Net sales declined 0.20% year-on-year to Rs 1,160.15 crore in Q3 FY20. The result was announced post trading hours yesterday, 4 February 2020.
Consolidated Profit before Tax gained 4.21% to Rs 558.97 crore in Q3 December 2019 as compared to Rs 536.34 crore posted in Q2 September 2019. Current tax expenses, for the quarter, also registered a 30.54% slump to Rs 104.60 crore over Rs 150.60 crore paid in Q2 September 2019, aiding the consolidated PAT.
On a consolidated basis, net income for the quarter was Rs 457 crore, up 49% compared to Q3 FY19. Revenue for the quarter was Rs 1,160 crore, down 2% as compared to Q3 FY19. The operating income for the quarter was Rs 497 crore, up 2% compared to Q3 FY19.
During the quarter Q3 December 2019, the revenues from products business at Rs 1,028 crore, registering a 1% fall on a year-over-year basis. The operating margin stood at Rs 494 crore, down by 1% as compared to the corresponding quarter of the previous fiscal year. During the same period, the services business posted revenue of Rs 101 crore, recording a 15% decline in Q3 December 2019 as against Q3 December 2018.
The company signed license deals of $12.2 million during this quarter with customers in 24 countries.
Commenting on the Q3 performance, Chet Kamat, the managing director and chief executive officer of Oracle Financial Services Software, has stated that, “We signed $12 million of new license fees in the quarter representing strategic new logos across the portfolio. The net income posted a robust 49% growth. We offer compelling solutions for financial institutions across multiple regions and are a leading choice for them. With a robust pipeline, we see a broad-based demand for our product lines in both emerging and developed markets.”
Makarand Padalkar, the executive director and chief financial officer of Oracle Financial Services Software, has said that, “We posted strong operating performance this quarter; the operating margins stood at 43% and net margins were 39%. All other operating parameters continue to be healthy.”
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.