Shares of the software services company Oracle Financial Services after gaining in early trade declined post reported weak Q4 quarter performance.

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At around 10:52 am, shares of the company declined over 2 per cent or Rs 162.9 to Rs 7196.25 per share on the BSE, while at day’s low it hit levels of Rs 7126.1, down over 3 per cent.

On a consolidated basis, revenue for the quarter was Rs. 1,642 crore, up 12% year-over-year. Operating income for the quarter was Rs. 703 crore, up 13% year-over-year. Net income for the quarter was Rs. 560 crore, up 17% year-over-year. 

However, on a sequential basis, the company’s revenue declined 10 per cent, while profit declined 24.4 per cent to Rs 5601.22 crore during the review period. Furthermore, margins at the company took a hit at the IT services company and was reported at 43.6 per cent as against 46.6 per cent in the previous December quarter

On a consolidated basis, for the three months ended March 31, 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. 

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%.”