Cloud computing firm 8K Miles Software Services today reported a 109 percent rise in net profit at Rs 11.3 crore for the December quarter, driven by better revenues from its recent acquisitions. The US-focused company, based in Silicon Valley, reported a revenue of Rs 74.05 crore in the traditionally low period for the software services sector, a rise of 115 per cent over the same period last year. On a quarter-on-quarter basis too, the company did perform well at a time when every analysts has been predicting a bad period for the software services players.
While its revenue grew by 21 per cent, net income was clipped at 29 per cent on a sequential basis. Commenting on the good set of numbers, company Chairman and Managing Director Suresh Venkatachari said during the quarter they grew their business in North America through their patented secure cloud solution offerings and services. "Our recent acquisitions and cloud transformation business focused structuring will help us to position for higher growth and scaling going ahead," he added.
During the quarter, the company completed the integration of NexAge Technologies after the buyout, helping it grow both the bottomline and topline, Venkatachari said. In anticipation of the earnings announcement, the 8K Miles counter jumped close to 2 percent to Rs 2,374.35 on BSE, whose main gauge Sensex rose just 0.33 percent after four days of decline. The company's market valuation jumped to Rs 2,588.04 crore at close of trade today.
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