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8K Miles Software Services

BSE: 512161|NSE: 8KMILES|ISIN: INE650K01021|SECTOR: Computers - Software
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Chairman's Speech (8K Miles Software Services) Year : Mar '18

Dear Friends,

It is my privilege to write to you as we finish another remarkable year of growth, setting a strong pace for the period ahead. ‘Born in Cloud’ in 2008, 8K Miles embraced Cloud ahead of everyone else and after a decade, still remains the global leader of enterprise Cloud transformation. And as we celebrate our 10th anniversary in 2018, we continue to have unwavering focus on offering best-in-class services and innovative solutions.

Continuous innovation, security and governance automation are crucial since with advanced technology comes a sophisticated variety of risks and exposures ranging from internet-based hacks to non-compliance to government mandates and so on. Our primary aim, across healthcare, life science, pharmaceutical and financial services industries, is to protect highly-sensitive data and adhere to numerous complex government security and compliance regulations like HIPAA, GxP, SOX and so on. Compliance with such regulations require years of industry experience, along with knowledge of specific clients and niche technologies. Having worked closely with these industries, we cater to their requirements faster than even large service providers with multi-industry exposure.

FINANCIAL RESULTS

FY18 was a remarkable year for us as we delivered exceptional results and exceeded the 0 million revenue milestone. At RS.849.24 crores, our annual revenue during the reporting period grew 60.74% y-o-y over H534 crores in FY17. This was possible mostly owing to two key factors: first, we drove more than one-third of our revenue from our Top 10 clients; and second, we nearly doubled our recurring revenue component (served by Next Generation Cloud Managed Services) vis-a-vis the previous year. Moreover, we claimed an additional 10 clients under our new accounts, each generating over million in revenue this year.

As intended in FY17, we successfully acquired Cornerstone Advisors during the reporting period. This allowed us to engage a new set of clients of more than 60 US hospitals and healthcare providers. The move also helped us further grow our accounts with our Cloud offerings, ensuring sustainable revenue for years to come.

WAY FORWARD

Our future priorities are aligned with the trends unfolding globally. Cloud is poised to become ‘smarter’ with AI/ML and deep learning techniques. We estimate that clients’ Cloud budget will rise from 15-20% of total IT infrastructure budget in 2017 to 50-60% of the same in 2021. This is likely to yield a CAGR of over 40%. Research projections suggest that spending on Cloud Infrastructure as a Service (IaaS) will reach billion by 2021, from billion in 2018, at a CAGR of 27%; and the shift to Cloud will generate more than trillion in IT spending by 2020 (Source: Gartner). Further, overall Cloud spending is expected to grow from billion in 2015 to 2 billion by 2020, at a CAGR of 19% (Source: International Data Corporation). Similarly, global blockchain healthcare market is projected to reach the value of .61 billion by 2025, from 6.8 million in 2018, growing at a CAGR of 63.85%. Health data exchange using blockchain will contribute the single largest market share of .89 billion (Source: BIS Research).

Against this backdrop, we will continue to lead with Next Generation Cloud Managed Services (such as DevOps as a Service), intelligent platforms (like CloudEz and 8K Miles Health Edge) and advanced technologies (such as Bots). We are committed to doubling our revenue by 2021 and realizing our aspiration of becoming the go-to partner for the world’s Top 25 healthcare and life science enterprises.

As we look ahead, a pool of highly experienced and talented resources with in-context domain expertise remain at the heart of our optimism. In closing, I would like to convey my deepest gratitude to the wide stakeholder community, including members of the Board of Directors, Strategic Advisory Board and Management Team, customers, partners, associates, colleagues and shareholders for their enduring trust, guidance and support. It is your sustained belief in us that makes us work harder and go the extra mile every day.

Yours sincerely,

Suresh Venkatachari

Managing Director & CEO

Source : Dion Global Solutions Limited
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