8K Miles net soars 138% to Rs 29 cr as revenue doubles

Leading cloud computing player 8K Miles Software today reported a 138 per cent jump in net income to Rs 28.67 crore for the three months to September, driven by a doubling of its revenue which shot up to Rs 122 crore.
Net income after minority interests rose 170 per cent to Rs 24 crore, while on a sequential basis, it rose 19 per cent and the same after minority interest grew by 22 per cent.
Ebitda grew to Rs 42 crore, an increase of 101 per cent on an annual basis, the company said in a statement.
The impressive set of numbers from the Silicon Valley-based and Chennai-registered company comes amidst gloom in the domestic as well as global IT majors on declining demand for software services in the western markets.

Suresh Venkatachari, chairman and managing director, 8K Miles attributed the good set of numbers to winning a large order from Fortune 50 company to build secure and compliant platform on AWS (Amazon Web Services) cloud for their healthcare business unit.
During the quarter, the company also bagged multiple accounts from American healthcare providers for EHR (electronic health record) implementation and project management services. The firm also established relationship with a large European partner for an ERP cloud opportunities, which increased our revenue and also profits, he said.
Venkatachari said as an early mover in the cloud computing space, 8K Miles is able to make an impact across verticals, industry recognised secure and compliant control framework resulting in acceleration of new cloud business initiatives for Fortune 500 customers.

During the quarter, 8K Miles got certification from Amazon Web Services as its audited AWS managed service partner and also recognised in an elite group of next generation AWS MSPs.