8K Miles net profit up by 23.93% at INR 50.90 crore

8K-Miles-logo

Q2FY19 Revenue grew y-o-y by 34.16% to INR 282.57 crore

8K Miles Software Services Ltd., a leading Global IT Business Transformation, Secure Cloud Solutions and NextGen Managed Services Provider, today announced the Company’s unaudited financial results for the quarter ended 30th September, 2018 as approved by the Board of Directors.

Consolidated Financial Performance for Q2FY19 v/s Q2FY18 (Corresponding Quarter)

  • Revenue of Rs. 282.57 Crore v/s. Rs. 210.62 Crore[á 34.16%]
  • EBITDA before exceptional items of Rs. 96.96 Crore v/s. Rs. 70.55 Crore
  • PAT after minority interest at Rs. 50.90 Crore v/s. Rs. 41.08 Crore

 

Consolidated Financial Performance for Q2FY19 vs Q1FY19 (Sequential Quarter)

  • Revenue of Rs. 282.57 Crore v/s. Rs. 240.22 Crore[á 17.63%]
  • EBITDA before exceptional items of Rs. 96.96 Crore v/s. Rs. 88.56 Crore
  • PAT after minority interest at Rs. 50.90 Crore v/s. Rs. 47.51 Crore

 

Q2 FY2019 Highlights

The company’s Net Profit for Q2FY19 rose by 23.93% to Rs 50.90 Crore as against Net Profit of Rs 41.08 crore in Q2FY18.

The Company’s Revenue from operations for the quarter under consideration stood at Rs 282.57 Crore as against Rs 210.62 crore in Q2FY18.

EBIDTA for the September quarter was at Rs 96.96 Crore and EBIDTA margin stood at 34.31%.

H1 FY2019 Highlights

The company’s net profit for H1FY19 stood at Rs 98.42 Crore up 24.31% as against Rs 79.17 Crore reported in the same period of last fiscal.

Revenue for the period was at Rs 522.79 Crore up 28.76% as against Rs 406.04 Crore reported in H1FY18.

Commenting on the result Suresh Venkatachari, Chairman and Managing Director, 8K Miles Software Services, Ltd said “I am pleased to announce that we have continued in delivering another quarter of good performance which are in line with our set goals. As a company we would implement strategies to increase the revenue from existing customers, acquire new regulated enterprise customers, increase our recurring revenue portion, extend our footprint in other geographies and enhance our cloud offerings. I would like to extend my gratitude to our dedicated employees, clients and customers for their constant support. We would continue our efforts in expanding the business globally and maintaining a healthy order book”.

The Company’s subsidiary has received an amount of Rs.3,671.38 Lakhs from 8K Media Group Inc. USA from 1st April 2018 to 13th November 2018. The Outstanding as at November 13th November 2018 from 8K Media Group Inc. USA is Rs.2,137.06 Lakhs (Rs.5,808.44 Lakhs as at 31st March 2018)

“Using 8K Miles cloud management and automated compliance solutions, BOTs based accelerators, DevOps automation on multi cloud platforms, customers can now deploy qualified and validated applications in discovery, drug development and manufacturing, quickly innovate and leverage new ways for clinical trials, research and development on the cloud with opportunities for global collaboration, use data analytics, AI/ML to make decisions and more efficiently leverage digital marketing resources to promote their product brands. These capabilities will help to drive more personalized medicine, new product development and with an efficient operating model for life sciences and pharma companies.” said Lena Kannappan, Chief Operating Officer and Board of Director of 8K Miles Software Services, Ltd.

Business Highlights for the quarter ended September 30, 2018

  • 4 clients added during the quarter
  • AWS Infrastructure Services Qualification and Application Validation Project for 5 AWS Services was kicked off at a large pharma customer in the US. Currently in discussion for Qualification of 40 more AWS Services.
  • Engaged with a new pharma client building an IoT Application Platform on public cloud.
  • Working with a healthcare company to provide DevOps and Application Development, Data-Lake and Data Analysis Platform on AWS.
  • For an existing large life sciences customer, successfully Delivered Multi Cloud Platform and Cloud Operations capabilities. 8K Miles has been selected to deliver on their Big-data and Data Lake platform on public cloud. Multiple BUs within the organization are reaching out to do more business with this cloud platform.
  • Started offering Microsoft Azure Cloud operations capabilities for an existing Pharma customer.
  • Helping a highly regulated customer with their cloud platform integration with its parent company, a large pharma company after its acquisition.
  • Recently won a Public Cloud Management Platform opportunity with a multi-national large corporation. Developing Data lake, Identity Access management and Application Migration efforts are part of the upcoming phases of work.
  • 8K Miles Cornerstone was selected to lead the MEDITECH Expanse implementation at a Medical Center in West Plains, Missouri. The electronic health record (EHR) implementation will transition from a multitude of systems including MEDITECH Client Server (inpatient), Allscripts (ambulatory), and T-Systems (ED), to the single, highly integrated, web-based MEDITECH Expanse platform
  • 8K Miles Cornerstone was selected to lead the MEDITECH Expanse implementation at Rehabilitation Center in Jackson, Mississippi. The implementation will transition Methodist Rehabilitation Center from various other vendor financial and revenue cycle solutions to the highly integrated MEDITECH Expanse platform.
  • One of Our Regional Health client based in Emporia, KS went live in January with MEDITECH’s web-based Electronic Health Record (EHR) platform Expanse in the acute setting and in August in the Ambulatory setting. As a beta site for moving to Expanse from 6.15, they are an exceptional case study for physician leadership engagement and for workflow/process redesign. In the month of going live, usage reports in Expanse for CPOE showed 88% and PDOC at 94%. These rates are nearly 100% today, far exceeding the initial targets set by their executive committee and physician champions. With a single Expanse EHR across the entire health system, the providers and patients can enjoy a “One Patient, One Record” experience.
  • In July, 8K Miles Cornerstone launched a new webinar series called “MEDITECH Expanse Field Notes.” This webinar series provides 45-minute, online educational sessions designed to provide useful content to enhance an Expanse implementation and optimization, and to keep our clients and prospects informed on the newest additions to MEDITECH’s web-based EHR platform. Each webinar will examine and dive deep into a specific element of Expanse, led by the Cornerstone experts and physicians using the product today. To date, over 150 people have participated in these webinars.