Oracle Financial Services Software Limited (Reuters: ORCL.BO & ORCL.NS), a majority owned subsidiary of Oracle Corporation, announced today that its Q3 FY09 consolidated Indian GAAP revenues were up 29% compared to the same quarter a year ago. Quarterly consolidated Indian GAAP net income was up 147%, while operating income was up 127% year-over- year (YOY).
GAAP revenues from the products business was up 35% YoY to Rs. 488 crore. GAAP revenues from the services business was up 20% YoY to Rs. 294 crore. The company signed US$ 20.5 million new licenses in the quarter.
We are pleased to deliver a solid performance with overall GAAP revenues for the nine-months ended December, 2008 up by 25%, with corresponding license and annual maintenance revenue growth on a nine month basis up 38%. These numbers demonstrate our compelling value proposition to financial institutions in the current challenging global economic scenario. We are able to deliver operational efficiencies through technologically advanced, comprehensive transaction processing systems while at the same time being able to provide advanced risk and other analytics solutions that are important in managing banks risks & exposures, said N.R.K. Raman, Managing Director and CEO.
Driven by strong operating performance, the cash generated from our operating activities on a GAAP basis for the nine months ended December 31, 2008 is 52% higher than the corresponding period in the last fiscal year. Our prudent measures to contain costs and focus on productivity improvements have resulted in GAAP operating margins increasing in this quarter from 18% to 32% and net margins increasing from17% to 33% over the corresponding quarter in the last financial year, said Makarand Padalkar, Chief Financial Officer.
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