Active Stocks
Sat May 18 2024 09:59:59
  1. Tata Motors share price
  2. 949.90 0.44%
  1. Tata Steel share price
  2. 168.00 0.45%
  1. Power Grid Corporation Of India share price
  2. 317.20 1.23%
  1. ITC share price
  2. 436.55 -0.01%
  1. Wipro share price
  2. 461.90 0.18%
Business News/ Markets / Stock Markets/  Oracle Financial Services stock jumps 20%, hits fresh record high as net profit rises 69% YoY in Q3
BackBack

Oracle Financial Services stock jumps 20%, hits fresh record high as net profit rises 69% YoY in Q3

Oracle Financial Services Software shares surged 20% to hit an all-time high of ₹6,103.40 apiece following strong Q3 FY24 performance. The stock has recorded a remarkable 41% gain in the last five trading sessions.

For 9MFY24, the company's consolidated net profit improved by 25% to ₹1,659 crore, while revenue from operations rose to ₹4,730 crore from ₹4,227 crore in the same period last fiscal. (Pixabay)Premium
For 9MFY24, the company's consolidated net profit improved by 25% to 1,659 crore, while revenue from operations rose to 4,730 crore from 4,227 crore in the same period last fiscal. (Pixabay)

Oracle Financial Services Software, a majority-owned subsidiary of Oracle, saw its shares zoom 20% to hit a fresh all-time high of 6,103.40 apiece in today's trade. This uptick in shares was in response to the company's strong performance in Q3 FY24.

On Wednesday, the company released its Q3 FY24 earnings post market hours, reporting a 69% jump in its consolidated net profit to 741 crore. In the same period of last year, the company reported a net profit of 437 crore, and in the preceding September quarter (Q2FY24), the net profit stood at 417 crore.

Also Read: Smallcap index looks set to end a 2-week winning run; Suven Life, Sanmit Infra, Angel One down over 10% this week

The revenue from the operation during the December quarter came in at 1,824 crore, up 26% YoY and the operating profit for the quarter was 869 crore, up 43% YoY. 

For the three months ended December 31, 2023, the products business posted a revenue of 1,680 crore, up 29% year-over-year, while the services business posted a revenue of 144 crore, down 2% year-over-year.

The company signed license fees of $49.5 million during the quarter with customers in 37 countries. 19 customers went live on Oracle Financial Services Software products during the quarter, as highlighted by the company in its earnings report. 

Also Read Nifty 50 to Sensex: Why Indian stock market is down today — explained with 5 reasons

For 9MFY24, the company's consolidated net profit improved by 25% to 1,659 crore, while revenue from operations rose to 4,730 crore from 4,227 crore in the same period last fiscal.

Commenting on the Q3FY24 performance, "Makarand Padalkar, Managing Director and Chief Executive Officer of Oracle Financial Services Software, said, “The results demonstrate our strength in all aspects. For the quarter, we posted strong growth in revenue and profits. Our license fee signings were US$ 49.5 million across our product lines for both cloud/SaaS and on-premises deployment modes."

"For the nine months ended December 2023, our license signings were US$ 117.4 million, 76% higher than the corresponding period last fiscal. We signed a landmark cloud deal with Navy Federal Credit Union, USA, during the previous quarter, and we continue to see a robust deal pipeline across all the regions as we continue to serve the market with our product portfolio," he added.

Also Read: Nifty 50 extends slide for 3rd straight day, dips below 21,300 level for first time in CY24

Meanwhile, the stock has recorded a remarkable 41% gain in the last five trading sessions (including today), contributing to an impressive January monthly gain of 47% so far. This performance surpasses its entire 2023 calendar year return of 39.34%.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Jan 2024, 01:36 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started