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8K Miles Net Doubles in Q3, But Stock Plunges 10%

However, in anticipation of the numbers announced after market hours, the 8K Miles hit a life-time high on the BSE at Rs 923, jumping 10 per cent, but closed down 10 per cent at Rs 744, while the benchmark gauge jumped 1.4 per cent or 366 points.
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Leading cloud computing firm 8K Miles Software Services today reported a massive 173 per cent increase in net income at Rs 5.4 crore in the three months to December, driven by higher sales income which jumped more than three times.

While total revenue rose 232 per cent to Rs 34.8 crore, Ebitda jumped 311 per cent to Rs 12.7 crore.
"We grew our revenue in this quarter on both cloud solutions and cloud managed services. Going forward we are focusing our growth in healthcare and pharma domain by offering secured cloud solutions," said Suresh Venkatachari, the company founder and chairman said in a statement.

However, in anticipation of the numbers announced after market hours, the 8K Miles hit a life-time high on the BSE at Rs 923, jumping 10 per cent, but closed down 10 per cent at Rs 744, while the benchmark gauge jumped 1.4 per cent or 366 points.
    
It can be noted that 8K Miles stocks have rallied more than 12 times in the past one year, hitting a life time high of Rs 923 apiece today while its 52-week low was Rs 75.

The Chennai-registered company is the only listed cloud player in the country and is headquartered in the Silicon Valley and has DSP Black Rock and Sundraram MF as investors with nearly 2 per cent stake each.



8K Miles offers turnkey solutions on big data and mobility for SMBs, enterprises, and state/local government institutions.



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