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Dolat Capital Report
Oracle Financial Services Software Ltd. reported revenue growth of 7% YoY in Indian rupee terms at Rs 13.7 billion (our estimate at Rs 14.2 billion).
Revenue miss was on account of weak licence signings at $13.1 million led by slower deal decision making/signings. Operating profit margin stood at 39% for the quarter (our estimate: 45%) owing to weak licence bookings and sustained strong hiring in the quarter – net added ~600 resources as it is building capacity to meet rising implementation revenue run rate (imp rev up 8% QoQ and % YoY).
Despite lower than expected performance we believe Oracle Financial Services' delivery continues to trend on improved track as evident from strong hiring and thus expect improved financial performance on TMF basis.
We believe the current run rate still suggest possibility of better revenue growth performance in FY23E and gradual recovery in profitability in H2.
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