8K Miles hits 52-week low; stock tanks 52% in one month

The stock is down 10% at Rs 250 on BSE, plunging 33% in past four trading sessions after the IT firm declared its consolidated annual earnings on July 17, 2018.

Shares of 8K Miles Software Services are locked in the lower circuit for the third straight trading day, falling 10% at Rs 250 per share, also their 52-week low on the BSE in otherwise firm market.

Till 11:51 am; a combined 80,221 equity shares changed hands and there were pending sell orders for 337,722 shares on the BSE and NSE, the data from the exchanges show.

In past one month, the stock has underperformed the market by falling 52% as compared to 3.3% rise in the S&P BSE Sensex. It plunged 76% from its 52-week high of Rs 1,024 touched on November 29, 2017 on the BSE in intra-day trade.

8K Miles Software Services has seen its market value slipped 33% in past four trading sessions from Rs 373 on July 18, after the IT firm declared its consolidated annual earnings on July 17, 2018. The firm had announced its standalone Q4 and annual earnings on May 30, 2018.

8K Miles posted 64% year on year growth in profit after tax of Rs 2.06 billion for the financial year 2017-18 (FY18). Revenue from operations grew 59% at Rs 8.49 billion over the previous fiscal.

Auditor in a statement said that “We did not audit the financial statements/financial information of 5 subsidiaries included in the consolidated financial results, whose financial statements/financial information reflect total revenues of Rs 8.43 billion and total net profit after tax of around Rs 2 billion for the year ended on that date, as considered in the consolidated financial results”.

These financial statements/financial information have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors, it added. CLICK HERE FOR FULL DETAILS

8K Miles informed the stock exchanges on Friday, that the meeting of the board of directors of the Company will be held on August 8, 2018 to consider the unaudited financial results for the quarter ended 30th June 2018 (Q1FY19).