9 million for the quarter ended March 31, 2024.”

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 year-over-year 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 operating margin of 42% and net margin of 35%.”

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

The scrip fell 2.23% to Rs 7,184.40 on the BSE.