Stock price of 8K Miles Software Services soared more than 200% in the past one year even as the benchmark indices dropped by about 10%. The sharp rally in the company's share price comes on the back of its robust earnings.
The cloud services provider's shares closed at Rs 2,362 on the Bombay Stock Exchange (BSE) on Monday, up 210% as compared to a year ago.
8K Miles posted a 109% increase in its net profit to Rs 11.27 crore in the December quarter on an annual basis amid growing demand for its cloud services. However, on a sequential basis, its profit increased 29% in the October-December period.
"Our growth is on enterprise accounts where we are growing on the complete cloud transformation," 8K Miles Chairman and Chief Executive Suresh Venkatachari told NDTV.
Venkatachari said that that three Fortune 500 companies chose the company's services during the quarter.
8K Milesis optimistic about its growth prospects in the coming years as big companies have not yet fully switched to cloud platform due to some data validation issues.
"Our recent acquisitions and cloud transformation business focused structuring will help us to position for higher growth and scaling in the coming year," Venkatachari added.
Following the acquisition of data validation specialist NexAge Technologies in September last year, 8K Miles now bets big on the life sciences market.
"We see significant growth using NexAge expertise in probably 9-12 months period from now, which will clearly set ourselves as a very different player in the cloud market," Venkatachari told NDTV.
8K Miles Software Services is a global Cloud, SaaS & Security Solutions company based in the San Francisco Bay area and its shares are also traded on the Indian bourses.
