Oracle Financial Services Software (OFSS), the fifth most valued technology firm in India, on Wednesday reported 5.6 per cent year-on-year rise in profit on the back of 9.5 per cent jump in revenue for the first quarter ended June 30, 2011.

The net profit of OFSS, a majority owned subsidiary of Oracle, came in at Rs 204 crore, slightly lower than street estimates of Rs 213 crore. The company reported quarterly revenues of Rs 712 crore, beating analysts estimates of Rs 695 crore.

Chet Kamat, managing director and CEO, OFSS, said: “Our product revenues grew 21 per cent and licenses signed were 66 per cent higher than the corresponding quarter year-over year.”