IT firm Oracle Financial Services Software Ltd on Wednesday (October 18) reported a 5% year-on-year (YoY) jump in net profit at ₹417.4 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Oracle Financial Services posted a net profit of ₹397.7 crore, the company said in a regulatory filing.

In the quarter, consolidated revenue stood at ₹1,444.4 crore during the period under review, up 5% against ₹1,376 crore in the corresponding period of the preceding fiscal.

Net income for the quarter was ₹417 crore, up 5% year-over-year. Operating income for the quarter was ₹531 crore, down 2% year-over-year, the company said.

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For the three months ended September 30, 2023, the products business posted a revenue of ₹1,298 crore, up 6% year-over-year, and an operating income of ₹553 crore, equal to the operating income of the same quarter last fiscal year.

For the same period, the services business posted revenue of ₹147 crore, down 2% year-over-year, and the operating income of ₹33 crore, down 17% year-over-year.

Makarand Padalkar, managing director and chief executive officer of Oracle Financial Services Software, said, "I am delighted to take over the position of the Managing Director & CEO of this great company and look forward to continuing corporate success. We had strong license wins in the quarter of $40.5 million driven by marquee cloud wins."

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Avadhut Ketkar, chief financial officer of Oracle Financial Services Software, said, "The company maintained consistency in the performance this quarter with an operating margin of 36.8% and a net margin of 28.9%. The accounts receivables are healthy, with the Days of Sales Outstanding (DSO) of 61 days."

The results came after the close of the market hours. Shares of Oracle Financial Services Software Ltd ended at ₹4,160.00, down by ₹17.00, or 0.41 percent on the BSE.