8K Miles Software net profit surges 60% to Rs 2.76 crore

Company's quarterly sales rose 80% to Rs 18.11 crore

8K Miles Software Services, the Silicon Valley-based cloud computing major, today reported a 60% rise in March quarter consolidated net profit to Rs 2.76 crore.

The company said had it not been for a five-fold spike in tax outgo (from Rs 22.1 lakh to Rs 87.16 lakh), the net income would have been higher.

Its quarterly sales rose 80% to Rs 18.11 crore.

For the full fiscal, its revenue grew to Rs 44.10 crore from Rs 26.28 crore, a growth of 68%, while its net income doubled to Rs 9.1 crore from Rs 7.2 crore, up 26%.

The company's founder and chairman Suresh Venkatchari said, "A robust growth in cloud-managed services and identity access management security solutions have led to these good set of numbers.
 

"We have acquired a couple of key enterprise customers during last year and plan to add a few more in the next quarters."

On expectations from the current fiscal, he said with the enterprise focus and more businesses adopting cloud computing, we look forward to a robust growth in India, US and other key markets.

Last month, the company was selected as a certification lab partner for US government programmes.