Cloud computing player 8K Miles Q2 net soars over three-fold

8K Miles Software Services, the only publicly traded cloud solutions provider in the country, today reported an over three-fold spike in net profit at Rs 4.15 crore for three months till September.
The company, which has DSP Blackrock MF and Sundaram BNP Paribas MF as investors, reported a four-fold revenue growth to Rs 27.08 crore, which is more than the full-year income of the Silicon Valley based company reported last fiscal, it said in a statement.
"We grew our revenue significantly in this quarter on account of rapid growth in the cloud-managed services, which helped us surpass our FY14 revenue and profit. Going forward we see strong interest from large enterprises for both our cloud and EzIAM SaaS solutions, 8KMiles founder-Chairman and Managing Director Suresh Venkatachari told PTI.

Reacting to the news, the company shares hit the circuit- breaker and soared 5 per cent to Rs 543.45 on the BSE, whose main index shed 25 points.
Though registered in Chennai and listed on the BSE, 8K Miles boasts of global biggies like Amazon, IBM, CA Technologies, Visa, AirAsia, among others, as clients and draws over 75 per cent of its revenue from the US and only 10-15 per cent from the home market.
It was set up in 2011 in the Silicon Valley by Suresh Venkatachari, a serial entrepreneur in the IT sector.
8K Miles is a leading secure cloud solutions and services company and helps clients in cloud engineering, migration, managed services, security and identity management services. It offers turn-key solutions on big data and mobility for SMEs among others.