OFSS tumbles after weak Q3 performance

Oracle Financial Services Software (OFSS) slumped 6.20% to Rs 3747.20 following the announcement of its December quarter earnings that was made after market hours yesterday.

The IT firm's consolidated net proft declined 2.73% to Rs 435.34 crore on a 1.14% fall in revenue from operations to Rs 1266.33 crore in Q3 FY22 over Q2 FY22.

Profit before tax in Q3 FY22 stood at Rs 593.43 crore, down by 5.29% from Rs 602.66 crore in Q2 FY22.

As compared to Q3 FY22, the company's net profit and revenue are higher by 1.32% and 2.25%, respectively.

Chet Kamat, managing director and chief executive officer, Oracle Financial Services Software, said, "Continuing our business momentum, we signed license deals of $15.6 million n the quarter taking the cumulative license signings for the nine-months ended December 2021 to $75.3 million, 21% higher than the corresponding period last fiscal."

Makarand Padalkar, executive director and chief financial officer, Oracle Financial Services Software, said, "We continued to deliver strong performance on every business metric. On a year-to-date basis, revenue grew 5% and net income rose 8%, with net margin of 36%.

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. Oracle Corporation is the world's most complete, open and integrated business software and hardware systems company.

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