"Healthcare industry's spending on the cloud is expected to be US$ 9.48 billion byFY 2020 (Markets & Markets) which is over 3 times of what it was in FY 2015"
Company increased its stake in 8K Miles Software Services Inc. (USA) from 62.66% in FY2016 to 63.66% in FY 2017
On behalf of the Board of Directors it gives me immense pleasure to present an updateon an another exciting year for your Company where we got several new Fortune clientsonboard and made significant progress in increasing our depth of expertise in healthcarethrough addition of another pearl Cornerstone.
We started FY 2017 with a base of healthy pipeline strong cloud solution platform(CloudEz) and a challenging task of integrating acquisitions completed in FY 2016.
We have started FY 2018 on an even stronger note with a much healthier order book manymore Fortune 500 accounts and a fully integrated organization with clearly visiblebenefits from acquisition of Mindprint Cintel and Nexage in FY 2016.
In this age of digital transformation your Company managed to grow its revenue by96.51% from
` 272.14 crores in FY 2016 to ` 534.52 crores in FY 2017. Top ten clients contributed32.90% of aggregate revenue of the company for FY 2017. Two of these top 10 clients havebeen added in the last 2 years. Remaining eight of the top 10 client accounts haveobserved CAGR of ~62% over last 3 years. Nine of the top fifteen clients are Fortune 1000companies.
We have added 8 new Fortune 500 customers during FY 2017. We have won cloud competencycenter opportunities for building enterprise wide cloud transformation capabilities for alarge life sciences companies including demand generation and business innovationarchitecture areas.
Your company rewarded its valued shareholders through a bonus shares in the ratio of1:3 and further split of equity shares from face value of
` 10 to ` 5. The profit after tax (after adjusting minority interest) growth of 163.11%from
` 39.59 crores in FY 2016 to ` 104.15 crores in FY 2017. EPS (face value of ` 5) at theend of FY 2017 is ` 34.13 as compared to EPS (face value of ` 10) of ` 36.34 at the end ofFY 2016.
The Board has also recommended a dividend of
` 1 per equity share of face value ` 5 each that is subject to approval inAnnual General Meeting.
Your Company has announced acquisition of Cornerstone Advisors. Cornerstone hasin-depth hands-on experience helping clients implement complex inpatient outpatient andambulatory clinical and financial systems. Cornerstone has been consistently rankedamongst top three by KLAS Industry Performance Research in HIT Implementation and ITAdvisory Services. Your Company also increased its stake in 8K Miles Software ServicesInc. (USA) from 62.66% in FY 2016 to 63.66% in FY 2017.
8K Miles was recognized as a go to market partner for Amazon's newly released AWSManaged Service product offering addressing Enterprise cloud customers along with otherselect cloud managed service providers including Rackspace Accenture and Capgemini. YourCompany was also top-listed for AWS Public Sector Partner program in US Governmentcategory.
Healthcare industry's spending on the cloud is expected to be US$ 9.48 billion by FY2020 (Markets & Markets) which is over 3 times of what it was in FY 2015. More thanhalf of the CIOs who polled at Gartner Symposium IT Expo (in Orlando in October2016) are moving away from a captive data center environment and working towards acloud-first strategy. Your Company's DevOps model of managing Infrastructure as Code hasobtained very positive response from the clients in moving from manual operationsto automated operations using our Robotic Process Automation (RPA) tool. OurRPA tool utilizes artificial intelligence machine learning predictive analytics toproactively identify trouble spots / incidents and self-healing.
The iInvestments made in research and development and in building IP over time haveformed a strong base for the Cloud Competency Center and this Cloud Competency Center is astrong pillar for the success and growth of your company.
Few other initiatives that are likely to yield results in FY 2018 include launch ofAutomaton' a new product that offers automation of cloud operations (AWS Azure) andalso brings Artificial Intelligence and Machine learning capabilities to cloud managedservices implementing initial pilots for multiple healthcare providers to move their EHRsoftware to cloud adopting new framework for Remote EHR support initial successes inimplementing ServiceNow for pharma customers analysis of NLP/OCR/ Facial recognition fora big public cloud provider.
We acknowledge the contribution and the commitment of the management team and theboard of directors and the entire Staff of the
8K Miles towards the growth of your Company. We would also like thank each of thevalued shareholders for their continued interest in the growth journey of 8K Miles.
Chairman & CEO