8K Miles announced earnings of Q3, net profit surged 109 per cent YoY

8K Miles Software Services (8K Miles) a leading secure cloud solutions provider announced financial results for quarter ending 31 st December 2015 on Monday. This quarter the revenue from operations increased by 114.82 per cent and net profit increased by 109.48 per cent YoY driven by recent acquisitions.

The consolidated net revenue from operations reached Rs 74 crores in Q3FY16 compared to Rs 61 crores in Q2FY16 an increase of 21.21 per cent quarter on quarter (QoQ). The EBITDA stood at Rs 34 crores this quarter, an increase of 61 per cent QoQ. The EBITDA margin this quarter stood at 45.97 per cent compared to 34.60 per cent in Q2FY16. The substantial increase in EBITDA is driven by good operational efficiency. The selling expenses of company decreased by 54.47 per cent QoQ. From Rs 12.74 crores in Q2FY16 it became Rs 5.8 crores in Q3FY16. The net profit of company stood at Rs 11.27 crores in Q3FY16 compared to Rs 8.74 crores in Q2FY16, an increase of 28.95 per cent QoQ. 

The substantial increase in topline and bottomline depends on completion of their acquisition of NexAge Technologies - a leading regulatory compliance and technology solutions company for the Life Sciences industry in the USA. The new acquisition will help 8K Miles to strengthen Life Sciences competency component of the portfolio. 

Further this quarter 8K Miles created some scalable strategic business units to focus on industry verticals, and for the purpose of  investing in building new capabilities.  They also added new customers in Financial Services and Healthcare for cloud transformation, and identity governance solutions. Partnered with Tableau and AWS to offer big data analytics solutions for Healthcare and Life Sciences, customers have been placed on public cloud.

They have appointed a team of strategic business advisors from various large enterprise organizations in order to enable the Company to access previously untapped business opportunities and innovations.

The company is growing continuously by serving large enterprises in North America through their patented secure cloud solution offerings and services. The recent acquisitions, and cloud transformation business-focused, structuring will help company to position for higher growth and scaling in coming years. The stock of the company is trading at Rs 2402.05 an increase of 1.17 per cent from previous close.

8K Miles Software Services is a global Cloud, SaaS & Security Solutions company. It is engaged in online outsourcing of software and other knowledge services over the Internet. The Company is an outsourcing enterprise that provides on-demand access to programmers, project managers and cloud infrastructure to help small and medium businesses drastically bring down their outsourcing costs.