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8K Miles Software Services Ltd.

BSE: 512161 Sector: IT
NSE: 8KMILES ISIN Code: INE650K01021
BSE 00:00 | 20 Sep 59.25 -2.15
(-3.50%)
OPEN

63.40

HIGH

63.40

LOW

58.35

NSE 00:00 | 20 Sep 59.15 -2.40
(-3.90%)
OPEN

60.70

HIGH

62.90

LOW

58.50

OPEN 63.40
PREVIOUS CLOSE 61.40
VOLUME 15722
52-Week high 269.90
52-Week low 49.15
P/E 17.53
Mkt Cap.(Rs cr) 181
Buy Price 58.50
Buy Qty 200.00
Sell Price 59.25
Sell Qty 100.00
OPEN 63.40
CLOSE 61.40
VOLUME 15722
52-Week high 269.90
52-Week low 49.15
P/E 17.53
Mkt Cap.(Rs cr) 181
Buy Price 58.50
Buy Qty 200.00
Sell Price 59.25
Sell Qty 100.00

8K Miles Software Services Ltd. (8KMILES) - Chairman Speech

Company chairman speech

Dear Friends

It is my privilege to write to you as we finish another remarkable year of growthsetting a strong pace for the period ahead. ‘Born in Cloud' in 2008 8K Milesembraced Cloud ahead of everyone else and after a decade still remains the global leaderof enterprise Cloud transformation. And as we celebrate our 10th anniversary in2018 we continue to have unwavering focus on offering best-in-class services andinnovative solutions.

Continuous innovation security and governance automation are crucial since withadvanced technology comes a sophisticated variety of risks and exposures ranging frominternet-based hacks to non-compliance to government mandates and so on. Our primary aimacross healthcare life science pharmaceutical and financial services industries is toprotect highly-sensitive data and adhere to numerous complex government security andcompliance regulations like HIPAA GxP SOX and so on. Compliance with such regulationsrequire years of industry experience along with knowledge of specific clients and nichetechnologies. Having worked closely with these industries we cater to their requirementsfaster than even large service providers with multi-industry exposure.

FINANCIAL RESULTS

FY18wasa remarkable year for us as we delivered exceptional results and exceeded the$100 million revenue milestone. At T849.24 crores our annual revenue during the reportingperiod grew 60.74% y-o-y over ?534 crores in FY17. This was possible mostly owing to twokey factors: first we drove more than one-third of our revenue from our Top 10 clients;and second we nearly doubled our recurring revenue component (served by Next GenerationCloud Managed Services) vis-a-visthe previousyear. Moreover we claimed an additional 10clients under our new accounts each generating over $1 million in revenue this year.

As intended in FY17 we su ccessf u I ly a cq u i red Cornerstone Advisors during thereporting period. This allowed us to engage a new set of clients of more than 60 UShospitals and healthcare providers. The move also helped us further grow our accounts withour Cloud offerings ensuring sustainable revenue for years to come.

WAY FORWARD

Our future priorities are aligned with the trends unfolding globally. Cloud is poisedto become ‘smarter' with AI/ML and deep learning techniques. We estimate thatclients'Cloud budget will rise from 15-20% of total IT infrastructure budget in 2017 to50-60% of the same in 2021. This is likely to yield a CAGR of over 40%. Researchprojections suggest that spending on Cloud Infrastructure as a Service (IaaS) will reach$84 billion by 2021 from $4 billion in 2018 at a CAGR of 27%; and the shift to Cloudwill generate more than $1 trillion in IT spending by 2020 (Source: Gartner). Furtheroverall Cloud spending is expected to grow from $67 billion in 2015 to $162 billion by2020 at a CAGR of 19% (Source: International Data Corporation). Similarly globalblockchain healthcare market is projected to reach the value of $5.61 billion by 2025from $176.8 million in 2018 growing at a CAGR of 63.85%. Health data exchange usingblockchain will contribute the single largest market share of $1.89 billion (Source: BISResearch).

Against this backdrop we will continue to lead with Next Generation Cloud ManagedServices (such as DevOps as a Service) intelligent platforms (like CloudEz and 8K MilesHealth Edge) and advanced technologies (such as Bots). We are committed to doubling ourrevenue by 2021 and realizing our aspiration of becoming the go-to partner for the world'sTop 25 healthcare and life science enterprises.

As we look ahead a pool of highly experienced and talented resources with in-contextdomain expertise remain at the heart of our optimism. In closing I would like to conveymy deepest gratitude to the wide stakeholder community including members of the Board ofDirectors Strategic Advisory Board and Management Team customers partners associatescolleagues and shareholders for their enduring trust guidance and support. It is yoursustained belief in us that makes us work harder and go the extra mile every day.

Yours sincerely

Suresh Venkatachari

Managing Director & CEO