8K Miles net soars 115% to Rs 32.6 cr, but stock plunges 3.2%

Leading cloud computing player 8K Miles Software Services today reported a 115 per cent jump in net profit at Rs 32.60 crore for the three months to December on a healthy growth in revenue and margins.
Its revenue jumped to Rs 142 crore, registering an increase of 91 per cent year-on-year during the reporting quarter, as its recent acquisitions have reported healthy numbers.
Net profit after minority interest grew to Rs 27 crore, a growth of 138 per cent from the year ago period.
Even on a quarterly basis, the Chennai-registered company could report healthy numbers as its revenue jumped 16 per cent to Rs 141.77 crore, while Ebitda rose 15 per cent to Rs 48.80 crore and pretax net rose 15 per cent to Rs 43.51 per cent and net income at 14 per cent Rs 32.60 crore.

Commenting on its latest acquisition, company chairman and managing director Suresh Venkatachari said acquisition of Cornerstone Advisors carried out during the reporting December quarter will further strengthen our position as a partner, consultant and technology solutions provider to the US healthcare clients.
Chief operating officer Lena Kannappan chipped in saying there is a critical need for differentiated cyber security, continuous compliance and governance solutions while moving agency applications from on-premise to public cloud.

"Our CloudEz platform along with secure and compliance control framework brings a huge value to government customers using the cloud," she added.
Last month 8K Miles strengthened its foothold in the American healthcare market by acquiring Cornerstone Advisors Group for USD 1,02,50,000.

Cornerstone provides executive level information technology advisory, consulting, and implementation services to the US healthcare industry. Its areas of expertise include population health, physician and post-acute care integration, EMR selection and implementation, strategy definition and total cost of ownership planning, compliance, change management, and value realisation.
Despite healthy numbers, the 8 K Miles counter tanked on the BSE to Rs 686.80 , down 3.2 per cent on a lackluster day when the market remained muted throughout and the benchmark closed down by 33 points.