8K Miles

8K Miles Software hit a life time high on the back of its exuberant Q2Fy16 performance. The company’s consolidated net profit more than doubled (YoY) from Rs.4 crore to Rs.9 crore in current Q2 and this was on a 126% jump in total revenue at Rs.61 crore. On a sequential basis, net profit was up 21%  and revenue too by 21%.

The company during the quarter allotted 1.5 lakh equity shares on conversion of warrants to one of the promoters and this has spiked up promoters stake from 61.96% to 62.48%.

The company, a leading global Cloud & Security solutions company headquartered in the San Francisco Bay area. The company has stated that it foresees a strong growth for its public cloud transformation business as its partners like Amazon Web Services recently announced that their overall cloud infrastructure services revenue for the last fiscal year was exceeding over 5 billion dollars. This level of maturity in enterprise cloud adoption is expected to drive bigger opportunities for 8K Miles’ secured cloud platform.

The company is making a mark for itself as a differentiated cloud managed solution provider to the Healthcare sector. By leveraging its expertise in cloud solutions, 8K Miles hopes to help hospitals and healthcare provider and this has become its niche. FII stake in the company remains nil.