8K Miles Q2 net profit jumps over 110 pc to Rs 8.74 cr

Leading cloud solutions provider 8K Miles Software today reported a 111 per cent rise in net profit to Rs 8.74 crore for the September quarter, with its revenue jumping 126 per cent to Rs 61.09 crore.
Commenting on the numbers, 8K Miles chairman and managing director Suresh Venkatachari said the company could see strong growth in its solutions for healthcare and life sciences industries and expects to attain leadership position over the next 24 months.
The Silicon Valley-based company reported an earnings per share of Rs 8.14, which jumped 97 per cent year-on-year.
During the quarter, the company acquired the US-based NexAge Technologies, a leading regulatory compliance and technology solutions company for the life sciences industry, to strengthen its competency in the segment.

This USD 3-million takeover was the fourth buyout for the San Francisco-headquartered firm, which is the only listed cloud computing player in the country and has its registered office in Chennai.
Over the past 12 months, 8K Miles has snapped up three firms in the health and pharma space alone.

Earlier this year, it had acquired the US-based Cintel Systems, the Canada-based Mindprint, another US-based firm SERJ Solutions to strengthen its portfolio in the fast-growing life sciences sector.
8K Miles shares closed 0.34 per cent up at Rs 1,781 on the BSE whose benchmark Sensex closed down 0.70 per cent on profit booking after six days of gains.

As of today, the company commands a market cap of Rs 1,905.67 crore, which rose close to five times in the past one year alone.