Oracle Financial Services Software Limited (Reuters: ORCL.BO & ORCL.NS), a majority owned subsidiary of Oracle, today announced Indian GAAP results for the first quarter of fiscal year 2010 with consolidated net income of Rs 186 Crores, up by 76% compared to the same quarter last year, and operating income of Rs 223 Crores, an increase of 304% compared to the same quarter last year.
Consolidated Indian GAAP revenues were Rs 710 Crores, up 12%, year over year.
"We are pleased to open fiscal year 2010 on a positive note, with product business revenues of Rs 442 Crores, an increase of 22% compared to the same quarter last year. Our domain expertise and comprehensive solutions portfolio continue to deliver significant value to banking customers. In particular, we are seeing increased traction for our Enterprise Risk and Compliance offerings." said N.R.K. Raman, Managing Director and CEO.
"We are pleased to report strong operating performance with enhanced profitability across all lines of business. Operating margins for our products business increased to 41%, from 19% during the same quarter last year, and our services business operating margins increased to 25%, from 11% last year. We also maintained focus on collections, reducing the DSO by 14 % over previous quarter." said Makarand Padalkar, Chief Financial Officer.
During the quarter, the company added 9 new name customers, 16 customer projects went live with successful deployment of our products, and the company saw strong cross-sell results, with 11 new customer engagements for the services business.
- Forrester Research recognized Oracle as a Global Power Seller for 2008 banking platform deals in its May 2009 report, "Global Banking Platform Deals 2008: Setting The Stage In A Maturing Market".
- OpRisk & Compliance readers ranked Oracle Financial Services Software as the overall leader for compliance software in it's 2009 Annual Compliance Software Survey. Oracle ranked first for anti-money laundering (AML) and governance, risk and compliance (GRC) software products, and was ranked as a top-three vendor across six of the survey's eight compliance software categories.
- The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) signed for Oracle Mantas AML. Financial Intelligence Units (FIUs) in 13 countries across The Economic Community of West African States (ECOWAS) are using Oracle Mantas support to member States to establish and implement AML/CFT regimes.
- Oracle FLEXCUBE was selected by a leading bank and its subsidiaries in Latin America to enable standardization of core banking operations.
- Oracle FLEXCUBE Lending and Leasing to be rolled out in Africa for Housing Finance Subsidiary of a leading International Bank.
- Oracle FLEXCUBE Enterprise Limits and Collateral Management was announced in the quarter, enabling banks to achieve a holistic view of their exposure by helping them to centralize collateral management, limits definition, and tracking and measurement of exposure across the institution.
Consulting Highlights for the Quarter
- The company entered into an agreement to deliver an Operational Risk consulting and framework development for a top tier company in the Private Life Insurance Industry in Asia.
- The company won a Managed Services deal for establishing a Center of Excellence for a leading tier 1 bank in Asia.
- The company was engaged to re-engineer, renew the architecture, and design of a global transaction solution for a tier 1 bank in North America.
- During the quarter, a leading South African financial services institution selected our PrimeSourcing Application Services to deliver the Bulk Payments Hub.
- The company was selected as a preferred partner for Application Services at a leading bank in Ireland.