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Dolat Capital Report
Oracle Financial Services Software Ltd. reported results below our estimate with revenue de-growth of down 2% YoY at Rs 14 billion (our estimate: Rs 14.8 billion) owing to modest licence signings and deferment of revenue recognition from large software-as-a-service deal signed in Q4.
Operating profit margin however revived 308 bps QoQ on strong traction at 10% QoQ. Profit after tax stood at Rs 4.9 billion (our estimate Rs 5.4 billion).
During Q1 Oracle Financial Services Software has signed new licenses worth $26.2 million (our esitmate: $37 million) which translate 10% growth on trailing twelve months basis.
The licence signing is not exciting given the fact that Q1 has been seasonally the best quarter in terms of bookings. Implementation revenues also witnessed modest traction with 1.7%QoQ growth, given sustained high offshoring and high attrition (26% - revived 200 bps QoQ).
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