8K Miles Q1 profit jumps 150% to Rs 24 cr

Secure cloud solutions and managed services provider 8K Miles Software reported consolidated net profit of Rs 24.15 crore, up 150 per cent for the June quarter ended June 30.
The company had reported a net profit of Rs 9.65 crore for the year-ago period.
Revenue of the company rose 105 per cent to Rs 103.89 crore, whereas Ebitda (earnings before interest, taxes, depreciation, and amortisation) grew by 132 per cent to Rs 36.78 crore during the reporting period.
"As a trusted partner for our customers in their cloud transformation journey, we understood very quickly and early that cloud is not the goal. The goal is more value to customers," 8K Miles Software Services Chairman and Managing Director Suresh Venkatachari said.

"It's about next-generation IT process automation and orchestration. How enterprise IT can offer cloud as a service internally with set of foundational services in an automated Self Service agile fashion with security, governance, cost optimisation and compliance," he added.
The company is delivering identity access governance as a service to a large bank. Moreover, it has signed agreements with four new healthcare partners to enhance our clientele and healthcare professional services business.
"We had envisioned the bifurcation of IT and that many will fail in their cloud initiative because failure to adopt new technologies and lack of innovation and relying on existing traditional IT model or vendors to solve next- generation challenges," 8K Miles Software Services chief operating officer Lena Kannappan said.

"With that in mind, we took a step back very early and revisited our strategy, embarked on a series of very well thought of acquisitions with complete focus on life-sciences, pharmaceuticals, bio-tech and healthcare verticals," he added.