8K Miles Software gains on goods Q3 results

The stock was up 1% at Rs 2,408 after reported 29% QoQ jump in consolidated net profit at Rs 11.27 crore in Q3FY16.

8K Miles Software Services was trading higher by 1.4% at Rs 2,408 on the National Stock Exchange (NSE) in otherwise weak market after the company reported 29% quarter on quarter (Q-o-Q) jump in consolidated net profit at Rs 11.27 crore for the third quarter ended December 2015 (Q3FY16). It had profit of Rs 8.74 crore in the previous quarter.

On year on year (YoY) basis, the net profit more than doubled from Rs 5.38 crore in December 2014 quarter.

Operational income grew 21% at Rs 74.05 crore on QoQ basis, and by 115% on YoY basis.

“Our recent acquisitions and cloud transformation business focused structuring will help us to position for higher growth and scaling in the coming year” – said Mr. Suresh Venkatachari, Chairman and Managing Director, 8K Miles Software Services Limited.

8K Miles Software Services is a global cloud, SaaS & security Solutions Company based in the San Francisco Bay area.

The stock hit a high of Rs 2,450 on the NSE and has seen a combined 53,649 shares changed hands on the counter on the NSE and BSE till 10:11 a.m. The Nifty 50 index was down 1% at 7,525 points.