8K Miles Q1 net income up 25% at Rs 47.51 cr

Cloud computing services provider 8K Miles Software Services today reported a healthy 25 per cent growth in net income at Rs 47.51 crore for the three months period to June.

The Silicon Valley-based company registered in Chennai said its revenue grew 22.92 per cent to Rs 240.22 crore over the same period last year.

The net profit of Rs 47.51 crore would be much higher if we include the same before the payout to the minority shareholders, at Rs 58.50 crore, which is up 32.49 per cent, said the company.

Suresh Venkatachari, chairman and managing director, 8K Miles Software Services, said the company is investing in building additional artificial intelligence and machine learning bots to its CloudEz platform which can further reduce infrastructure costs for life sciences and healthcare cloud customers, which are its key revenue drivers.

He said the additional investment are being pumped into artificial intelligence and machine learning as he expects these two to continue to impact IT infrastructure and operations as it can help large enterprises manage resources and predict cloud consumption.

The company shares, which were badly hit by the mayhem in the mid and small caps space in recent months, closed 40 bps down on the BSE at Rs 372.25 in anticipation of the earnings announcement.

It can, however, be noted that the 8K Miles counter was the second biggest gainer on the BSE between July 26 and August 8, rallying as much as 50 per cent in the 10 trading sessions, when the benchmark Sensex has rallied a whopping 1,000 points to cross the 38,000 mark.