Oracle Financial Services Software net up 7%

Oracle Financial Services Software (formerly known as i-flex), reported net income of Rs 93.4 crore for the second quarter up 6.8 per cent as compared to Rs 87.4 crore in the corresponding quarter in the previous year.

Revenue for this quarter grew 23 per cent to touch Rs 707.4 crore as compared to Rs 575.8 crore for the corresponding quarter last financial year.

Sequentially, the net income of the company dropped 11.5 per cent from Rs 105.6 crore--but revenue were up 11.8 per cent from Rs 631.8 crore.

The company signed new license fees of $27.4 million in the quarter and added 16 new customers across product and services business spanning across multiple geographies.

“Our past investments have helped grow products license fees by 55 per cent, compared to the same period last year. The overall revenue stream is well diversified geographically. The combination of domain knowledge and technology leadership of Oracle allows us to address banks’ current and future needs in ways that no other vendor can,” said N R K Raman, Managing Director and CEO, Oracle Financial Services Software Limited.

Source: www.business-standard.com