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8K Miles Software net profit surges 60% to Rs 2.76 crore

PTI 03 June 2014, 18:39
Mumbai: 8K Miles Software Services, the Silicon Valley-based cloud computing major, today reported a 60 per cent rise in March quarter consolidated net profit to Rs 2.76 crore.

The company said had it not been for a five-fold spike in tax outgo (from Rs 22.1 lakh to Rs 87.16 lakh), the net income would have been higher.

Its quarterly sales rose 80 per cent to Rs 18.11 crore.

For the full fiscal, its revenue grew to Rs 44.10 crore from Rs 26.28 crore, a growth of 68 per cent, while its net income doubled to Rs 9.1 crore from Rs 7.2 crore, up 26 per cent.

The company's founder and chairman Suresh Venkatchari said, “A robust growth in cloud-managed services and identity access management security solutions have led to these good set of numbers.

“We have acquired a couple of key enterprise customers during last year and plan to add a few more in the next quarters.”

On expectations from the current fiscal, he said with the enterprise focus and more businesses adopting cloud computing, we look forward to a robust growth in India, US and other key markets.

Last month, the company was selected as a certification lab partner for US government programmes.