Oracle Financial Services Software gains; Q1 net profit falls 16%

NEW DELHI: Shares of Oracle Financial Services Software gained 3.39 per cent in trade today, despite the IT firm reporting a 16.50 per cent decline in its consolidated net profit at Rs 329.33 crore for the first quarter ended June 30, 2015.

The company had posted a net profit of Rs 394.43 crore for the same period of previous fiscal.

Total income from operation, on a consolidated basis, also declined 1.53 per cent to Rs 1,056.56 crore during the April-June quarter as against Rs 1,072.98 crore in the corresponding year-ago period, the company said in a filing to BSE.

Chet Kamat, MD and CEO of the company said, "We maintained a strong winning momentum to sign deals across all our product lines across the globe. For the quarter ended June 2015, we signed new licences of $25 million."

"Our product capability offers customers multiple deployment choices thereby giving them the competitive edge," he added.

Makarand Padalkar, CFO of the company said in a statement, "We are happy to report another good performance. Our margins are demonstrative of the high value that our solutions deliver."

Oracle Financial Services Software provides products and services to financial services industry and is a majority owned subsidiary of Oracle Corporation.