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8K Miles Software Services Surges 10% on Strong Q3

8K Miles is an internet-based company focused on helping enterprise and small and medium businesses integrate cloud computing into their information technology and business strategies.
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Shares in 8K Miles Software Services gained over 10 per cent to a day high of Rs 814.70 on Friday, after the company reported strong earnings for the third quarter of fiscal 2015 on Thursday.

Its net profit grew 30 per cent sequentially to Rs 5.38 crore, while its revenue grew 28 per cent sequentially to Rs 34.7 crore.

8K Miles is an internet-based company focused on helping enterprise and small and medium businesses integrate cloud computing into their information technology and business strategies.

The company has been witnessing strong growth in its earnings in last few quarters. In the quarter ended September 30, 2014, the company had reported 170 per cent year-on-year (y-o-y) jump in its net profit to Rs 4.98 crore, while its revenues grew 200 per cent y-o-y to Rs 27.08 crore.

Shares in the company had significantly outperformed benchmark indices last year. Its shares gained over 600 per cent in 2014 as against 70 per cent gain in the benchmark BSE smallcap index.

Suresh Venkatachari, Chairman at 8K Miles Software Services, told NDTV that in the coming quarters growth is going to come from cloud based managed services and SAS offering, which offer higher profit margin.

The company gets around 50-55 per cent revenue from cloud based services and remaining from SAS offering, added Mr Venkatachari.

Shares in the company ended 3.86 per cent higher at Rs 767.05 apiece, outperforming the broader Nifty, which closed 0.6 per cent higher.



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