Yesterday, leading cloud computing player 8K Miles Software posted a 138 per cent jump in net income to Rs 28.67 crore for the Q2FY17, driven by a doubling of its revenue which surged to Rs 122 crore.
Net income after minority interests increased 170 per cent to Rs 24 crore, while on a sequential basis, it went up 19 per cent and the same after minority interest surged by 22 per cent. EBITDA rose to Rs 42 crore, an increase of 101 per cent on an annual basis.
The remarkable set of numbers from the Silicon Valley-based and Chennai-registered company comes in the middle of gloom in the domestic as well as global IT majors on waning demand for software services in the western markets.
The company had declared its Q2 results after the market hours yesterday. It will be worth watching the way market reacts to the result. Yesterday, 8K Miles share price had closed with the rise of 0.26 per cent as compared to the 0.75 per cent rise in the Benchmark Index Nifty.
Suresh Venkatachari, chairman and managing director, 8K Miles credited the good set of numbers to bagging a large order from Fortune 50 company to build secure and compliant platform on AWS (Amazon Web Services) cloud for their healthcare business unit.
During the quarter, the company also won multiple accounts from American healthcare providers for EHR (electronic health record) implementation and project management services. The firm also established association with a large European partner for an ERP cloud opportunities, which increased their revenue and also profits.
Venkatachari said that as an early mover in the cloud computing space, 8K Miles is able to create an impact across verticals, industry recognized secure and compliant control framework ensuring the acceleration of new cloud business initiatives for Fortune 500 customers.
During the quarter, 8K Miles recieved certification from Amazon Web Services as its audited AWS managed service partner and also recognized in an influential group of next generation AWS MSPs. According to Dynamic Levels, 8K Miles is the top 500 performing stock for the quarter. For the support and resistance level, visit 8K Miles share price forecast page of Dynamic Levels website.
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