8K Miles Software hits new high as Q2 profit more than doubles

The stock up 5% at Rs 571 on BSE after reported three-fold jump in net profit at Rs 4.15 crore in September quarter.

8K Miles Software Services has locked in upper circuit of 5% at Rs 571, also its new high on BSE, after the company reported nearly three-fold jump in consolidated net profit at Rs 4.15 crore for the second quarter ended September 30, 2014 (Q2), on back of strong operational income.

The company engaged in internet software and services had profit of Rs 1.54 crore in the same quarter year ago.

Operational revenues of the company during the quarter under review grew by 200% to Rs 27.08 crore against Rs 9.04 crore in the previous year quarter, 8K Miles Software said in a statement.

The company has surpassed its entire previous fiscal net profit of Rs 6.08 crore during first half of current fiscal. It recorded profit of Rs 7.3 crore in first half (April – September 2014) against Rs 2.7 crore during the same period last fiscal.

Meanwhile, in June-September quarter, fund houses such as Sundaram BNP Paribas Mutual Fund and DSP Blackrock had combined bought nearly 5% stake in the 8K Miles Software Services through open market.

The stock has seen a sharp rally and outperformed the market by surging 228% in past three months compared to 4% rise in benchmark indices.

Today, the stock opened at Rs 562 and touched a low of Rs 555 on BSE. A combined around 61,000 shares changed hands and there are pending buy orders for 63,000 shares on BSE and NSE at 1024 hours.