Sharemasterindia.com: 8K Miles Software Services shares surged over 8 per cent to an intraday
high of Rs 920 on Thursday after the company reported strong growth in
its earnings for the first quarter of FY16.
In a filing to exchanges, the company said that its net profit surged 14 per cent sequentially to Rs 7.2 crore from Rs 6.3 crore last quarter. On a year-on-year basis, its net profit registered a growth of 139 per cent.
"We see strong growth for our public cloud transformation business as our partners like Amazon Web Services recently announced that their overall cloud infrastructure services revenue for the last fiscal year was exceeding over $5 billion. This level of maturity in enterprise cloud adoption will continue to drive bigger opportunities for our secured cloud platform," said Suresh Venkatachari, chairman and managing director at 8K Miles Software Services.
8K Miles Software Services reported a revenue of Rs 50.6 crore for the Q1 of FY16, a sequential growth of 19 per cent.
As of 12.40 p.m. shares of 8K Miles Software Services traded 7.15 per cent higher at Rs 910 apiece, outperforming the broader Nifty, which was down 0.13%.
Read More: Indian Stock Market Tips
In a filing to exchanges, the company said that its net profit surged 14 per cent sequentially to Rs 7.2 crore from Rs 6.3 crore last quarter. On a year-on-year basis, its net profit registered a growth of 139 per cent.
"We see strong growth for our public cloud transformation business as our partners like Amazon Web Services recently announced that their overall cloud infrastructure services revenue for the last fiscal year was exceeding over $5 billion. This level of maturity in enterprise cloud adoption will continue to drive bigger opportunities for our secured cloud platform," said Suresh Venkatachari, chairman and managing director at 8K Miles Software Services.
8K Miles Software Services reported a revenue of Rs 50.6 crore for the Q1 of FY16, a sequential growth of 19 per cent.
As of 12.40 p.m. shares of 8K Miles Software Services traded 7.15 per cent higher at Rs 910 apiece, outperforming the broader Nifty, which was down 0.13%.
Read More: Indian Stock Market Tips
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