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8K Miles Posts 109% Rise in Q3 Profit

Cloud computing firm 8K Miles Software Services on Friday reported a 109 per cent rise in net profit at Rs 11.3 crore for the December quarter, driven by better revenues from its recent acquisitions.
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Mumbai: Cloud computing firm 8K Miles Software Services on Friday reported a 109 per cent rise in net profit at Rs 11.3 crore for the December quarter, driven by better revenues from its recent acquisitions.

The US-focused company, based in the Silicon Valley, reported revenue of Rs 74.05 crore in the traditionally low period for the software services sector - 115 per cent higher compared to the corresponding period a year ago.

On a quarter-on-quarter basis too, the company did perform well at a time when every analysts has been predicting a bad period for software services players.

While its revenue grew by 21 per cent, net income was clipped at 29 per cent on a sequential basis.

Commenting on the good set of numbers, company chairman and managing director Suresh Venkatachari said that during the quarter, the company grew its business in North America through patented secure cloud solution offerings and services.

"Our recent acquisitions and cloud transformation business focused structuring will help us to position for higher growth and scaling going ahead," he added.

During the quarter, the company completed the integration of NexAge Technologies after the buyout, helping it grow both the bottom line and topline, Mr Venkatachari said.

In anticipation of the earnings announcement, 8K Miles shares jumped close to 2 per cent to Rs 2,374.35 on the BSE, whose main gauge Sensex rose 0.33 per cent after four days of decline.

The company's market valuation jumped to Rs 2,588.04 crore at close of trade on Friday.

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