Dear Shareholders,
It is my honor and privilege to be the Chairperson of your Company
having taken over the illustrious track record left by my predecessor.
On behalf of the Board of Directors of Oracle Financial Services
Software Limited, I am pleased to report that your Company delivered outstanding results
for the financial year ended March 31,2024 posting a 23% increase in the consolidated net
profits to Rs 22.2 billion. On the strength of the performance, the Board was pleased to
declare an interim dividend of Rs 240 per share for the financial year. Consolidated
revenue for the fiscal year was Rs 63.7 billion, posting a 12% increase over the previous
financial year. It was also notable that we posted double digit growth across all the
lines of business. We are proud that we have maintained a track record of delivering
consistent high profitability metrics which are amongst the best in our industry.
Our business model has at its core a deep ethos of care for the
customers who place trust in us for their mission critical needs. This is backed by high
quality products and services delivered on the latest technology by a team of passionate
domain and technology experts. Being part of Oracle gives us access to the best technology
and unparalleled global reach.
Fiscal year 2024 was fraught with several uncertainties including
continued and expanding geopolitical conflicts, economic slowdowns, highly visible
failures of some banks in the western world, and tectonic technology shifts with
increasing usage of Generative Artificial Intelligence (GenAI) and machine learning (ML).
With an increasingly tech savvy customer base which is spoilt for choice, banks are under
intense pressure to deliver "digital delight" at scale with complete compliance
to regulations and at the lowest possible cost. Banks are increasingly looking at
solutions delivered on a new architecture which is adaptable to rapid change and is
available on the cloud.
In such an environment, your Company continued to grow and signed
several pathbreaking deals in the year. Leading global banks launched programs to revamp
their global payment technologies across over 50 countries on our IT solutions. Your
Company won a landmark deal with The Navy Federal Credit Union, USA to modernize their
retail systems on our Oracle Banking Cloud offering. Number of other customers across
Asia, Europe and Americas began or expanded their journey with our solutions. The fiscal
year 2024 saw license wins of $137M - highest ever for the Company, registering a 44%
growth over last fiscal. These wins are a testimony to the excellence of our products
through continuing R&D, our track record of delivering high quality implementations,
and providing reliable support.
Your Company continues to be at the forefront of technological
innovations. We deliver next-generation cloud native solutions that offer enriched
customer experiences with built-in innovation and the flexibility of deployment and
adoption. Developed on a domain driven componentized architecture and an API-first
ecosystem-aware design, our products deliver the benefits of transformative technological
breakthroughs in GenAI, memory grids, IoT, graph analytics, natural language interactions
etc. In a digital first world, our offerings can easily coexist and collaborate with the
customers' existing technology and other Fintechs - making your Company a trusted partner
to deliver better financial services to empower customers to build vibrant economies,
resilient institutions, healthier societies, and a safer world.
Our continued investments in technology and domain expertise, backed by
a track record of wide adoption of our offerings by the financial institutions around the
world, sets us up for a long-term success. Also, the recent wins in the cloud and new
business domains are a great foundation for the newer opportunities in multiple
jurisdictions for your Company.
Before I conclude, I am pleased to welcome our new Managing Director
& CEO, Mr. Makarand Padalkar, and our new CFO, Mr. Avadhut Ketkar. I am also pleased
to welcome new directors, Mr. Mrugank Paranjape and Mr. Gopala Ramanan and thank retiring
fellow directors Mr. S Venkatachalam, Mr. Richard Jackson and Mr. Chaitanya Kamat for
their contributions.
On behalf of the Board of Directors and Management of the Company, I
would like to thank our shareholders, customers, partners and employees. Marching together
with all the stakeholders, we look forward to an exciting future achieving newer and more
challenging milestones.
Regards,
Sridhar Srinivasan
Chairperson
Oracle Financial Services Software Limited